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Kerala High Court
Shajahan Abdulla vs The Federal Bank Ltd on 14 May, 2024
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE VIJU ABRAHAM
TUESDAY, THE 14TH DAY OF MAY 2024 / 24TH VAISAKHA, 1946
WP(C) NO. 16112 OF 2024
PETITIONERS:
1 SHAJAHAN ABDULLA,
AGED 46 YEARS
S/O ABDULLA RAWTHER, SHIJU MANZIL, KOLLAKADAVU P.O,
ALAPPUZHA, PIN - 690505
2 SEENA SHAJAHAN,
AGED 39 YEARS
W/O SHAJAHAN, SHIJU MANZIL, KOLLAKADAVU P.O, ALAPPUZHA,
PIN - 690505
BY ADV RENI JAMES
RESPONDENTS:
1 THE FEDERAL BANK LTD,
REPRESENTED BY ITS AUTHORIZED OFFICER KOLLAKADAVU
BRANCH,ALAPPUZHA, PIN - 690509
2 THE AUTHORIZED OFFICER,
THE FEDERAL BANK LTD, KOLLAKADAVU BRANCH, ALAPPUZHA,
PIN - 690509
OTHER PRESENT:
SC-PAULOCHAN ANTONY
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
14.05.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P.(C).No.16112 of 2024 2
VIJU ABRAHAM,J
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W.P.(C).No.16112 of 2024
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Dated this the 14th day of May, 2024
JUDGMENT
The petitioners have approached this Court seeking a direction to permit the petitioners to pay the dues in equal monthly instalments and regularise the loan.
2. The petitioners have availed a housing loan from the respondent bank and since there was a default in paying the loan amount, proceedings have been initiated by the bank under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) Act, as is evident from Ext.P1.
3. The learned counsel for the respondent bank submitted that the total amount now outstanding is Rs.9,06,617/- and that the loan can be regularised if the petitioners pay a substantial amount within a period of one month and pay balance amount in reasonable installments.
W.P.(C).No.16112 of 2024 3Considering the facts and circumstances of the case and submissions made across the bar, I dispose of the writ petition directing to regularise the loan amount on the following conditions:
i) The petitioners shall pay an amount of Rs.1,00,000/-(Rupees one lakh only) within a period of one month from today.
ii) The balance amount along with the accrued interest and other charges shall be paid by the petitioners in ten equated monthly installments, commencing from 15.06.2024 onwards and shall also continue to pay the regular instalments as per the original loan schedule.
iii) In the event of any single default in payment as directed above, the respondent bank shall be free to continue the recovery proceedings from the stage at which they presently stand.
iv) It is made clear that if the petitioners comply with the aforesaid directions, further proceedings for recovery shall be kept in W.P.(C).No.16112 of 2024 4 abeyance.
With the above said directions, this writ petition is disposed of.
sd/-
VIJU ABRAHAM, JUDGE pm W.P.(C).No.16112 of 2024 5 APPENDIX OF WP(C) 16112/2024 PETITIONERS' EXHIBITS Exhibit P1 TRUE COPY OF THE ADVOCATE COMMISSIONER'S NOTICE DATED 03.04.2024