Nelson Jose vs The Federal Bank Ltd
2022 Latest Caselaw 4429 Ker

                 IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                 PRESENT
                  THE HONOURABLE MR.JUSTICE VIJU ABRAHAM
      TUESDAY, THE 12TH DAY OF APRIL 2022 / 22ND CHAITHRA, 1944
                         WP(C) NO. 13823 OF 2022
PETITIONER:

              NELSON JOSE, S/O.JOSE, AGED 49 YEARS, PALAKKATTUKUNNEL
              HOUSE,ARAKULAM P.O., THODUPUZHA-685584.

              BY ADV DOMSON J.VATTAKUZHY



RESPONDENTS:
1




              THE FEDERAL BANK LTD.
      1       MOOLAMATTOM BRANCH, REP. BY ITS BRANCH MANAGER, IDUKKI-
              685584

              AUTHORISED OFFICER,THE FEDERAL BANK LTD., LCRD THODUPUZHA
              DAVISON, K.P VARKE'S MALL, ROTARY JUNCTION, AMBALAM BYE
      2       PASS ROAD, THODUPUZHA, IDUKKI-685584


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
12.04.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C).No.13823 of 2022                     2

                        VIJU ABRAHAM,J
                   ---------------------------------
                  W.P.(C).No.13823 of 2022
                 -------------------------------------
             Dated this the 12th day of April, 2022

                           JUDGMENT

Petitioner is a building contractor. He has availed a

cash credit facility of Rs.19 lakhs and a housing loan of Rs.10

lakhs from the 1st respondent bank. The grievance of the

petitioner is that due to Covid-19 pandemic and

consequential lockdown he could not run the business

profitably for the last 2 years. And due to the same there was

default in repayment of the amount. The 1 st respondent bank

initiated SARFAESI proceedings as is evident from Exts.P1,

P2 & P3.

2. The learned Standing Counsel for the respondent

Bank on instruction submits that as regards the housing loan

is concerned, the amount overdue as on date is Rs.4,74,047/-

and the Bank is agreeable to permit the petitioner to payoff

the said outstanding amount in 8 equal monthly installments

and regularise the said loan account. As regards the

agricultural loan availed by the petitioner, the total amount

outstanding as on date is Rs.47,63,381/- and the Bank is

willing to permit 12 monthly installments for repayment of

the same.

3. In view of the fair stand taken by the respondent

Bank, the above writ petition is disposed of with a direction

to the petitioner to payoff the outstanding amount in housing

loan to the tune of Rs.4,74,047/- in 8 equal monthly

installments starting from 5th of May, 2022 and also to payoff

the amount due in agricultural loan amounting to

Rs.47,63,381/- in 12 equal monthly installments starting from

5th May, 2022.

It is made clear that the petitioner shall also pay the

monthly installment due in the housing loan dues without

any fail. In the event of default of any one installment, the

bank will entitled to proceed with the recovery proceedings

from the stage at which it has been stopped.

The writ petition is disposed of as above.

sd/-

VIJU ABRAHAM, JUDGE pm