Thomas Chacko vs The Authorised Officer
2022 Latest Caselaw 975 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
                       OP (DRT) NO. 62 OF 2022
PETITIONERS:

    1       THOMAS CHACKO
            S/O.KOSHI CHACKO, THONDOLY VILLA, VELLOR P.O., PAMPADY,
            KOTTAYAM DISTRICT, PIN - 686 501.
    2       LALY THOMAS
            W/O.THOMAS CHACKO, THONDOLY VILLA, VELLOR P.O.,
            PAMPADY, KOTTAYAM DISTRICT, PIN - 686 501.
            BY ADVS.
            VARUGHESE CHERIAN
            M.A.AUGUSTINE
            S.S.JAYAKALA
            E.R.MANJU LAHITHAN
            A.R.NIMOD


RESPONDENTS:

    1       THE AUTHORISED OFFICER
            HOUSING DEVELOPMENT FINANCE CORPORATION LTD., HDFC
            HOUSE, PB NO.1667, RAVIPURAM JUNCTION, M.G.ROAD,
            ERNAKULAM - 682 015.
    2       HOUSING DEVELOPMENT FINANCE CORPORATION LTD.
            KOTTAYAM BRANCH, 2ND FLOOR, BISHOP THARAYIL MEMORIAL
            BUILDING, KOTTAYAM DISTRICT, PIN - 686 001, REPRESENTED
            BY ITS BRANCH MANAGER.
    3       THE DEBTS RECOVERY TRIBUNAL-2
            1ST FLOOR, KSHB BUILDING, PANAMPILLY NAGAR, ERNAKULAM -
            682 036, REPRESENTED BY ITS REGISTRAR.
            ADV.K.K.CHANDRAN PILLAI,
            ADV.S.AMBILY

     THIS OP (DEBT RECOVERY TRIBUNAL) HAVING COME UP FOR ADMISSION
ON 25.01.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 OP (DRT) NO. 62 OF 2022
                                    2


                   BECHU KURIAN THOMAS, J.
               -----------------------------------------
                     O.P.(DRT) No. 62 of 2022
               ----------------------------------------
               Dated this the 25th day of January, 2022


                              JUDGMENT

Petitioners as borrowers from the respondent bank,

have committed default in repayment. Consequently,

proceedings have been initiated by the bank for recovery of

the amounts due.

2. During the course of hearing, petitioners have

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 petitioners committed default in repayment and the

overdue amount is Rs.8,68,672/-(Rupees Eight lakhs sixty

eight thousand six hundred and seventy two 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. OP (DRT) NO. 62 OF 2022

4. I have heard Adv.Varghese Cherian, learned counsel

for the petitioners as well as Senior Advocate

Sri.K.K.Chandran Pillai duly instructed by Smt.S.Ambily, the

learned Standing counsel for respondents 1 and 2.

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

petitioners 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.Rs.8,68,672/-(Rupees Eight lakhs sixty eight

thousand six hundred and seventy two only) along with bank

charges from the petitioners and regularise the loan account

of the petitioners on the following conditions:

(i) The overdue amount of Rs.8,68,672/-(Rupees Eight lakhs sixty eight thousand six hundred and seventy two only) shall be repaid in ten equated monthly instalments.

(ii) The first instalment shall be paid on or before 25.02.2022.

OP (DRT) NO. 62 OF 2022

(iii) Petitioners 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 petitioners to repay the entire amounts, all coercive proceedings initiated under Section 14 of the SARFAESI Act shall be kept in abeyance.

The original petition is disposed of as above.

Sd/-

BECHU KURIAN THOMAS JUDGE DM OP (DRT) NO. 62 OF 2022

APPENDIX OF OP (DRT) 62/2022

PETITIONER EXHIBITS EXHIBIT P1 TRUE COPY OF DEMAND NOTICE DATED 19/08/2021 UNDER SECTION 13(2) OF THE SARFAESI ACT.

EXHIBIT P2 TRUE COPY OF NOTICE DATED 20/12/2021 ISSUED BY THE ADVOCATE COMMISSIONER IN MC NO.207/2021 BEFORE THE CHIEF JUDICIAL MAGISTRATE COURT, KOTTAYAM. EXHIBIT P3 TRUE COPY OF OFFICE COPY OF THE SECURITISATION APPLICATION ALONG WITH INTERLOCUTORY APPLICATION FOR STAY FILED ON 24/01/2022 BEFORE THE 3RD RESPONDENT TRIBUNAL VIDE DIARY NO.78/2022.

RESPONDENTS EXHIBITS : NIL

//TRUE COPY//

PA TO JUDGE