Sajan Philip vs Hinduja Leyland Finance Ltd
2022 Latest Caselaw 11620 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. 39985 OF 2022
PETITIONER/S:

          SAJAN PHILIP
          AGED 50 YEARS
          KAROTTU PALACKAL HOUSE,
          SOUTH PAMPADY P.O., VETTAKUNNU,
          KOTTAYAM, PIN - 686516
          BY ADV A.K.HARIDAS


RESPONDENT/S:

          HINDUJA LEYLAND FINANCE LTD
          KOTTAYAM BRANCH, 536 1ST FLOOR, THADATHI BUILDING,
          SHASTHRI ROAD
          KOTTAYAM -686002 REP. BY IT'S AUTHORIZED OFFICER, PIN -
          686002
          BY ADV SUSANTH SHAJI


     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. 39985 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 vehicle loan from the

respondent bank and committed default in repayment and

the overdue amount calculated with reference to 30.12.2022

is Rs.13,43,096/- (Rupees Thirteen lakhs forty three

thousand and ninety six 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 twelve 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.13,43,096/- (Rupees Thirteen lakhs forty three

thousand and ninety six 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.13,43,096/- (Rupees Thirteen lakhs forty three thousand and ninety six only) along with any accrued interest and charges shall be repaid in twelve 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 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) 39985/2022

PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF LOAN SANCTION LETTER WITH PAYMENT SCHEDULE OF THE LOAN DATED 03.11.2019 Exhibit P2 A TRUE COPY OF REGISTRATION CERTIFICATE OF THE VEHICLE N0. KL05 AV1970 Exhibit P3 A TRUE COPY OF JUDGMENT IN W.P.(CRL.)145/2022 DATED 16.8.22 Exhibit P4 A TRUE COPY OF NOTICE DATED 03.11.22