Unnikrishnan C.P vs M/S. Hdb Financial Services ...
2021 Latest Caselaw 22954 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
          THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
   TUESDAY, THE 23RD DAY OF NOVEMBER 2021 / 2ND AGRAHAYANA, 1943
                        WP(C) NO. 22207 OF 2021
PETITIONERS :

    1     UNNIKRISHNAN C.P.,
          AGED 54 YEARS, S/O. PANKAJAKSHAN PILLAI,
          CHADAYAPPILLY HOUSE, PRA-1, CHANGAMPUZHA ROAD,
          EDAPPALLY P.O., COCHIN-682024.

    2     KAVITHA UNNIRISHNAN,
          AGED 46 YEARS, W/O. UNNIKRISHNAN,
          CHAAYAPPILLY HOUSE, PRA 01, CHANGAMPUZHA ROAD,
          EDAPPALLY P.O., COCHIN-682024.

          BY ADV V.K.HEMA


RESPONDENTS :

    1     M/S. HDB FINANCIAL SERVICES LIMITED,
          68/2-4TH FLOOR, LOYAL TOWER, GREAM ROAD,
          THOUSAND LIGHT, CHENNAI, TAMIL NADU-600006,
          REPRESENTED BY ITS AUTHORIZED OFFICER.

    2     HDB FINANCIAL SERVICES,
          KAKKAND BRANCH, 2ND FLOOR, DOOR NO.11/275D2,
          KALLUMKAL BUILDING COLONY BUS STOP, VAZHAKALA POST,
          THRIKKAKARA, KAKKANAD-682021, REPRESENTED BY ITS
          MANAGER-IN-CHARGE.

    3     THE RESERVE BANK OF INDIA,
          BANERJI ROAD, ERNAKULAM, KOCHI-682018,
          REPRESENTED BY ITS MANAGER.

    4     UNION OF INDIA,
          MINISTRY OF MICRO SMALL AND MEDIUM ENTERPRISES,
          UDYOG BHAVAN, RAFI MARG, NEW DELHI-110 001,
          REPRESENTED BY ITS SECRETARY.

          BY ADV PAULOCHAN.P ANTONY


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
23.11.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 22207 OF 2021
                                      2

                   BECHU KURIAN THOMAS, J.
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                    W.P.(C) No.22207 of 2021
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            Dated this the 23rd day of November, 2021

                               JUDGMENT

Petitioners as borrowers from the respondent bank, have

committed default in repayment. Consequently, proceedings have been

initiated by the bank for recovery of the amounts due.

2. During the course of hearing, petitioners have 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 the

petitioners committed default in repayment and the overdue amount as on

today is Rs.20,90,000/-. It was further submitted that though proceedings

for recovery have been initiated, as a matter of indulgence, the respondent

bank is willing to accept repayment of the overdue amount in limited

instalments and regularise the loan account.

4. I have heard Adv.V.K.Hema, the learned counsel for the

petitioners as well as Adv.Paulochan P.Antony, the learned 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 petitioners can be granted an opportunity

to repay the overdue amount in 15 instalments and thereafter, if the WP(C) NO. 22207 OF 2021

amount so directed is repaid within the time 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.20,90,000/- along

with bank charges from the petitioners and regularise the loan account of

the petitioners on the following conditions :

(i) The overdue amount of Rs.20,90,000/- shall be repaid in 15 equated monthly instalments.

(ii) The first instalment shall be paid on or before 20.12.2021.

(iii) Petitioners 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 petitioners to repay the entire amounts, all coercive proceedings shall be kept in abeyance.

The writ petition is disposed of as above.

Sd/-

BECHU KURIAN THOMAS, JUDGE

RKM WP(C) NO. 22207 OF 2021

APPENDIX OF WP(C) 22207/2021

PETITIONERS' EXHIBITS :

Exhibit P1 TRUE COPY OF THE STATEMENT OF LOAN ACCOUNT NO. 3198351 OF THE PETITIONERS.

Exhibit P2 TRUE COPY OF THE STATEMENT OF LOAN ACCOUNT NO.8519570 OF THE PETITIONERS.

Exhibit P3 TRUE COPY OF THE CIRCULAR NO. DOB BP BC 47/21.04.048/2019-20 DATED 27/03/2020 ISSUED BY THE 3RD RESPONDENT.

Exhibit P4 TRUE COPY OF THE CIRCULAR NO. DOR BP BC 71/21.04.048/2019-20 DATED 23/05/2020 ISSUED BY THE 3RD RESPONDENT.

Exhibit P5 TRUE COPY OF THE REPRESENTATION TO THE 2ND RESPONDENT DATED 16/06/2020 SUBMITTED BY THE PETITIONER.

Exhibit P6 TRUE COPY OF THE APPLICATION TO THE 2ND RESPONDENT DATED 06/11/2020 FOR ECGLS SCHEME SUBMITTED BY THE PETITIONER.

Exhibit P7 THE TRUE COPY OF SECTION 13(2) OF SARFAESI ACT NOTICE DATED 29/06/2021 BY THE 2ND RESPONDENT TO THE 1ST PETITIONER.

Exhibit P8 THE TRUE COPY OF PLP NO.1054/2021 DATED 08/09/2021 FILED BEFORE THE DLSA, ERNAKULAM FILED BY THE PETITIONER.

Exhibit P9 THE TRUE COPY OF THE REMAINDER LETTER DATED 11/10/2021 SENT BY THE PETITIONER TO THE 1ST AND 2ND RESPONDENTS.

Exhibit P10 COPY OF THE OPERATIONAL GUIDELINES FOR SANCTIONING OF GUARANTEED EMERGENCY CREDIT LINE LOAN.