Joy Varkey vs The Authorized Officer
2022 Latest Caselaw 8268 Ker

W.P.(C).17382/22                       1

                   IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                   PRESENT
                    THE HONOURABLE MR. JUSTICE GOPINATH P.
          FRIDAY, THE 1ST DAY OF JULY 2022 / 10TH ASHADHA, 1944
                           WP(C) NO. 17382 OF 2022
PETITIONER/S:

              JOY VARKEY
              AGED 53 YEARS
              S/O. VARGHESE, MUNDANAMALAYIL, PARAPUZHA PO, KODIKULAM
              VILLAGE, THODUPUZHA, IDUKKI.
              BY ADVS.
              BIJU .C. ABRAHAM
              THOMAS C.ABRAHAM


RESPONDENT/S:

      1       THE AUTHORIZED OFFICER
              THODUPUZHA URBAN CO-OPERATIVE BANK LTD. NO.394,
              THODUPUZHA, IDUKKI DISTRICT.
      2       THODUPUZHA URBAN CO-OPERATIVE BANK LTD. NO. 394,
              VANNAPURAM BRANCH, THODUPUZHA, IDUKKI DISTRICT
              REPRESENTED BY ITS GENERAL MANAGER.
      3       PETER P.V.,
              AGED 39 YEARS, S/O. VARKEY, PULLATHUKUDIYIL,
              VANAPPURAM, IDUKKI DISTRICT - 685607.

              BY ADV SAJEEV KUMAR K.GOPAL


      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
01.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C).17382/22                             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

Securitisation Act) for recovery of the amounts due upon a business loan

availed by the 3rd respondent, to which the petitioner stood as a guarantor.

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

borrower committed default in repayment and the total overdue amount is

Rs.3,00,000/- at present. 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 taking into account the fact that the petitioner has undertaken to clear off

the overdue amount including any accrued interests and costs along with

regular EMIs, I am of the view that the petitioner can be granted an

opportunity to clear off the overdue amount in fifteen (15) equal instalments

first of which shall be paid on or before 01.08.2022 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.3,00,000/- along with

accrued interest and costs from the petitioner and regularise the loan account

of the petitioner on the following conditions:

(i) The overdue amount of Rs.3,00,000/- together with any accrued interest and charges shall be repaid in fifteen (15) equated monthly instalments.

(ii) The first instalment shall be paid on or before 01.8.2022 and the subsequent instalments shall be paid on the last working day of every succeeding month.

(iii) Petitioner shall continue to pay the regular EMIs 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 amount, all coercive proceedings shall be kept in abeyance.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE okb/1.7.22 //True copy// P.S. to Judge

APPENDIX OF WP(C) 17382/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE MEDICAL CERTIFICATE DATED 19.6.2008 ISSUED BY THE MEDICAL BOARD, TALUK HEAD QUARTERS HOSPITAL, THODUPUZHA CERTIFYING THE MEDICAL CONDITION OF THE PETITIONER'S DAUGHTER Exhibit P2 TRUE COPY OF THE NOTICE DATED 23.5.2022 FROM THE ADVOCATE COMMISSIONER APPOINTED BY CJM COURT, THODUPUZHA.