Jose P.M vs Peoples Urban Co-Operative Bank ...
2022 Latest Caselaw 9622 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. 24611 OF 2022
PETITIONER/S:

          JOSE P.M
          AGED 73 YEARS
          S/O P.J. MATHEW, RESIDING AT 864 PENDANAM, 10
          KAKKANADU, KANAYANOOR, ERNAKULAM -, PIN - 682030
          BY ADVS.
          O.A.NURIYA
          ANAND B. MENON
          REVATHY P. MANOHARAN


RESPONDENT/S:

          PEOPLES URBAN CO-OPERATIVE BANK LIMITED NO 51
          HEAD OFFICE THIPUNITHURA
          MAIN ROAD, EAST FORT GATE, THRIPPUNITHURA MAIN ROAD,
          SH15, THRIPPUNITHURA, KOCHI, KERALA
          REPRESENTED BY ITS MANAGER, PIN - 682301
          BY ADV DEVAPRASANTH.P.J.


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
25.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 24611 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 an ordinary loan from the

respondent bank and committed default in repayment and

the overdue amount is Rs.8,86,800/- (Rupees eight lakhs

eighty six thousand and eight hundred only) as on

16.08.2022. 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. It is also submitted that a lump

sum amount may be directed to be paid as expeditiously as

possible.

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 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.8,86,800/- (Rupees eight lakhs eighty six

thousand and eight hundred only) along with bank charges

from the petitioner and regularise the loan account of the

petitioner in the following manner:-

(i) The petitioner shall pay a lump-sum amount of Rs.2,00,000/-

(Rupees two lakhs only) on or before 30.09.2022;

(ii) The balance overdue amount of Rs.6,86,800/- (Rupees six lakhs eighty six thousand and eight hundred only) with accrued charges and interest shall be repaid in fifteen equated monthly instalments;

(iii) The first instalment shall be paid on or before 30.10.2022 and the subsequent instalments shall be paid on or before the 30th day of each succeeding month;

(iv)Petitioner shall continue to pay the regular EMI's/instalments along with the instalments directed above;

(v) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law;

(vi) 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) 24611/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE UNDER SECTION 13 (2) OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT DATED 30.04.2021 Exhibit P2 TRUE COPY OF THE NOTICE DATED 17.06.2022 FOR PUBLIC AUCTION Exhibit P3 TRUE COPY OF THE BILL OF TREATMENT OF PETITIONER