Maitheen Khan Shafeek @ Shafeek ... vs Deputy Vice President -1 & Branch ...
2022 Latest Caselaw 4874 Ker

          IN THE HIGH COURT OF KERALA AT ERNAKULAM
                          PRESENT
        THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
 FRIDAY, THE 29TH DAY OF APRIL 2022 / 9TH VAISAKHA, 1944
                  WP(C) NO. 13979 OF 2022
PETITIONERS:

    1     MAITHEEN KHAN SHAFEEK @ SHAFEEK M.K.
          AGED 51 YEARS
          S/O.MAITHEEN KHAN, PUNNAMOOTTUVILA VEEDU,
          MUNDELA.P.O, VELLANADU,
          THIRUVANANTHAPURAM-695543.REPRESENTED BY POWER
          OF ATTORNEY HOLDER JOTHISH.G.S, AGED 52 YEARS,
          S/O GANGADHARAN, KOYIPPALLY HOUSE, NEMOM,
          THIRUVANANTHAPURAM-695 020.
    2     SAFEEDA SHAFEEK,
          AGED 44 YEARS
          W/O.SHAFEEK.M.K, PUNNAMOOTTUVILA VEEDU,
          MUNDELA.P.O, VELLANADU,
          THIRUVANANTHAPURAM-695543, REPRESENTED BY POWER
          OF ATTORNEY HOLDER JOTHISH.G.S, AGED 52 YEARS,
          S/O GANGADHARAN, KOYIPPALLY HOUSE, NEMOM,
          THIRUVANANTHAPURAM-695020.
          BY ADVS.
          SALIM V.S.
          P.E.SAJAL
          A.M.FOUSI


RESPONDENT:

          DEPUTY VICE PRESIDENT -1 & BRANCH HEAD,
          THE FEDERAL BANK LTD,
          LCRD/THIRUVANANTHAPURAM DIVISION, IV TH FLOOR,
          FEDERAL TOWERS, STATUE,
          THIRUVANANTHAPURAM-695001.
          BY ADV SUNIL SHANKER



THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 29.04.2022, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
 WP(C) NO.13979 of 2022
                                            2



                        MOHAMMED NIAS C.P., J
                        .......................................
                         W.P.(C) No.13979 of 2022
                    ................................................
                   Dated this the 29 th day of April, 2022

                                      JUDGMENT

The petitioners have availed two loans from the

respondent bank by creating mortgage of the

residential property as the secured asset. Due to Covid-

19 pandemic repayments were not made in time and

the same led to proceedings for recovery against the

petitioners. Ext.P1 & Ext.P2 are the possession notices

issued under Sections 13(2) and 13(4) of the

Securitization and Reconstruction of Financial Assets

and Enforcement of Security Interest Act, 2002.

2. The limited prayer of the petitioners in this writ

petition is to grant instalment facility to pay the

overdue amounts and to regularise the loan account.

3. I have heard Sri.V.S.Salim, the learned counsel for

petitioners as well as Sri.Sunil Shankar, the learned

Standing Counsel for the respondent. WP(C) NO.13979 of 2022

4. The learned Standing Counsel, upon instructions,

submitted that the total overdue amount is

Rs.22,29,387/- and the respondent Bank is willing to

accept repayment of the overdue amount in limited

instalments and to regularise the loan account.

5. Taking into account the averments in the writ petition

and after hearing the learned counsel on either side, I

deem it appropriate to grant 10 equal monthly

instalments to the petitioners to wipe off the overdue

amounts due to the respondent bank.

6. In the said circumstances, this writ petition is disposed

of, with a direction to the respondent-Bank to accept

repayment of the entire overdue amount of

Rs.22,29,387/- along with bank charges and to

regularise the loan account of the petitioners on the

following conditions:

(i). The overdue amount of Rs.22,29,387/- along with bank

charges shall be repaid in '10' equated monthly

instalments.

(ii). The first instalment shall be paid on or before WP(C) NO.13979 of 2022

25.05.2022 and the remaining instalments shall be paid on

or before the 25th day of every succeeding month.

(iii). Petitioners shall continue to pay the regular EMI's

with the accrued interest, if any, continuously over and

above the instalments to pay off the overdue amounts.

(iv). In the event of two defaults occuring at any time in

repaying the instalments, the petitioners will lose the

benefit of this judgment and the respondent bank will be

at liberty to proceed against the petitioners on the basis of

the recovery proceedings already initiated.

(v) In order to enable the petitioners to repay the entire

amounts, all coercive proceedings initiated against the

petitioner shall be kept in abeyance.

The writ petition is disposed of.

Sd/-

MOHAMMED NIAS C.P., JUDGE

AMV/29/04/2022 WP(C) NO.13979 of 2022

APPENDIX OF WP(C) 13979/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE DATED 18.06.2021 UNDER SECTION 13(2) OF THE SARFAESI ACT, 2002 ISSUED BY THE RESPONDENT Exhibit P2 TRUE COPY OF THE POSSESSION NOTICE DATED 17.09.2021 UNDER SECTION 13(4) OF THE SARFAESI ACT, 2002 ISSUED BY THE RESPONDENT Exhibit P3 TRUE COPY OF THE ORDER DATED 08.03.2022 PASSED BY THE CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM IN MC.NO.164/2022.

RESPONDENTS EXHIBITS : NIL

TRUE COPY