Noushad K E vs The Authorised Officer
2022 Latest Caselaw 11592 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                 THE HONOURABLE MR. JUSTICE GOPINATH P.
  TUESDAY, THE 20TH DAY OF DECEMBER 2022 / 29TH AGRAHAYANA, 1944
                        WP(C) NO. 40451 OF 2022
PETITIONER:

          NOUSHAD K E
          AGED 43 YEARS, S/O. EBRAHIM,
          RESIDING AT KOORAKKADAN HOUSE, ALLAPRA PO.,
          PERUMBAVOOR, ERNAKULAM DISTRICT, PIN - 683 556.

          BY ADVS.
                     V.S.AFSAL KHAN
                     GEO GEORGE GRIGORY
                     C.K.SASI
                     ABHIJITH E.R.
                     V.A.SHAJI


RESPONDENTS:

    1     THE AUTHORISED OFFICER
          BAJAJ FINANCE LIMITE HAVING ITS CORPORATE OFFICE AT
          EXT: 3RD FLOOR, PANCHSHIL TECH PARK, 43/1 43/1 43/2,
          43/2 VIMAN NAGAR, PUNE, PIN - 411 014.

    2     THE BRANCH MANAGER
          BRANCH OFFICE AT BAJAJ FINANCE LTD (BHFL), 2ND FLOOR,
          CITY CENTRE, SIVADS TOWER, NEAR ALAPATT REGENCY,
          M.K.K. NAIR ROAD, PALARIVATTOM, COCHIN, PIN - 682 025.


OTHER PRESENT:

          ADV. PRADEESH CHACKO (SC)


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
20.12.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 40451 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.9,49,840/- (Rupees Nine Lakh Forty

Nine Thousand Eight Hundred and Forty 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. V.S.Afsal Khan, learned counsel

for the petitioner as well as Adv. Pradeesh Chacko, the

learned counsel for the respondents.

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 15 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.9,49,840/- (Rupees Nine Lakh Forty Nine

Thousand Eight Hundred and Forty 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.9,49,840/- (Rupees Nine

Lakh Forty Nine Thousand Eight Hundred and Forty only)

shall be repaid in 15 equated monthly installments along

with any accrued interest and costs;

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

16-01-2023. The subsequent installments shall be paid on or

before the 16th day of the succeeding months;

(iii) Petitioner shall also continue to pay the regular

EMI's on due dates without fail;

(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) 40451/2022

PETITIONER EXHIBITS

Exhibit P1 A TRUE COPY OF THE EXTRACT OF STATEMENT FOR THE YEAR 2022

Exhibit P2 A TRUE COPY OF THE EXECUTION PETITION IN E.P.

NO.809 OF 2020 IN ARBITRATION CASE NO Q8BA-10625- HL23 FROM HON'BLE COMMERCIAL COURT (SUB COURT) AT ERNAKULAM

Exhibit P3 A TRUE COPY OF THE PETITION DATED 22.11.2022 FILED BY THE PETITIONER

Exhibit P4 A TRUE COPY OF THE NOTICE DATED 7.12.22 ISSUED BY THE ADVOCATE COMMISSIONER

Exhibit P5 A TRUE COPY OF THE PETITION DATED 12.12.2022 FILED BY THE PETITIONER BEFORE THE 2ND RESPONDENT