Kerala High Court
Baby A.U vs Muvattupuzha Urban Co-Operative ... on 19 April, 2022
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE VIJU ABRAHAM
TUESDAY, THE 19TH DAY OF APRIL 2022 / 29TH CHAITHRA, 1944
WP(C) NO. 13973 OF 2022
PETITIONER:
BABY A.U.
AGED 60 YEARS
S/O.ULAHANNAN,
ATHANIKKAL HOUSE,
MUTHOLAPURAM P.O,
ELANJI MUVATTUPUHA 686 665
BY ADV E.V.MOLY
RESPONDENT:
MUVATTUPUZHA URBAN CO-OPERATIVE BANK
HEAD OFFICE,
KACHERITHAZHAM,
MUVATTUPUZHA 686 661
REPRESENTED BY ITS AUTHORIZED OFFICER.
BY ADV.SAJEEV KUMAR - STANDING COUNSEL
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 19.04.2022, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
WP(C) NO.13973 of 2022
2
VIJU ABRAHAM, J
.......................................
W.P.(C) No.13973 of 2022
................................................
Dated this the 19 th day of April, 2022
JUDGMENT
Petitioner availed a financial credit facility to the tune
of Rs.25 Lakhs from the respondent Bank and the
same has now been defaulted. Ext.P1 is the
possession notice issued under Section 13(4) of the
Securitization and Reconstruction of Financial Assets
and Enforcement of Security Interest Act, 2002.
2. During the course of the hearing, petitioner sought for
an opportunity to repay the entire overdue amount in
instalments and to obtain regularisation of the loan
account.
3. I have heard Smt.Moly E.V., the learned counsel for
the petitioner as well as Sri.Sajeev Kumar.K., the
learned Standing Counsel for the respondent.
4. The learned Standing Counsel, upon instructions,
submitted that the total overdue amount as on date is
Rs.9,22,890/- and the respondent Bank is willing to
accept repayment of the overdue amount in limited
WP(C) NO.13973 of 2022
instalments and to regularise the loan account.
5. Considering the facts and circumstances of the case, I
am of the view that the this writ petition itself can be
disposed of, permitting the petitioner to pay the entire
overdue amount of Rs.9,22,890/- in '8' equated
monthly instalments and 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.9,22,890/- along with bank
charges and to regularise the loan account of the
petitioner on the following conditions:
(i). The overdue amount of Rs.9,22,890/- along
with bank charges shall be repaid in '8' equated
monthly instalments.
(ii). The first instalment shall be paid on or before
16.05.2022 and the remaining instalments shall be
paid on or before the 16th day of every succeeding
month.
(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,
WP(C) NO.13973 of 2022
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 proceedings initiated
against the petitioner shall be kept in abeyance.
The writ petition is disposed of.
Sd/-
VIJU ABRAHAM, JUDGE
AMV/19/04/2022
WP(C) NO.13973 of 2022
APPENDIX OF WP(C) 13973/2022
PETITIONER'S EXHIBITS
Exhibit P1 THE TRUE COPY OF THE POSSESSION
NOTICE DATED 19-03-2022
RESPONDENTS EXHIBITS : NIL
TRUE COPY
