Kerala High Court
Binu .M.T vs Union Bank Of India ,Rep By Its ... on 22 December, 2022
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. 41818 OF 2022
PETITIONER:
BINU .M.T
AGED 52 YEARS
S/O THANKAPPAN,MUTTOR HOUSE ,ADIMALY KOOMPANPARA,IDUKKI., PIN -
685561
BY ADV E.V.MOLY
RESPONDENT:
UNION BANK OF INDIA ,REP BY ITS AUTHORIZED OFFICER
REGIONAL OFFICE , KOTTAYAM, 111RD FLOOR, AMALA TOWER,ADICHIRA
JUNCTION ,KOTTAYAM, PIN - 686630
BY ADV ASP.KURUP
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
22.12.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P. (C) No. 41818 of 2022
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JUDGMENT
Dated this the 22nd 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 housing 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.98,760/-.
It was further submitted that though proceedings for
recovery have been initiated, as a matter of
W.P. (C) No. 41818 of 2022
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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 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 (8) equal monthly
instalments first of which shall be paid on or before
31-01-2023 and thereafter, if the amount so directed
is repaid within the time as directed above, to have
W.P. (C) No. 41818 of 2022
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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.98,760/- 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.98,760/-
together with any accrued interest and
charges shall be repaid in eight (8) equated
monthly instalments.
(ii) The first instalment shall be paid on or
before 31-01-2023 and the subsequent
instalments shall be paid on the last working
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
W.P. (C) No. 41818 of 2022
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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
RMV
W.P. (C) No. 41818 of 2022
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APPENDIX OF WP(C) 41818/2022
PETITIONER EXHIBITS
Exhibit P1 THE TRUE COPY OF THE DEMAND NOTICE DATED 11.7.2022
Exhibit P2 THE TRUE COPY OF THE POSSESSION NOTICE DATED
27.10.2022 ISSUED BY THE RESPONDENT BANK
RESPONDENTS' EXHIBITS:NIL
TRUE COPY
P.A.TO JUDGE
