Kerala High Court
Manoj Narayanan.K.R vs Bajaj Finance Limited on 26 August, 2022
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
FRIDAY, THE 26TH DAY OF AUGUST 2022 / 4TH BHADRA, 1944
WP(C) NO. 27404 OF 2022
PETITIONER:
MANOJ NARAYANAN.K.R.,
AGED 47 YEARS,
S/O K.R.NARAYANAN, KUNNATHULLY HOUSE, VENDIDANGU.P.O.,
THRISSUR DISTRICT., PIN - 680 510.
BY ADV P.K.PRIYA
RESPONDENTS:
1 BAJAJ FINANCE LIMITED,
CORPORATE OFFICE AT PANCHASHIL TECH PARK, 3RD FLOOR,
VIMAN NAGAR, PUNE - 411 014.
2 BAJAJ FINANCE LIMITED,
HEAD OFFICE AT MUMBAI-PUNE ROAD, AKURDI, PUNE - 411
035.
3 BAJAJ FINANCE LIMITED,
BRANCH AT 1ST FLOOR, AURAM COMPLEX, PATTURAIKKAL,
THRISSUR, PIN - 680 020.
ADV. PRADEESH CHACKO (SC)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
26.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 27404 OF 2022
2
JUDGMENT
The petitioner along his wife had availed a housing loan
from the respondent financial institution. On default being
committed, the respondents have initiated proceedings under
the SARFAESI Act.
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 committed default in repayment and the
overdue amount is Rs.3,56,259/-(Rupees three lakhs fifty six
thousand two hundred and fifty nine 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 respondents.
5. Having regard to the circumstances of the case and
the situation now prevailing, apart from the submissions
WP(C) NO. 27404 OF 2022
made as recorded above, I am of the view that the petitioner
can be granted an opportunity to repay the overdue amount
in five 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.3,56,259/-(Rupees three lakhs fifty six thousand
two hundred and fifty nine only) along with accrued interest,
costs and charges from the petitioner and regularise the loan
account of the petitioner on the following conditions:
i. The overdue amount of Rs.3,56,259/-(Rupees three
lakhs fifty six thousand two hundred and fifty nine only)
along with any accrued interest, costs and charges shall
be repaid in five equated monthly instalments.
ii. The first instalment shall be paid on or before
30.09.2022 and the subsequent instalments shall be paid
on or before the last working day 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.
WP(C) NO. 27404 OF 2022
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE
DK
WP(C) NO. 27404 OF 2022
APPENDIX OF WP(C) 27404/2022
PETITIONER EXHIBITS
Exhibit P1 TRUE COPY OF THE AWARD DATED
08.06.2022.
Exhibit P2 TRUE COPY OF THE NOTICE DATED
29.11.2021 ISSUED BY THE RESPONDENTS.
Exhibit P3 TRUE COPY OF THE NOTICE DATED
08.04.2022 ISSUED BY THE RESPONDENTS.
