Unicoats India vs Chief Manager And Authorised ...
2021 Latest Caselaw 19894 Ker

           IN THE HIGH COURT OF KERALA AT ERNAKULAM
                            PRESENT
        THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
  THURSDAY, THE 23RD DAY OF SEPTEMBER 2021 / 1ST ASWINA, 1943
                    WP(C) NO. 19916 OF 2021
PETITIONERS :

    1     UNICOATS INDIA,
          OLIMALAYIL VEEDU, CIVIL STATION ROAD,
          MUDAVOOR P.O, ERNAKULAM DISTRICT, 686 661,
          REPRESENTED BY ITS PROPRIETOR, K.N. UNNIKRISHNAN,
          LATHA NIVAS, KAVUMPADY ROAD, NEAR BRAHMANA SAMOOHAM,
          MUVATTUPUZHA-686 661

    2     K.N. UNNIKRISHNAN,
          AGED 56 YEARS,
          S/O. K.R. NARAYANAN NAIR, LATHA NIVAS,
          KAVUMPADY ROAD, NEAR BRAHMANA SAMOOHAM,
          MUVATTUPUZHA - 686 661.

          BY ADV T.GOPALAKRISHNAN


RESPONDENTS :

    1     CHIEF MANAGER AND AUTHORISED OFFICER,
          UNION BANK OF INDIA, REGIONAL OFFICE, 2ND FLOOR,
          UNION BANK BHAVAN, M.G. ROAD, ERNAKULAM-682 035.

    2     THE BRANCH MANAGER,
          UNION BANK OF INDIA, MUVATTUPUZHA BRANCH,
          KULANGARA TOWERS, KACHERITHAZHAM, MUVATTUPUZHA,
          ERNAKULAM DISTRICT-686 661

          BY ADV.SADCHITH P.KURUP, SC


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
23.09.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 19916 OF 2021
                                     2




                   BECHU KURIAN THOMAS, J.
                 =-=-=-=-=-=-=-=-=-=-=-=-=-=
                    W.P.(C).No.19916 of 2021
                 =-=-=-=-=-=-=-=-=-=-=-=-=-=
            Dated this the 23rd day of September, 2021

                               JUDGMENT

Petitioner is a borrower from the 2nd 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

the petitioner committed default in repayment of the loan amount

and hence petitioner's 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 WP(C) NO. 19916 OF 2021

indulgence, the respondent bank is willing to accept repayment of the

overdue amount of Rs.64,19,007.68/- (Rupees Sixty Four Lakhs

Nineteen Thousand Seven and Paise Sixty Eight only) 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.T.Gopalakrishnan, the learned

counsel for the petitioner as well as Adv. Sadchith P.Kurup, the

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 Petitioner 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.64,19,007.68/- from the petitioner and regularise the loan

account of the petitioner on the following conditions:

(i). The overdue amount shall be repaid in six equated

monthly instalments.

WP(C) NO. 19916 OF 2021

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

18.10.2021.

(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.

The above writ petition is disposed of as above.

Sd/-

BECHU KURIAN THOMAS, JUDGE

RKM WP(C) NO. 19916 OF 2021

APPENDIX OF WP(C) 19916/2021

PETITIONERS' EXHIBITS :

Exhibit P1 TRUE COPY OF HTE STATEMENT OF ACCOUNTS FOR THE PERIOD FROM 4.2.20214 TO 20.01.2015 DATED 20.01.2015.

Exhibit P2 TRUE COPY OF THE STATEMENT ACCOUNTS FOR THE PERIOD FROM 14.09.2015 TO 30.11.2015 DATED 1.12.2015.

Exhibit P3 TRUE COPY OF THE STATEMENT ACCOUNTS FOR THE PERIOD FROM 4.2.2017 TO 17.10.2017 DATED 17.10.2017.

Exhibit P4 TRUE COPY OF THE AWARD DATED 12.10.2019 OF THE LOK ADALATH, MUVATTUPUZHA.

Exhibit P5 TRUE COPY OF THE SALE NOTICE DATED 02.09.2021.

Exhibit P6 TRUE COPY OF THE SALE NOTICE DATED 02.09.2021.

Exhibit P7 TRUE COPY OF THE ONE TIME SETTLEMENT DATED 6.92021,