Ramesh Kumar B vs Pnb Housing Finance Ltd
2021 Latest Caselaw 24045 Ker

                 IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                    PRESENT
              THE HONOURABLE MR.JUSTICE MURALI PURUSHOTHAMAN
      TUESDAY, THE 28TH DAY OF DECEMBER 2021 / 7TH POUSHA, 1943
                         WP(C) NO. 28494 OF 2020
PETITIONER:

              RAMESH KUMAR B.
              AGED 40 YEARS
              S/O.BALAKRISHNAN, RESIDING AT SREEKRISHNALAYAM,
              PERUMPOTTA ROAD, ELEMAKKARA, NEAR CORPORATION BANK,
              ERNAKULAM.

              BY ADV VIJAYAKUMARI



RESPONDENT:

              PNB HOUSING FINANCE LTD.
              REP.BY AUTHORIZED OFFICER, 48/559 C, 1ST FLOOR,
              R.P.ARCADE, NEAR GOLD SOUK MALL, PONNURUNNI, VYTTILA,
              ERNAKULAM 682 019

              BY ADV SRI.JACOB CHACKO,SC




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
28.12.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C) 28494/2020                   2


                              JUDGMENT

The petitioner has availed a loan from the respondent-Bank. Since

the petitioner committed default in payment of instalments, the Bank has

initiated proceedings under the provisions of the Securitisation and

Reconstruction of Financial Assets and Enforcement of Security Interest

Act, 2002. The petitioner has produced Ext.P2 notice issued by the

Advocate Commissioner along with I.A No.3/2021 intimating that the

property of the petitioner would be taken possession on 31.12.2021.

2. When the writ petition came up for consideration today, the

learned counsel for the petitioner submits that the petitioner is ready to

pay the overdue, in instalments. The learned counsel for the respondent-

Bank submits that the overdue amount is Rs.16,83,000/- and that if the

petitioner pays a substantial amount within one month and pays the

overdue in equal monthly instalments along with regular EMI, the same

can be regularised.

Having considered the submissions of the learned counsel on either

side, there will be a direction to the petitioner to pay an amount of

Rs.5,00,000/- (Five lakhs) to the respondent-Bank within one month from

today. The petitioner shall pay the balance amount out of the aforesaid

amount of Rs.16,83,000/-, in seven equal monthly instalments

commencing from 25.2.2022. In case the petitioner defaults payment as

aforesaid, the Bank will be free to proceed against the secured assets. To

enable the petitioner to remit the instalments as aforesaid, all coercive

steps pursuant to Ext.P2 shall be kept in abeyance.

Writ petition is disposed of with the above directions.

Sd/-

MURALI PURUSHOTHAMAN JUDGE

spc/

APPENDIX OF WP(C) 28494/2020

PETITIONER'S EXHIBITS

EXHIBIT P1 TRUE COPY OF THE POSSESSION NOTICE DATED 15/12/2020 ISSUED BY THE RESPONDENT.

Exhibit P2 NOTICE DATED 17/12/21 ISSUED BY THE ADVOCATE COMMISSIONER.