Kerala High Court
Suran S vs The Authorised Officer on 19 November, 2021
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
FRIDAY, THE 19TH DAY OF NOVEMBER 2021 / 28TH KARTHIKA, 1943
WP(C) NO. 24887 OF 2021
PETITIONER:
SURAN S.
AGED 52 YEARS
S/O. SUNDRAN NADAR,
SRUTHILAYAM, VALIYAVILA,
THIRUVANANTHAPURAM-695014.
BY ADV LIJU. M.P
RESPONDENTS:
1 THE AUTHORISED OFFICER
THE HDFC LTD., HDFC HOUSE, P.B.NO.2288, VAZHUTHACAUD,
THIRUVANANTHAPURAM-695014.
2 THE HDFC LTD.,
KALA BHAVAN THEATRE,
KENTON TOWERS, DPI, VAZHUTHACAUD,
THIRUVANANTHAPURAM, KERALA-695014,
REP. BY BRANCH MANAGER.
BY ADVS.
K.K.CHANDRAN PILLAI (SR.),SC
S.AMBILY, SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19.11.2021, THE COURT
ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 24887 OF 2021
2
BECHU KURIAN THOMAS, J
==========================
W.P.(C) No.24887 of 2021
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Dated this the 19 th day of November, 2021
JUDGMENT
Petitioner as borrower from the respondent-Bank, has
committed default in repayment. Consequently,
proceedings have been initiated by the Bank for
recovery of the amounts due.
2. During the course of the hearing, petitioner has
confined the relief to an opportunity for repaying the
overdue amount in instalments and to obtain
regularisation of the loan account.
3. It was submitted on behalf of the respondent-Bank
that out of the total 26 instalments that ought to have
been paid by the petitioner, only one instalment has
been paid till date. It was submitted further that
petitioner has no income worth its name to repay the
loan instalments and that the security interest created
for the loan is in fact reducing in value. However,
having regard to the circumstances mentioned above,
WP(C) NO. 24887 OF 2021
the respondent-Bank expressed its willingness to show
one more indulgence to the petitioner.
4. I have heard Adv.Liju M.P., the learned counsel for
the petitioner as well as Adv.K.K.Chandran Pillai,
learned Senior Standing Counsel for the respondents.
5. Having regard to the circumstances of the case and
the situation now prevailing, apart from the
submissions made as recorded above, I am of the view
that the petitioner can be granted an opportunity to
repay the overdue amount of Rs.9,12,122/- in '15'
instalments and thereafter, if the amount so directed is
repaid as directed above, to have the loan account
regularised.
6. Accordingly, there will be a direction to the
respondent-Bank to accept repayment of the entire
overdue amount of Rs.9,12,122/- along with bank
charges from the petitioner and to regularise the loan
account of the petitioner on the following conditions:
(i). The overdue amount of Rs.9,12,122/- shall be
repaid in '15' equated monthly instalments.
WP(C) NO. 24887 OF 2021
(ii). The first instalment shall be paid on or before
17.12.2021.
(iii). Petitioner shall continue to pay the regular
EMI's along with the instalments directed above.
(iv). In the event of default of any one instalment,
the respondent bank shall be entitled to proceed in
accordance with law.
(v) In order to enable the petitioner to repay the
entire amounts, proceedings under Section 14 of
the Securitization of Financial Assets and
Enforcement of Security Interest Act, 2002, shall be
kept in abeyance.
The writ petition is disposed of as above.
sd/-
BECHU KURIAN THOMAS
JUDGE
AMV/19/11//2021
WP(C) NO. 24887 OF 2021
APPENDIX OF WP(C) 24887/2021
PETITIONER'S EXHIBITS
Exhibit P1 TRUE COPY OF THE ORDER DATED 10.9.2021 PASSED
BY CHIEF JUDICIAL MAGISTRATE,
THIRUVANANTHAPURAM IN MC NO.370/2021.
RESPONDENT'S EXHIBITS : NIL
//TRUE COPY//
PA TO JUDGE
