Vinod B vs The Authorized Officer, (Under ...
2022 Latest Caselaw 11289 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. 37816 OF 2022
PETITIONER/S:

          VINOD B, AGED 45 YEARS
          S/O. LATE JAYAKUMAR,
          TC 58/2060,NJARAVILA VEEDU KOLIYOOR ,
          POONKULAM MUTTACADU P.O,
          THIRUVANATHAPURAM DISTRICT , PIN - 695523
          BY ADV NAVEEN RADHAKRISHNAN


RESPONDENT/S:

    1     THE AUTHORIZED OFFICER, (UNDER SARFAESI ACT)

          THE KARAMANA CO-OPERATIVE URBAN BANK,
          KARAMANAP.O, THIRUVANANTHAPURAM , PIN - 695002
    2     THE BRANCH MANAGER,
          THE KARAMANA CO-OPERATIVE URBAN BANK,
          KARAMANA P.O, THIRUVANANTHAPURAM, PIN - 695002
          BY ADV R.S.KALKURA


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
02.12.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 37816 OF 2022                  2



                              JUDGMENT

Petitioner has 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 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 availed a mortgage loan from the

respondent bank and committed default in repayment and

the overdue amount, as on 02.12.2022, is Rs.2,41,818/-

(Rupees Two lakhs forty one thousand eight hundred and

eighteen 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 granted an opportunity to repay the overdue amount

in ten 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.2,41,818/- (Rupees Two lakhs forty one

thousand eight hundred and eighteen only) along with bank

charges from the petitioner and regularise the loan account

of the petitioners in the following manner:-

(i) The overdue amount of Rs.2,41,818/- (Rupees Two lakhs forty one thousand eight hundred and eighteen only) along with any accrued interest and charges shall be repaid in ten equated monthly instalments;

(ii)The first instalment shall be paid on or before 30.12.2022 and the subsequent instalments shall be paid on or before the last working day of each succeeding month;

(iii)Petitioner 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 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 ajt

APPENDIX OF WP(C) 37816/2022

PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE NOTICE ISSUED UNDER SECTION 13(2) OF THE SARFAESI ACT DATED 07.06.2021 Exhibit P2 A TRUE COPY OF THE NOTICE ISSUED UNDER SECTION 14(1) OF THE SARFAESI ACT IS PRODUCED DATED 29.07.2021