Manikantan Nair B vs The Chief Manager
2021 Latest Caselaw 20933 Ker

                     IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                        PRESENT
                  THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
       WEDNESDAY, THE 6TH DAY OF OCTOBER 2021 / 14TH ASWINA, 1943
                              WP(C) NO. 17840 OF 2021
PETITIONERS:

                  MANIKANTAN NAIR B.,
                  AGED 61 YEARS
                  S/O. BHASKARAN NAIR,
                  ARUNODHAYAM, DARSHAN LANE,
                  MUKKOLA KACHANI,
                  KARKULAM P.O. TRIVANDRUM 695 564.

                  BY ADVS.SUSHANTH.J.
                  C.K.PREM RAJ



RESPONDENTS:

       1          THE CHIEF MANAGER,
                  CAN FIN HOMES LIMITED,
                  28/2452, GROUND FLOOR,
                  M.G. ROAD, TRIVANDRUM 695 001.

       2          AUTHORISED OFFICER,
                  CAN FIN HOMES LTD,
                  28/2452, GROUND FLOOR,
                  MG. ROAD, TRIVANDRUM 695 001.

                  BY ADVS.
                  B.ASHOK KUMAR
                  C.M.PRADEEP KUMAR
                  P.S.MANOJ KUMAR




THIS       WRIT    PETITION   (CIVIL)   HAVING    COME   UP   FOR   ADMISSION   ON
06.10.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 17840 OF 2021

                                           2


                             BECHU KURIAN THOMAS, J
                        ===========================
                             W.P.(C) No.17840 of 2021
                            ---------------------------------
                     Dated this the 6 th day of October, 2021

                                     JUDGMENT

Petitioner is a borrower from the respondent bank. He has

committed default in repayment of the loan amount.

Consequently, proceedings have been initiated by the bank for

recovery of the amounts due from the petitioner after recalling

the loan.

2. Though petitioner has raised various challenges in the writ

petition, 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

petitioner had committed default in repayment of the loan

amount and hence petitioner's account was classified as non-

performing. The overdue amount is stated to be Rs.14,01,000/-.

It was further submitted that even though proceedings for WP(C) NO. 17840 OF 2021

recovery have been initiated, as a matter of indulgence,

respondent bank is willing to accept repayment of the overdue

amount in limited instalments. Apart from the above, it was

also submitted that if the petitioner is 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.Sushanth J., learned counsel for the

petitioner as well as Adv.B.Ashok Kumar, 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 petitioner can be

granted an opportunity to repay the overdue amount in 'nine'

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 WP(C) NO. 17840 OF 2021

Rs.14,01,000/- along with bank charges from the petitioner and

regularise the loan account of the petitioner on the following

conditions:

(i). The petitioner shall deposit an amount of Rs.2,00,000/-

[Rupees Two lakhs only] on or before 30.10.2021 and the

balance overdue amount shall be repaid in '8' equated monthly

instalments.

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

30.11.2021.

(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, all coercive steps shall be kept in abeyance.

The above writ petition is disposed of as above.

Sd/-

BECHU KURIAN THOMAS, JUDGE AMV/06/10//2021 WP(C) NO. 17840 OF 2021

APPENDIX OF WP(C) 17840/2021

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE DATED 6.8.2021 ISSUED BY THE ADVOCATE COMMISSIONER FOR TAKING POSSESSION OF TH PETITIONER'S PROPERTY UNDER THE SARFAESI ACT.

Exhibit P2 TRUE COPY OF THE NOTICE ISSUED BY THE RESPONDENTS DATED 12.06.2019 TO THE PETITIONER.

RESPONDENTS EXHIBITS NIL