K.M.Reghunathan vs Icici Bank Limited
2022 Latest Caselaw 9827 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
               THE HONOURABLE MR. JUSTICE GOPINATH P.
      WEDNESDAY, THE 31ST DAY OF AUGUST 2022 / 9TH BHADRA,1944

                        WP(C) NO. 18817 OF 2022
PETITIONER/S:

1          K.M.REGHUNATHAN, AGED 54 YEARS, S/O. K. MADHAVAN,
           KIZHAKKEVILAYIL HOUSE, PRAYIKARA, MAVELIKKARA. PIN
           690101, MANAGING PARTNER,
            M/S. TAJ MARBLES AND MOSAICS, PRAYIKKARA, TAJ COMPLEX,
           MAVELIKKARA, ALAPPUZHA DISTRICT, KERALA. PIN 690101.
2          BEVEENA NATH K.S.,W/O. K.M. REGHUNATHAN,
           KIZHAKKEVILAYIL HOUSE, PRAYIKARA, MAVELIKKARA. PIN
           690101.
           BY ADV P.HARIDAS
           BIJU HARIHARAN
           SHIJIMOL M.MATHEW
           P.C.SHIJIN
           RISHIKESH HARIDAS


RESPONDENT/S:
     1     ICICI BANK LIMITED, REPRESENTED BY ITS AUTHORIZED
           OFFICER, ICICI BANK TOWER, NEAR CHAKLI CIRCLE, OLD PADRA
           ROAD, VADODARA, STATE OF GUJARAT. PIN - 390007.
     2     THE REGIONAL MANAGER, ICICI BANK LIMITED, ICICI BANK
           TOWERS, REGIONAL OFFICE 24, SOUTH PHASE, AMBATTUR
           INDUSTRIAL ESTATE, AMBATTUR, CHENNAI, STATE OF TAMILNADU.
           PIN 600058.
     3     THE AUTHORISED OFFICER, ICICI BANK LTD, KANCHENJUNGA
           APARTMENTS, CIVIL LANE ROAD, PALARIVOTTAM, KOCHI, DIST,
           ERNAKULAM, KERALA, KOCHI, PIN- 682025
           BY ADV PRADEESH CHACKO


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
31.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C) NO.18817 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 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 availed two housing loans from

the respondent bank and committed default in repayment

and the overdue amount is Rs.9756024.62 (Rupees Ninety

seven lakhs fifty six thousand and twenty four and paise

sixty two 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

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 petitioner can be granted an opportunity to repay the

overdue amount in six 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.9756024.62 (Rupees Ninety seven

lakhs fifty six thousand twenty four and paise sixty two

only) along with bank charges from the petitioner and

regularise the loan account of the petitioner in the

following manner:-

(i) The overdue amount of Rs.9756024.62 (Rupees Ninety seven lakhs fifty six thousand twenty four and paise sixty two only) only) along with any accrued interest and charges shall be repaid in six 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 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) 18817/2022 PETITIONER EXHIBITS EXHIBIT P1- TRUE COPY OF THE NOTICE WITH RESPECT TO LBCOC 00005192951 AND LBCOC 00005192959 DATED NIL

Exhibit P2- TRUE COPY OF THE RECEIPT SHOWING THE DEPOSIT IN THE LOAN NO. LBCOC 00005192959 OF AN AMOUNT OF 16,10,000/- DATED 24.03.2022

Exhibit P2B-TRUE COPY OF THE RECEIPT SHOWING THE DEPOSIT IN THE LOAN ACCOUNT NO. LBCOC 00005192959 OF AN AMOUNT OF 1,26,799/- DATED 30.09.2021

Exhibit P3A- TRUE COPY OF THE RECEIPT SHOWING THE DEPOSIT IN THE LOAN ACCOUNT NO. LBCOC 00005192951 OF AN AMOUNT OF 4,70,000/- DATED 24.12.2021

Exhibit P3C-TRUE COPY OF THE RECEIPT SHOWING THE DEPOSIT IN THE LOAN ACCOUNT NO. LBCOC 00005192951 OF AN AMOUNT OF 1,26,799/- DATED 22.04.2022

Exhibit P3E-TRUE COPY OF THE RECEIPT SHOWING THE DEPOSIT IN THE LOAN ACCOUNT NO. LBCOC 00005192951 OF AN AMOUNT OF 46,100/-, TOWARDS THE LOAN ACCOUNT NO. LBCOC 00005307823 (COVID LOAN) DATED 30.09.2021

Exhibit P6B-TRUE COPY OF THE DEPOSIT OF AN AMOUNT OF 2,65,000/-, TOWARDS THE LOAN ACCOUNT NO. LBCOC 00005307823 (COVID LOAN) DATED 13.10.2021

Exhibit P6C-TRUE COPY OF THE DEPOSIT OF AN AMOUNT OF 1,00,000/- TOWARDS THE LOAN ACCOUNT NO. LBCOC 00005307823 (COVID LOAN) DATED 28.10.2021

Exhibit P6E-TRUE COPY OF THE DEPOSIT OF AN AMOUNT OF 74,913/- TOWARDS THE LOAN ACCOUNT NO. LBCOC 00005307823 (COVID LOAN) DATED 30.10.2021

Exhibit P6G-TRUE COPY OF THE DEPOSIT OF AN AMOUNT OF 2,10,728/- TOWARDS THE LOAN ACCOUNT NO. LBCOC 00005307823 (COVID LOAN) DATED 30.01.2022,

Exhibit P6I-TRUE COPY OF THE DEPOSIT OF AN AMOUNT OF 2,10,728/-, TOWARDS THE LOAN ACCOUNT NO. LBCOC 00005307823 (COVID LOAN) DATED 30.04.2022

Exhibit P6K-TRUE COPY OF THE DEPOSIT OF AN AMOUNT OF 3,73,681/- DATED 30.09.2021

Exhibit P8-TRUE COPY OF THE CHART PREPARED BY THE PETITIONERS SHOWING THE DEPOSIT OF MONEY IN FOUR LOANS DATED Exhibit P9- TRUE COPY OF THE REPRESENTATION BY THE PETITIONERS SUBMITTED BEFORE THE RESPONDENTS UNDER SECTION 13(3A) OF THE SARFAESI ACT DATED 20.05.2022

EXHIBIT R (1) Statement of accounts of loan account no. LBCOC00005192959 EXHIBIT R (1)(b)-Statement of accounts of loan account no. LBCOC00005307825 EXHIBIT R (1)(c)-Statement of accounts of loan account no. LBCOC00005192951 EXHIBIT R (1) (d)-Statement of accounts of loan account no. LBCOC00005192926 PETITIONER EXHIBITS Exhibit P10 TRUE COPY OF THE RECEIPT DATED 13.06.2022 FOR AN AMOUNT OF 126799.00 TO ACCOUNT NO.LBCOC 00005192951