Isacc Varghese vs Authorized Officer, Indian Bank
2022 Latest Caselaw 974 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                              PRESENT
        THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
    TUESDAY, THE 25TH DAY OF JANUARY 2022 / 5TH MAGHA, 1943
                       WP(C) NO. 2496 OF 2022
PETITIONER:

          ISACC VARGHESE
          AGED 52 YEARS
          THANNIKAL HOUSE, HILL VIEW NAGAR,
          KOTTAMPARA, KANJIKODE WEST,
          PALAKKAD-678623.
          BY ADVS.
          MANSOOR.B.H.
          SAKEENA BEEGUM


RESPONDENTS:

    1     AUTHORIZED OFFICER, INDIAN BANK
          ZONAL OFFICE, LIC BUILDING, GROUND FLOOR,
          S.M.STREET, KOZHICODE-673001.
    2     BRANCH MANAGER,
          INDIAN BANK, 9/133, COLLEGE ROAD,
          THORAPALAYAM BRANCH, PALAKKAD-678001.
          ADV.S.EASWARAN, SC



THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
25.01.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 2496 OF 2022
                                         2



                      BECHU KURIAN THOMAS, J
                    ..............................................
                        W.P.(C) No.2496 of 2022
                       .....................................
                Dated this the 25 th day of January, 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 the hearing, petitioner confined the

relief to an opportunity for repaying the overdue amount in

installments 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 of seven loan

accounts and the overdue amount is Rs.41,32,494/-. 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 Sri.B.H.Mansoor, the learned counsel for the WP(C) NO. 2496 OF 2022

petitioner as well as Sri.S.Easwaran, learned Standing

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 '10'

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.41,32,494/- along with bank charges from the petitioner

and to regularise the loan account of the petitioner on the

following conditions:

(i). The overdue amount of Rs.41,32,494/- shall be

repaid in ''10" equated monthly instalments.

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

25.02.2022.

(iii). Petitioner shall continue to pay the regular EMI's

along with the instalments directed above.

WP(C) NO. 2496 OF 2022

(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.

Sd/-

BECHU KURIAN THOMAS, JUDGE AMV/25/01//2022 WP(C) NO. 2496 OF 2022

APPENDIX OF WP(C) 2496/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE DATED 14.1.2022 ISSUED BY THE FIRST RESPONDENT.

RESPONDENTS EXHIBITS : NIL

TRUE COPY