Mohammed Shalim vs Union Bank Of India Rep. By Its ...
2022 Latest Caselaw 9903 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. 28264 OF 2022
PETITIONER:

          MOHAMMED SHALIM,
          AGED 36 YEARS,
          S/O. YOUSAF.S., THEKKAYIL HOUSE,
          PARAYUR, CHANGAMANAD - 683 102.

          BY ADV E.V.MOLY



RESPONDENT:

          UNION BANK OF INDIA,
          ALUVA BRANCH (ECB), GROUND FLOOR, PUTHUVELIL BUILDING,
          18/471 - NH47, BYE-PASS JUNCTION, ALUVA - 683 101,
          REP. BY ITS AUTHORIZED OFFICER




          BY ADV. A S P KURUP (SC)




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
31.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 28264 OF 2022

                                 2


                            JUDGMENT

The petitioner has approached this Court challenging

proceedings under the SARFAESI Act which have been initiated by

the bank 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 committed default in repayment and the overdue

amount is Rs.6,58,698/-(Rupees six lakhs fifty eight thousand six

hundred and ninety eight 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 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 WP(C) NO. 28264 OF 2022

granted an opportunity to repay the overdue amount in 6

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.6,58,698/-(Rupees six lakhs fifty eight thousand six hundred

and ninety eight only) along with any 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.6,58,698/-(Rupees six lakhs fifty eight thousand six hundred and ninety eight only) along with any accrued interest, costs and charges shall be repaid in 6 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 the 16th 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.

vi. If the petitioner applies for renewal of the facility, the petitioner shall also comply with all formalities that may be insisted upon by the Bank for renewal of the facility. WP(C) NO. 28264 OF 2022

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE DK WP(C) NO. 28264 OF 2022

APPENDIX OF WP(C) 28264/2022

PETITIONER EXHIBITS

Exhibit P1 THE TRUE COPY OF THE SALE NOTICE DATED 20.7.2022 RECEIVED BY THE PETITIONER