Unnikrishanan A.D vs Canfin Homes Ltd
2022 Latest Caselaw 9280 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                 THE HONOURABLE MR. JUSTICE GOPINATH P.
    WEDNESDAY, THE 10TH DAY OF AUGUST 2022 / 19TH SRAVANA, 1944
                        WP(C) NO. 25323 OF 2022
PETITIONER/S:

          UNNIKRISHANAN A.D
          AGED 49 YEARS
          S/O DAMODARAN ASAN, AGED 49 YEARS,
          TC 40/1506 (07), HARSHAM, MANACAUD,
          THIRUVANANTHAPURAM DISTRICT
          , PIN - 695009
          BY ADV LATHEESH SEBASTIAN


RESPONDENT/S:

    1     CANFIN HOMES LTD
          REPRESENTED BY THE REGIONAL MANAGER,
          REGIONAL OFFICE, 28/452, M.G.ROAD,
          THIRUVANANTHAPURAM - 695 001.
          , PIN - 695001
    2     THE AUTHORISED OFFICER
          UNDER THE SARFAESI ACT,
          CAN FIN HOMES LTD., REGIONAL OFFICE, 28/452, M.G.ROAD,
          THIRUVANANTHAPURAM - 695 001.
          , PIN - 695001
    3     THE BRANCH MANAGER
          CAN FIN HOMES LTD., 28/452, M.G.ROAD,
          THIRUVANANTHAPURAM
          , PIN - 695001
          BY ADV C.Ajith Kumar


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
10.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 25323 OF 2022                     2



                                     JUDGMENT

Petitioner has approached this Court, challenging

proceedings initiated by the respondent Bank under the

provisions of the Securitisation and Reconstruction of

Financial Assets and Enforcement of Security Interest Act,

for recovery of the amounts due from the petitioner.

2. During the course of 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 availed a housing loan from the

respondent bank and committed default in repayment and

the overdue amount is Rs.8,75,000/- (Rupees eight lakhs and

seventy five thousand only). It was further submitted that

though proceedings for recovery have been initiated, as a

matter of indulgence, the respondent bank is willing to

accept repayment of the overdue amount in limited

instalments and regularise the loan account.

4. I have heard the learned counsel for the petitioner

as well as the learned counsel for the respondent.

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 twelve 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.8,75,000/- (Rupees eight lakhs and seventy five

thousand only) along with bank charges from the petitioner

and regularise the loan account of the petitioner in the

following manner:-

(i) The overdue amount of Rs.8,75,000/- (Rupees eight lakhs and seventy five thousand only) along with any accrued interest and charges shall be repaid in twelve equated monthly instalments;

(ii)The first instalment shall be paid on or before 31.08.2022 and the subsequent instalments shall be paid on or before the 30th day of each succeeding month;

(iii)Petitioner shall continue to pay the regular EMI's/instalments 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;

(v) In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE ajt

APPENDIX OF WP(C) 25323/2022

PETITIONER EXHIBITS ExhibitP1 . TRUE COPY OF THE ORDER OF THE CJM COURT, THIRUVANANTHAPURAM IN M.C NO.591/2022 DATED 30.05.2022 ExhibitP2 TRUE COPY OF THE REPRESENTATION SUBMITTED BY THE PETITIONER BEFORE THE 3RD RESPONDENT DATED 14.07.2022