Maya.S vs The Neyyattinkara Co-Operative ...
2022 Latest Caselaw 9626 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. 26990 OF 2022
PETITIONER:

          MAYA.S,
          AGED 47 YEARS, D/O. SULOCHANA,
          SAI VARADAN, AYANIMOODU,
          PALLICHAL P.O, THIRUVANATHAPURAM
          , PIN - 695020

          BY ADV M.R.SARIN



RESPONDENTS:

          THE NEYYATTINKARA CO-OPERATIVE URBAN BANK,
          NEAR FIRE STATION, VAZHUTHOOR,
          NEYYATTINKARA, THIRUVANANTHAPURAM
          REPRESENTED BY ITS AUTHORISED OFFICER
          , PIN - 695121


     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.26990/2022                    -2-

                                 JUDGMENT

Petitioner has 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 two loans availed by the petitioner and her husband. The

security is common and the property belongs to the husband of the petitioner.

2. The learned counsel for the petitioner states that the petitioner will

undertake to clear the overdue amounts in both the loans and 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 accounts.

3. The learned standing counsel for the respondent bank submits that the

proceedings have been initiated to recover the amounts due under both loans

availed by the petitioner and her husband. It was further submitted overdue

amount in respect of both the loans comes to Rs.7,31,735/-. 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 accounts.

4. I have heard the learned counsel for the petitioner 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

also taking into account the fact that the petitioner has undertaken to clear off the

overdue amount along with regular EMIs, I am of the view that the petitioner can be

granted an opportunity to clear off the overdue amount in ten (10) equal monthly

instalments first of which shall be paid on or before 16-09-2022 and thereafter, if

the amount so directed is repaid within the time as directed above, to have the loan

accounts regularised.

6. Accordingly, there will be a direction to the respondent bank to accept

repayment of the entire overdue amount of Rs.7,31,735/- along with bank charges

from the petitioner and regularise the loan account of the petitioner/her husband

on the following conditions:

(i) The overdue amount of Rs.7,31,735/- together with any accrued interest and charges shall be repaid in ten equated monthly instalments.

(ii) The first instalment shall be paid on or before 16-09-2022 and the subsequent instalments shall be paid on or before 15 th of every succeeding month.

(iii) Petitioner 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 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 AMG

APPENDIX OF WP(C) 26990/2022

PETITIONER EXHIBITS

Exhibit P1 THE TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE ADVOCATE COMMISSION TO THE PETITIONER DATED ON 03.08.2022