Paul Sebastian vs The Branch Manager
2022 Latest Caselaw 11276 Ker

                     IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                      PRESENT
                     THE HONOURABLE MR. JUSTICE GOPINATH P.
         FRIDAY, THE 2ND DAY OF DECEMBER 2022 / 11TH AGRAHAYANA, 1944
                             WP(C) NO. 32788 OF 2022
PETITIONER:

     1        PAUL SEBASTIAN,
              AGED 43 YEARS
              S/O. SEBASTIAN
              RESIDING AT NEETHU NIVAS, KACHIKADAVU KADAPPURAM,
              MUNDAKKAL EAST, KOLLAM, PIN - 691001
              BY ADVS.
              S.SREEKUMAR (KOLLAM)
              K.VIJAYAN
              NAMITHA RAJESH

RESPONDENTS:

     1        THE BRANCH MANAGER,
              THE PANJAB NATIONAL BANK, CHAMAKKADA BRANCH,
              HOSPITAL ROAD, KOLLAM-, PIN - 691001
     2        THE AUTHORIZED OFFICER
              THE PANJAB NATIONAL BANK, MAIN BRANCH, CHINNAKKADA,
              KOLLAM, PIN - 691001
              BY ADV SREEJITH S. NAIR

     THIS     WRIT    PETITION   (CIVIL)   HAVING   COME   UP   FOR   ADMISSION   ON
02.12.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WPC No.32788 of 2022
                                       2




                              JUDGMENT

Dated this the 02nd day of December, 2022

The petitioner availed a housing loan from the

respondent bank and committed default in

repayment. The bank has initiated proceedings under

the provisions of the SARFAESI Act, 2002 and

proposes to take physical possession of the secured

asset under Section 14 of the Act.

2. The learned counsel appearing for the

petitioner would submit that term of the loan is still

the year 2034 and the petitioner may be permitted to

regularise the loan account by paying the overdue

amount along with regular EMI in some instalments.

3. The learned counsel appearing for the

respondent bank states that the loan account of the

petitioner cannot be regularised as the loan has

already been recalled and the bank has filed O.A.

No.253/2022 before the Debts Recovery Tribunal WPC No.32788 of 2022

under the provisions of the Recovery of Debts and

Bankruptcy Act, 1993. It is submitted that the

outstanding amount as on date is Rs.23,86,397/-

(Rupees Twenty three lakh eighty six thousand three

hundred ninety seven only).

4. Faced with this situation, the learned counsel

appearing for the petitioner states that the petitioner

may be permitted to approach the bank with an offer

for One Time Settlement. It is submitted that the

steps for taking physical possession may be

adjourned to enable the petitioner to make such

application for One Time Settlement.

Having regard to the facts and circumstances of

the case and considering the submissions made as

above, the writ petition will stand disposed of

directing that if the petitioner makes a proposal for

One Time Settlement within a period of ten days from

today, a decision shall be taken on such proposal by a

competent authority of the respondent bank within a WPC No.32788 of 2022

period of one month thereafter. Till such time a

decision is taken and communicated to the petitioner,

the proceedings for taking physical possession of the

secured asset shall stand suspended.

Sd/-

GOPINATH P.

JUDGE SKP/02-12 WPC No.32788 of 2022

APPENDIX OF WP(C) 32788/2022

PETITIONER'S EXHIBITS:

EXHIBIT P1 THE TRUE COPY OF THE HOUSING LOAN SANCTION LETTER ISSUED BY THE 1ST RESPONDENT BANK DATED 05.05.2017 EXHIBIT P2 THE TRUE COPY OF THE NOTICE DATED 12.09.2022 ISSUED BY THE ADVOCATE COMMISSIONER EXHIBIT-P3 THE TRUE COPY OF THE REPRESENTATION DATED 09.10.2022 GIVEN TO THE 1ST RESPONDENT RESPONDENTS' EXHIBITS:NIL

TRUE COPY

P.A.TO JUDGE