Jona Babu vs The Branch Manager
2022 Latest Caselaw 11619 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. 38121 OF 2022
PETITIONER:

     1        JONA BABU
              AGED 52 YEARS
              W/O. SATHEESH BABU
              NEDUMPARAMBIL HOUSE
              PALLURUTHY P O
              PERUMPADAPPU
              ERNAKULAM, PIN - 682006
              BY ADVS.
              P.R.JAYASANKAR
              MANJUSHA K

RESPONDENTS:

     1        THE BRANCH MANAGER
              THE MATTANCHERRY SARVAJANIK CO-OPERATIVE BANK LTD NO.3284,
              P.O. BOX NO. 142, CHERALAI, KOCHI, PIN - 682002
     2        THE AUTHORIZED OFFICER
              THE MATTANCHERRY SARVAJANIK COOPERATIVE BANK LTD NO.3284,
              P.O. BOX NO. 142, CHERALAI, KOCHI, PIN - 682002
     3        THE CHAIRMAN
              THE MATTANCHERRY SARVAJANIK CO-OPERATIVE BANK LTD NO.3284,
              P.O. BOX NO. 142, CHERALAI, KOCHI, PIN - 682002
              BY ADV T.A.RAJAN

     THIS     WRIT    PETITION   (CIVIL)   HAVING   COME   UP   FOR   ADMISSION   ON
20.12.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WPC No.38121 of 2022
                                      2




                              JUDGMENT

Dated this the 20th day of December, 2022

Petitioner has 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 term 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 instalments and to obtain

regularisation 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.5,19,757/-.

It was further submitted that though proceedings for

recovery have been initiated, as a matter of

indulgence, the respondent bank is willing to accept WPC No.38121 of 2022

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 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 petitioner

has undertaken to clear off the overdue amount

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

petitioner 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.

6. Accordingly, there will be a direction to the WPC No.38121 of 2022

respondent bank to accept repayment of the entire

overdue amount of Rs.5,19,757/- along with bank

charges from the petitioner and regularise the loan

account of the petitioner on the following conditions:

(i) The overdue amount of Rs.5,19,757/- 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) Petitioner 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;

(v) In order to enable the petitioner to repay the WPC No.38121 of 2022

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.38121 of 2022

APPENDIX OF WP(C) 38121/2022

PETITIONER'S EXHIBITS:

EXHIBIT P1 TRUE COPY OF THE NOTICE ISSUED BY THE 2ND RESPONDENT DATED 18/07/2019 EXHIBIT P2 TRUE COPY OF THE DEMAND NOTICE ISSUED BY THE 2ND RESPONDENT AS PER S 13(2) AND 13(3) OF THE SARFAESI ACT 2002 DATED 14/02/2022 EXHIBIT P3 TRUE COPY OF THE REPRESENTATION SUBMITTED BEFORE THE 3RD RESPONDENT DATED 04/11/2022 RESPONDENTS' EXHIBITS:NIL

TRUE COPY

P.A.TO JUDGE