Thankamani J vs The Manager
2022 Latest Caselaw 9284 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. 24980 OF 2022
      AGAINST THE ORDER/JUDGMENTMC 90/2020 OF CHIEF JUDICIAL
                         MAGISTRATE , ALAPPUZHA
PETITIONER/S:

          THANKAMANI J
          AGED 57 YEARS
          W/O DAMODARAN ACHARI, THADATHILVILAYIL THEKKETHIL,
          PALLIKKAL EAST, THEKKEKKARA P.O, ALAPPUZHA, PIN -
          690107
          BY ADV MANU ROY


RESPONDENT/S:

          THE MANAGER
          STATE BANK OF INDIA, RASMEC,
          AMBANATTU BUILDING, NEAR KSRTC STAND,
          MAVELIKKARA, ALAPPUZHA., PIN - 690101
          BY ADVS.
          Preethi P V
          DEEPA NARAYANAN(K/1754/1995)
          M.V.BALAGOPAL(K/707/2009)
          SANGEETHA SREEKUMAR(K/2099/2022)
          T.SETHUMADHAVAN (SR.)(S-310)


     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. 24980 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 and his son availed a housing loan from

the respondent bank and committed default in repayment

and the overdue amount is Rs.6,28,746/- (Rupees Six lakhs

twenty eight thousand seven hundred and forty six 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 bank.

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 fifteen 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.6,28,746/- (Rupees Six lakhs twenty eight

thousand seven hundred and forty six 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.6,28,746/- (Rupees Six lakhs twenty eight thousand seven hundred and forty six only) along with any accrued interest and charges shall be repaid in fifteen 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) 24980/2022

PETITIONER EXHIBITS Exhibit1 COPY OF NOTICE ISSUED BY ADV COMMISSIONER