Shajahan Rawther vs Sreeram Housing Finance Limited ...
2021 Latest Caselaw 20462 Ker

           IN THE HIGH COURT OF KERALA AT ERNAKULAM

                           PRESENT

        THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

   FRIDAY, THE 1ST DAY OF OCTOBER 2021 / 9TH ASWINA, 1943

                   WP(C) NO. 14469 OF 2021

PETITIONERS:

    1     SHAJAHAN RAWTHER
          S/O. ABDUL KHADER,
          SHABANA MANZIL,
          CHERIYANAD, KOLLAKADAVU,
          ALAPPUZHA.
    2     BALKEES SHAJAHAN
          W/O. SHAJAHAN,
          SHABANA MANZIL,
          CHERIYANAD, KOLLAKADAVU,
          ALAPPUZHA.
    3     SHABANA SHAJAHAN
          D/O. SHAJAHAN,
          SHABANA MANZIL,
          CHERIYANAD, KOLLAKADAVU,
          ALAPPUZHA.
          BY
               ADV.K.MOHANAKANNAN
               ADV.H.PRAVEEN (KOTTARAKARA)


RESPONDENTS:

    1     SREERAM HOUSING FINANCE LIMITED NO. 123
          ANGAPPAN NAIKKAN STREET,
          CHENNAI - 600001.,
          REP. BY AUTHORISED OFFICER.
    2     THE AUTHORISED OFFICER
          SREERAM HOUSING FINANCE LIMITED,
          ANGAPPAN NAIKKAN STREET,
 W.P.(C) No.14469/21
                                    -:2:-

              CHENNAI - 600001.
      3       THE MANAGER
              SREERAM HOUSING FINANCE LIMITED,
              1ST FLOOR, GANGOTHRI LAND MARK,
              NEAR IRON BRIDGE,
              KOLLAM, KERALA - 691001.
              BY ADV SABU S.KALLARAMOOLA



       THIS     WRIT    PETITION    (CIVIL)    HAVING    COME    UP    FOR
ADMISSION       ON    01.10.2021,   THE     COURT   ON   THE    SAME   DAY
DELIVERED THE FOLLOWING:
 W.P.(C) No.14469/21
                                         -:3:-




                         BECHU KURIAN THOMAS, J.
                         -----------------------------------------
                            W.P.(C) No.14469 of 2021
                         ----------------------------------------
                      Dated this the 1st day of October, 2021

                                    JUDGMENT

Petitioners are borrowers from the respondent bank. They have

committed default in repayment of the loan amount. Consequently,

proceedings have been initiated by the bank for recovery of the

amounts due from the petitioners after recalling the loan.

2. Though petitioners have raised various challenges in the writ

petition, during the course of the 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 of the loan amount and

hence petitioners' account was classified as non-performing. It was

further submitted that thereafter proceedings for recovery of the

amount were initiated and also that, even though proceedings have

been initiated for recovery of the amounts due, as a matter of W.P.(C) No.14469/21

indulgence, the respondent bank is willing to accept repayment of

the overdue amount of Rs.10,42,215/- in limited instalments. Apart

from the above, it was also submitted that if the petitioners are

willing to repay the overdue amount as directed by this Court, the

respondent bank is willing to regularise the loan account.

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

petitioners as well as Adv.Sabu S. Kallaramoola, learned 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 instalments and

thereafter if the 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.10,42,215/-

from the petitioners and regularise the loan account of the petitioners

on the following conditions:

(i) The overdue amount of Rs.10,42,215/- shall be repaid in twelve equated monthly instalments.

W.P.(C) No.14469/21

(ii) The first instalment shall be made on or before 30.10.2021.

(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 vps W.P.(C) No.14469/21

APPENDIX OF WP(C) 14469/2021

PETITIONER'S/S' EXHIBITS EXHIBIT P1 TRUE COPY OF THE LETTER ISSUED BY THE 1ST RESPONDENT BANK 23.01.2017.

EXHIBIT P2 TRUE COPY OF THE NOTICE U/S.13(2) WAS ISSUED ON 31.07.2019 OF SARFAESI ACT.

EXHIBIT P3 TRUE COPY OF THE NOTICE DATED 29.10.2019 ISSUED BY THE BANK.

EXHIBIT P4               TRUE COPY OF THE STATEMENT SHOWING THE
                         VARIOUS     PAYMENTS  EFFECTED   DATED
                         16.07.2021.
EXHIBIT P5               TRUE COPY OF THE NOTICE DATED 14-09-2021
                         ISSUED BY THE ADVOCATE COMMISSIONER.