Antil. K.Antony vs The Union Bank Of India
2022 Latest Caselaw 9623 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. 26183 OF 2022
PETITIONER/S:

    1     ANTIL. K.ANTONY
          AGED 52 YEARS
          S/O. ANTONY, APARTMENT NO S1, PEARL
          HOMES, LOURDEPURAM, EAST FORT, THRISSUR, PIN - 680020
    2     SHERLY ANTONY
          AGED 48 YEARS
          W/O. ANTIL. K.ANTONY, APARTMENT NO S1,
          PEARL HOMES, LOURDEPURAM, EAST FORT, THRISSUR , PIN -
          680020
          BY ADV K.V.GOPINATHAN NAIR


RESPONDENT/S:

    1     THE UNION BANK OF INDIA
          REPRESENTED BY THE CHIEF MANNGER,
          THISSUR BRANCH, ECB, XXVII/72/2, 1ST FLOOR, PERINCHERYS
          BUIDLING, ROUND NORTH, THRISSUR, PIN - 680001
    2     AUTHORIZED OFFICER
          THE UHION BANK OF INDIA, REGIONAL OFFICE,
          2ND FLOOR, PUKALAKKATT BUILDING, THAMMANAN ROAD,
          PALARIVATTOM, ERNAKULAM , PIN - 682025
          SRI. A S P KURUP, SC
     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. 26183 OF 2022                2



                                 JUDGMENT

Petitioners have 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, 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 had availed a housing loan from the

respondent bank and committed default in repayment and

the overdue amount is Rs.5,70,000/- (Rupees five lakhs and

seventy 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. It is also

submitted that sale is scheduled to be held on 30.08.2022

and a substantial amount may be directed to be paid on or

before 30.08.2022.

4. I have heard the learned counsel for the petitioners

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

petitioners can be granted an opportunity to repay the

overdue amount in eight instalments and thereafter, if the

amount so directed is repaid within the time as directed

above, to have the loan account regularised. Though the

learned counsel appearing for the respondent bank insists

that substantial amount may be directed to be paid before

the date of sale which is on 30.08.2022, considering the

difficulty expressed by the learned counsel appearing for the

petitioners, such condition is not being imposed.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire overdue

amount of Rs.5,70,000/- (Rupees five lakhs and seventy

thousand only) along with bank charges from the petitioners

and regularise the loan account of the petitioner in the

following manner:-

(i) The overdue amount of Rs.5,70,000/- (Rupees five lakhs and seventy thousand only) along with any accrued interest and charges shall be repaid in eight equated monthly instalments;

(ii)The first instalment shall be paid on or before 12.09.2022 and the subsequent instalments shall be paid on or before the 12th day of each succeeding month;

(iii) Petitioners 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 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 ajt

APPENDIX OF WP(C) 26183/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE ISSUED BY THE RESPONDENT BANK DATED 3.4.2021 Exhibit P2 TRUE COPY OF THE NOTICE REGARDING THE SALE OF IMMOVABLE SECURED ASSETS ISSUED TO THE PETITIONERS DATED 20.7.2022 UNDER RULE 8 OF THE SECURITY INTEREST (ENFORCEMENT ) RULES