Honey Varghese vs Authorized Officer
2022 Latest Caselaw 12041 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                 THE HONOURABLE MR. JUSTICE GOPINATH P.
    THURSDAY, THE 22ND DAY OF DECEMBER 2022 / 1ST POUSHA, 1944
                        WP(C) NO. 41974 OF 2022
PETITIONER/S:

          HONEY VARGHESE
          AGED 40 YEARS
          THENGAPURACKAL HOUSE,
          THEVARKADU PO,
          VARAPUZHA,
          NORTH PARAVUR,
          ERNAKULAM, PIN - 683157
          BY ADVS.
          P.M.BINDHUMOL
          PAUL PAULSON T.


RESPONDENT/S:

    1     AUTHORIZED OFFICER
          PUNJAB NATIONAL BANK,
          CIRCLE SASTRA CENTRE,
          VAISHNAVI TOWERS, BYE PASS ROAD,
          KUMARICHANTHA, AMBALATHARA PO,
          THIRUVANANTHAPURAM , PIN - 695026
    2     PUNJAB NATIONAL BANK

          REPRESENTED BY CHIEF MANAGER,
          CIRCLE SASTRA CENTRE,
          VAISHNAVI TOWERS, BYE PASS ROAD,
          KUMARICHANTHA, AMBALATHARA PO,
          THIRUVANANTHAPURAM , PIN - 695026



          ADV. C AJITHKUMAR (SC)


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
22.12.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 41974 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. Learned counsel appearing for the petitioner

submits that the petitioner along with her husband availed a

housing loan from the respondent bank, but they could not

repay that loan because of financial crisis. Learned counsel

appearing for the petitioner submits that in proceedings

under the SARFAESI Act, sale of the secured asset is

scheduled to be held today (22.12.2022). It is submitted that

the petitioner may be permitted to clear the liability in

instalments.

3. Learned counsel appearing for the respondent

bank submits that the petitioner along with her husband

availed a housing loan from the respondent bank and

committed default in repayment. It is submitted that the

bank has filed O.A. No.272 of 2022 before the Debts

Recovery Tribunal under the provisions of the Recovery of

Debts and Bankruptcy Act, 1993 and the said Original

Application is stated to be pending. It is also submitted that

since the Original Application has already been filed, the

question of regularisation does not arise and the petitioner

will have to pay the entire liability. It is further submitted

that though proceedings for recovery have been initiated, as

a matter of indulgence, the respondent bank has no

objection in accepting the outstanding amount in limited

instalments. According to the learned counsel appearing for

the respondent, as on 22.12.2022, balance amount which is

liable to be repaid is Rs.64,50,000/- (Rupees Sixty four lakhs

and fifty thousand only) . It is also submitted that there are

no bidders in respect of the sale proposed to be held today

and therefore the sale is unlikely to happen.

4. I have heard the learned counsel for the petitioner as

well as the learned counsel appearing 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 outstanding

amount in fifteen instalments.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire

outstanding amount of Rs.64,50,000/- (Rupees Sixty four

lakhs and fifty thousand only) along with accrued interest

and bank charges from the petitioner in the following

manner:

(i) The outstanding amount of Rs.64,50,000/- (Rupees Sixty four lakhs and fifty thousand only) shall be repaid in fifteen equated monthly instalments along with any accrued interest/costs;

(ii) The first instalment shall be paid on or before 16.01.2023 and the subsequent instalments shall be paid on or before the 16th day of the succeeding months;

(iii) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law;

(iv) 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) 41974/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE DISCHARGE SUMMARY DATED 29-

05- 2017 OF CHRISTIAN MEDICAL COLLAGE, VELLORE Exhibit P2 THE TRUE COPY OF THE SALE NOTICE DATED 25-11-

2022 ISSUED BY RESPONDENT BANK.