Ratheesh Kumar K S vs The Authorised Officer
2022 Latest Caselaw 9599 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                 THE HONOURABLE MR. JUSTICE GOPINATH P.
     THURSDAY, THE 25TH DAY OF AUGUST 2022 / 3RD BHADRA, 1944
                        WP(C) NO. 25271 OF 2021
PETITIONERS:

    1     RATHEESH KUMAR K S,
          AGED 41 YEARS, S/O. KUMARAN, KAKKANATTU (H),
          KUMBALAM P.O, KOCHI 682 506.

    2     SEREENA BEEVI,
          W/O. RATHEESHKUMAR K.S, KAKKANATU (H), KUMBALAM P.O,
          KOCHI 682 506.

          BY ADV R.K.RAKESH


RESPONDENTS:

    1     THE AUTHORISED OFFICER,
          PNB HOUSING FINANCE LIMITED, 1ST FLOOR, R.P. ARCADE,
          NEAR RAILWAY OVERBRIDGE, ADJACENT TO GOLD SOUK GRANDE
          MALL, PONNURUNNI, VYTTILA, KOCHI, KERALA 682 019

    2     BRANCH MANAGER,
          PNB HOUSING FINANCE LIMITED, 1ST FLOOR, RP ARCADE, NEAR
          RAILWAY OVERBRIDGE, ADJACENT TO GOLD SOUK GRANDE MALL,
          PONNURUNNI, VYTTILA, KOCHI, KERALA 682 019.


OTHER PRESENT:

          ADV. P. PAULOCHAN ANTONY (SC)




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
25.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P (C) No.25271/2021                    -2-

                                 JUDGMENT

Petitioners have approached this Court challenging proceedings initiated

under the Securitisation and Reconstruction of Financial Assets and Enforcement of

Security Interest Act (hereinafter referred to as the Securitisation Act) for recovery

of the amounts due upon a home loan availed by the petitioners.

2. During the course of hearing, petitioners have 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 petitioners

committed default in repayment and the overdue amount is Rs.4,90,865/-. 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 petitioners as well as the

learned Standing Counsel for the respondent Bank.

5. Having regard to the facts and circumstances of the case and the

situation now prevailing, apart from the submissions made as recorded above and

considering the fact that this is a housing loan and also taking into account the fact

that the petitioners have undertaken to clear off the overdue amount along with

regular EMIs, I am of the view that the petitioners can be granted an opportunity to

clear off the overdue amount in eight (8) equal instalments first of which shall be

paid on or before 30-06-2022 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.4,90,865/- along with bank charges

from the petitioners and regularise the loan account of the petitioners on the

following conditions:

(i) The petitioner shall remit an amount of Rs.1,00,000/- on or before

05-09-2022. The balance overdue amount together with any accrued

interest and charges shall be repaid in eight equated monthly

instalments.

(ii) The first instalment shall be paid on or before 05-10-2022 and the

subsequent instalments shall be paid on 5 th working day of every

succeeding month.

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

APPENDIX OF WP(C) 25271/2021

PETITIONER EXHIBITS

Exhibit P1 A TRUE COPY OF THE NOTICE UNDER SECTION 13(4) OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 ISSUED BY THE FIRST RESPONDENT DATED 18.10.2021.