Valsa Surendran vs The Authorized Officer
2022 Latest Caselaw 12389 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                 THE HONOURABLE MR. JUSTICE GOPINATH P.
     FRIDAY, THE 23RD DAY OF DECEMBER 2022 / 2ND POUSHA, 1944
                        WP(C) NO. 42550 OF 2022
PETITIONER/S:

          VALSA SURENDRAN
          AGED 63 YEARS
          W/O SURENDRAN, NIRAOOIL HOUSE,
          KILLANNUR VILLAGE, THRISSUR TALUK,
          THRISSUR DISTRICT, KERALA, PIN - 680581
          BY ADV M.R.SASITH


RESPONDENT/S:

          THE AUTHORIZED OFFICER
          KERALA STATE CO-OPERATIVE BANK,
          THRISSUR, PIN - 680001
          BY ADV P.C.SASIDHARAN


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
23.12.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 42550 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 mortgage loan from the

respondent bank and committed default in repayment and

the overdue amount, as of now, is Rs.33,01,994/- (Rupees

Thirty three lakhs one thousand nine hundred and ninety

four 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 ten 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.33,01,994/- (Rupees Thirty three lakhs one

thousand nine hundred and ninety four 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.33,01,994/- (Rupees Thirty three lakhs one thousand nine hundred and ninety four only) along with any accrued interest and charges shall be repaid in ten 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 the 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) 42550/2022

PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 17/12/2022