Arjun Prakash vs Gic Housing Finance Limited
2022 Latest Caselaw 9934 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. 22960 OF 2022
PETITIONER:

          ARJUN PRAKASH
          AGED 32 YEARS, S/O.PRAKASH,
          PAVITHRAM HOUSE, PANAMPALLY COLLEGE, POTTA VILLAGE,
          CHALAKUDY TALUK, THRISSUR DISTRICT,, PIN - 680 701.

          BY ADV N.L.BITTO


RESPONDENTS:

    1     GIC HOUSING FINANCE LIMITED
          REPRESENTED BY AUTHORISED OFFICER, THRISSUR BRANCH,
          3RD FLOOR, MAHESWARI BUILDING, MG ROAD,
          THRISSUR DISTRICT, PIN - 680 001.

    2     GIC HOUSING FINANCE LIMITED
          REPRESENTED BY AUTHORISED OFFICER, THRISSUR BRANCH,
          3RD FLOOR, MAHESWARI BUILDING, MG ROAD, THRISSUR,
          THRISSUR DISTRICT, PIN - 680 001.

          BY ADVS.
                     BIJU K
                     M.A.JOSEPH MANAVALAN(J-331)



     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. 22960 OF 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 (SARFAESI Act) for recovery of the

amounts due upon a loan availed by the petitioner.

2. During the course of hearing, petitioner has

confined the relief to an opportunity for repaying the

overdue amount in installments and to obtain regularization

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.2,17,839/- (Rupees Two Lakhs

Seventeen Thousand Eight Hundred and Thirty 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 installments and regularize the

loan account.

4. I have heard Adv.N.L.Bitto, learned counsel for the

petitioner as well as Adv.Biju K., 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 granted an opportunity to repay the overdue amount

in 10 installments and thereafter, if the amount so directed

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

account regularized.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire overdue

amount of Rs.2,17,839/- (Rupees Two Lakhs Seventeen

Thousand Eight Hundred and Thirty Nine only) along with

bank charges from the petitioner and regularize the loan

account of the petitioner on the following conditions:

(i) The overdue amount of Rs.2,17,839/- (Rupees Two

Lakhs Seventeen Thousand Eight Hundred and Thirty Nine

only) shall be repaid in 10 equated monthly installments

along with any accrued interest and costs;

(ii) The first installment shall be paid on or before

16-09-2022. The subsequent installments shall be paid on or

before the last working day of the succeeding months;

(iii) Petitioner shall continue to pay the regular EMI's

along with the installments as directed above;

(iv) In the event of default of any one installment, 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 ats

APPENDIX OF WP(C) 22960/2022

PETITIONER EXHIBITS Exhibit 1 A TRUE COPY OF THE LOAN OFFER LETTER ISSUED FROM THE 1ST RESPONDENT BANK DATED 4/6/2019

Exhibit 2 A TRUE COPY OF THE FINAL NOTICE ISSUED BY THE 1ST RESPONDENT DATED 6/7/2012