Manikandan vs State Bank Of India
2022 Latest Caselaw 11618 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. 40724 OF 2022
PETITIONERS:

     1      MANIKANDAN
            AGED 37 YEARS
            S/O. SOMASUNDARAM, MOYATHUPADI HOUSE,
            THRANGALI, MANNANNUR P.O., OTTAPALAM TALUK, PALAKKAD
            DISTRICT, PIN - 679523
     2      SANTHAKUMARI
            AGED 52 YEARS, W/O. SOMASUNDARAM, MOYATHUPADI HOUSE,
            THRANGALI, MANNANNUR P.O., OTTAPALAM TALUK, PALAKKAD
            DISTRICT, PIN - 679523
     3      SOUMINI
            AGED 38 YEARS, D/O. SOMASUNDARAM, MOYATHUPADI HOUSE,
            THRANGALI, MANNANNUR P.O., OTTAPALAM TALUK, PALAKKAD
            DISTRICT, PIN - 679523
            BY ADVS.
            P.JAYARAM
            K.R.PAUL
            ARJUN P.P.

RESPONDENTS:

     1      STATE BANK OF INDIA
            OTTAPALAM TOWN BRANCH,
            REPRESENTED BY THE CHIEF MANAGER,
            RASMECC (RETAIL ASSETS AND SMALL AND MEDIUM ENTERPRISES CITY
            CREDIT CENTRE),
            T.B. ROAD, P.O. OTTAPALAM,
            PALAKKAD DISTRICT, PIN - 679101
     2      THE CHIEF MANAGER
            STATE BANK OF INDIA,
            OTTAPALAM TOWN BRANCH, P.O.
            OTTAPALAM TOWN BRANCH, P.O.
            OTTAPALAM, PALAKKAD DISTRICT, PIN - 679101
            ADV. TOM K THOMAS, STANDING COUNSEL

     THIS   WRIT    PETITION   (CIVIL)   HAVING   COME   UP   FOR   ADMISSION   ON
20.12.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WPC No.40724 of 2022
                                      2




                              JUDGMENT

Dated this the 20th day of December, 2022

Petitioners have approached this Court

challenging proceedings initiated under the

Securitisation and Reconstruction of Financial Assets

and Enforcement of Security Interest Act (hereinafter

referred to as the SARFAESI Act) for recovery of the

amounts due upon a housing loan availed by the

petitioners.

2. During the course of hearing, petitioners have

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 petitioners committed default in

repayment and the overdue amount is Rs.1,39,327/-.

It was further submitted that though proceedings for

recovery have been initiated, as a matter of WPC No.40724 of 2022

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

petitioners as well as the learned Standing Counsel

for the respondent Bank.

5. Having regard to the facts and circumstances

of the case and the situation now prevailing, apart

from the submissions made as recorded above and

considering the fact that this is a housing loan and

also taking into account the fact that the petitioners

have undertaken to clear off the overdue amount

along with regular EMIs, I am of the view that the

petitioners can be granted an opportunity to clear off

the overdue amount in eight (08) equal monthly

instalments first of which shall be paid on or before

16.01.2023 and thereafter, if the amount so directed

is repaid within the time as directed above, to have

the loan account regularised.

WPC No.40724 of 2022

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire

overdue amount of Rs.1,39,327/- along with bank

charges from the petitioners and regularise the loan

account of the petitioners on the following conditions:

(i) The overdue amount of Rs.1,39,327/-together

with any accrued interest and charges shall be

repaid in eight (08) equated monthly

instalments;

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

16.01.2023 and the subsequent instalments

shall be paid on or before 16th day of every

succeeding month;

(iii) Petitioners shall continue to pay the regular

EMI's 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; WPC No.40724 of 2022

(v) In order to enable the petitioners 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 SKP/20-12 WPC No.40724 of 2022

APPENDIX OF WPC NO.40724 OF 2022

PETITIONERS' EXHIBITS:

EXHIBIT P1 TRUE COPY OF THE NOTICE DATED 5/12/2022 ISSUED TO THE PETITIONERS U/S 14 OF THE SECURITIZATION & RECONSTRUCTION OF FINANCIAL ASSETS & ENFORCEMENT OF SECURITY INTEREST ACT, 2002 BY THE ADVOCATE COMMISSIONER IN MC NO. 217 OF 2022, ON THE FILES OF CHIEF JUDICIAL MAGISTRATE COURT, PALAKKAD RESPONDENTS' EXHIBITS:NIL

TRUE COPY

P.A.TO JUDGE