Mohammed Haneefa.P.A vs The Federal Bank Ltd
2022 Latest Caselaw 9935 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. 24592 OF 2022
PETITIONER:

          MOHAMMED HANEEFA.P.A
          AGED 65 YEARS, S/O ASSANARUKUTTY,
          PADINHARKKARA, OLD LAKKIDI, AKALUR.P.O,
          PALAKKAD-679 302.

          BY ADVS.
                      K.S.RAJESH
                      M.SHAJU PURUSHOTHAMAN


RESPONDENTS:

    1     THE FEDERAL BANK LTD
          THRISSUR MAIN BRANCH, ROUND NORTH,
          SWARAJ ROUND, PIN-680 001.
          REPRESENTED BY IT'S BRANCH MANAGER

    2     THE AUTHORISED OFFICER
          THE FEDERAL BANK LTD,LCRD THRISSUR DIVISION,
          1ST FLOOR, FEDERAL TOWERS,T .B.ROAD, S.T.NAGAR,
          THRISSUR,PIN-680 001.



OTHER PRESENT:

          ADV. SUNIL SHANKAR (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. 24592 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.2,18,430/- (Rupees Two Lakhs

Eighteen Thousand Four Hundred and Thirty 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.K.S.Rajesh, learned counsel for the

petitioner as well as Adv.Sunil Shankar, 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.2,18,430/- (Rupees Two Lakhs Eighteen

Thousand Four Hundred and Thirty 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.2,18,430/- (Rupees Two

Lakhs Eighteen Thousand Four Hundred and Thirty 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) 24592/2022

PETITIONER EXHIBITS

Exhibit P1 THE TRUE COPY OF THE NOTICE DATED 17.8.2021 ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER UNDER THE SECURITIZATION ACT