Kerala High Court
Shihabudheen C.A vs The Authorized Officer on 22 April, 2022
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE VIJU ABRAHAM
FRIDAY, THE 22ND DAY OF APRIL 2022 / 2ND VAISAKHA, 1944
WP(C) NO. 14328 OF 2022
PETITIONERS:
1 SHIHABUDHEEN C.A.,
AGED 39 YEARS,
S/O. C.K.ALI AKBAR, CHIRAKKAKUDY HOUSE,
KANDANTHARA, PERUMBAVOOR, ERNAKULAM DISTRICT,
PIN-683 556
2 SHABANA ALI,
W/O.SHIHABUDEEN.C.A., CHIRAKKAKUDY HOUSE,
KANDANTHARA, PERUMBAVOOR,
ERNAKULAM DISTRICT, PIN-683 556
BY ADVS.
P.M.SANEER
P.A.SHAJI SAMAD
RESPONDENT:
THE AUTHORIZED OFFICER
RETAIL ASSET CENTRE,
5TH FLOOR, CHICAGO PLAZA,
RAJAJI ROAD, ERNAKULAM,
KOCHI-682 035.
ADV.PAULOCHAN ANTONY., SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 22.04.2022, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
WP(C) NO.14328 of 2022
2
VIJU ABRAHAM, J
.......................................
W.P.(C) No.14328 of 2022
................................................
Dated this the 22 nd day of April, 2022
JUDGMENT
Petitioners availed a mortgage loan from the
respondent Bank and the same has now been
defaulted. Ext.P1 is the possession notice issued
under Section 13(2) of the Securitization and
Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002.
2. During the course of the hearing, petitioners sought
for an opportunity to repay the entire overdue amount
in instalments and to obtain regularisation of the loan
account.
3. I have heard Sri.Saneer P.M., the learned counsel for
the petitioners as well as Sri.Paulochan Antony, the
learned Standing Counsel for the respondents.
4. The learned Standing Counsel, upon instructions,
submitted that the total overdue amount is
Rs.1,36,613/- and the respondent Bank is willing to
WP(C) NO.14328 of 2022
accept repayment of the overdue amount in limited
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 petitioners to pay the
entire overdue amount of Rs.1,36,613/- in '10' 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.1,36,613/- along with bank
charges and to regularise the loan account of the
petitioners on the following conditions:
(i). The overdue amount of Rs.1,36,613/- along
with bank charges shall be repaid in '10'
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 16 th
day of every succeeding month.
(iii). Petitioners shall continue to pay the
regular EMI's along with the instalments
WP(C) NO.14328 of 2022
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
initiated against the petitioners shall be kept in
abeyance.
The writ petition is disposed of.
Sd/-
VIJU ABRAHAM, JUDGE
AMV/22/04/2022
WP(C) NO.14328 of 2022
APPENDIX OF WP(C) 14328/2022
PETITIONER EXHIBITS
Exhibit P1 PHOTOCOPY OF THE NOTICE DATED
20.4.2021 ISSUED BY THE RESPONDENT
BANK UNDER SECTION 13(2) OF THE
SARFAESI ACT
Exhibit P2 PHOTOCOPY OF THE NOTICE ISSUED BY THE
RESPONDENT BANK UNDER RULE 8 (1) OF
THE SARFAESI RULES DATED 21.3.2022
Exhibit P3 PHOTOCOPY OF THE STATEMENT
ACCOUNT/LOAN DETAILS DATED 5.4.2022
ISSUED BY THE BANK
RESPONDENTS EXHIBITS : NIL
TRUE COPY
