Mr.Antu P.P vs Idbi Bank
2022 Latest Caselaw 2066 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
          THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
   WEDNESDAY, THE 23RD DAY OF FEBRUARY 2022 / 4TH PHALGUNA, 1943
                        WP(C) NO. 6020 OF 2022
PETITIONER:

          MR.ANTU P.P.,
          AGED 53 YEARS
          SON OF POULOSE, PADAYATTIL HOUSE, EDAKKUNNU,
          PADUVAPURAM P.O., KARUKUTTY KAPPELA, ANGAMALY-683 582.

          BY ADVS.
          ANISH JAIN
          P.F.SEBI BRIDGIT


RESPONDENTS:

    1     IDBI BANK,
          SP TOWERS, NEAR LF HOSPITAL, MC ROAD, ANGAMALI, KERALA-
          683 572.

    2     THE AUTHORIZED OFFICER, IDBI BANK,
          IDBI TOWERS, WTC COMPLEX, CUFFE PARADE, MUMBAI-400 005.

          BY ADV.PAULOCHAN P.ANTONY


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
23.02.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 6020 OF 2022

                                 2


              BECHU KURIAN THOMAS, J.
           ===========================
                W.P.(C) No.6020 of 2022
           ============================
             Dated this the 23rd day of February, 2022

                            JUDGMENT

Petitioner as borrower from the respondent bank, has

committed default in repayment. Consequently, proceedings have

been initiated by the bank for recovery of the amounts due.

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.43,70,172/- as on 17.01.2022. 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 WP(C) NO. 6020 OF 2022

instalments and regularise the loan account.

4. I have heard Shri.Anish Jain, learned counsel for the

petitioner as well as Shri.Paulochan P.Antony, learned Counsel

for the respondents.

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 eighteen

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.43,70,172/- along with bank charges from the petitioner and

regularise the loan account of the petitioner on the following

conditions:

WP(C) NO. 6020 OF 2022

(a) The overdue amount of Rs.43,70,172/- shall be repaid in eighteen equated monthly instalments.

(b) The first instalment shall be paid on or before 23.03.2022.

(c) Petitioner shall continue to pay the regular EMI's along with the instalments directed above.

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

(e) 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/-

BECHU KURIAN THOMAS JUDGE ssa/ WP(C) NO. 6020 OF 2022

APPENDIX OF WP(C) 6020/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE SECTION 13(4) AND 13(8) NOTICE CONTEMPLATED UNDER SARFAESI ACT.

Exhibit P2 TRUE COPY OF THE RECEIPT ISSUED BY THE RESPONDENT.