Akbar vs The Authorised Officer
2022 Latest Caselaw 8605 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                 THE HONOURABLE MR. JUSTICE GOPINATH P.
     WEDNESDAY, THE 6TH DAY OF JULY 2022 / 15TH ASHADHA, 1944
                        WP(C) NO. 21453 OF 2022
PETITIONER/S:

          AKBAR,
          AGED 58 YEARS
          S/O HYDROSEKUTTY @ KUNJIMON, THAIVALAPPIL HOUSE,
          PANANCHERRY LANE, KOORKENCHERY P.O, THRISSUR-680007

          BY ADVS.
          JOHNSON JOSE PANJIKKARAN
          RIMJU P.H.



RESPONDENT/S:

          THE AUTHORISED OFFICER,
          THRISSUR URBAN CO-OPERATIVE BANK LIMITED, HEAD OFFICE,
          MISSION QUARTERS, THRISSUR - 680 001


OTHER PRESENT:

          SRI. DEVAPRASANTH P J(SC)




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
06.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C). 21453/2022
                                          2



                                  JUDGMENT

Dated this the 6th day of July, 2022

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 the loan availed by the

petitioner.

2. During the course of hearing, petitioner has

confined his relief to an opportunity for repaying the overdue

amount in instalments and to obtain regularisation of the loan

amount.

3. It was submitted on behalf of the respondent

bank that the petitioner committed default in repayment and

the overdue amount is Rs.3,04,755/-. It was further

submitted that though proceedings for recovery have been

initiated, as a matter of indulgence, the respondent bank is W.P.(C). 21453/2022

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 considering the fact

that the petitioner has undertaken to clear off the overdue

amount in twelve (12) equal instalments, first of which shall

be paid on before 30.07.2022 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.3,04,755/- along with bank charges from the

petitioner and regularise the loan account of the petitioner on

the following conditions:

W.P.(C). 21453/2022

(i) The overdue amount of Rs.3,04,755/- together with any accrued interest and charges shall be repaid in twelve (12) equal monthly instalments.

(ii) The first instalment shall be paid on or before 30.07.2022 and the subsequent instalments shall be paid on the last working day of every succeeding month.

(iii) Petitioner shall continue to pay the regular EMI's along with the instalments as 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

sb W.P.(C). 21453/2022

APPENDIX OF WP(C) 21453/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF JUDGMENT DATED 27.3.2019 IN W.PO NO. 9362 OF 2019

Exhibit P2 TRUE COPY OF LOAN PASS BOOK ISSUED BY RESPONDENT

Exhibit P3 TRUE COPY OF 13(4) NOTICE DATED 23.6.2022 ISSUED BY BANK