Sudhan M.V.Velayudhan vs The Kerala State Co-Operative ...
2022 Latest Caselaw 12161 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. 40815 OF 2022
PETITIONER:

          SUDHAN M.V.VELAYUDHAN
          AGED 60 YEARS
          MOOLEKKADAN HOUSE, POOMANGALAM DESOM,
          POOMANGALAM VILLAGE, KONATHUKUNNU P.O
          MUKUNDAPURAM TALUK, THRISSUR DISTRICT, PIN - 680123

          BY ADV ABRAHAM MATHAN



RESPONDENT:

          THE KERALA STATE CO-OPERATIVE BANK
          VELLANGALLUR BRANCH, REPRESENTED BY ITS AUTHORIZED
          OFFICER,
          GRACY C.A, AGED 52 YEARS, W/O JOSEPH, KOMBAN HOUSE,
          ELTHURUTH DESOM, PULLAZHI VILLAGE, THRISSUR DISTRICT,
          PIN - 680662


OTHER PRESENT:

          ADV. P C SASIDHARAN (SC)




     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.40815/2022                    -2-

                                 JUDGMENT

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 mortgage 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.27,95,121/-. 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 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

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 twenty (20) equal

monthly instalments first of which shall be paid on or before 15-01-2023 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 respondent bank to accept

repayment of the entire overdue amount of Rs.27,95,121/- 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.27,95,121/- together with any accrued

interest and charges shall be repaid in twenty equated monthly

instalments.

(ii) The first instalment shall be paid on or before 15-01-2023 and the

subsequent instalments shall be paid on or before 15 th 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 entire amounts, all

coercive proceedings shall be kept in abeyance.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE AMG

APPENDIX OF WP(C) 40815/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY IF THE NOTICE DATED 26.02.2020 ISSUED BY THE RESPONDENT BANK

Exhibit P2 TRUE COPY OF THE ORDER DATED 22.10.2022 IN CRL.M.C.NO. 606 OF 2022 OF THE CHIEF JUDICIAL MAGISTRATE COURT

Exhibit P3 TRUE COPY OF THE NOTICE DATED 19.11.2022 ISSUED BY THE ADVOCATE COMMISSIONER