Jishad K.P vs Icici Bank
2022 Latest Caselaw 8611 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. 10402 OF 2022
PETITIONER/S:

          JISHAD K.P
          S/O. RASHEED E., NISHANA MANZIL, ATTADAPPA, EDAKKAD,
          CHOVVA, KANNUR DISTRICT-670006.

          BY ADVS.
          G.HARIHARAN
          PRAVEEN.H.
          K.S.SMITHA
          V.R.SANJEEV KUMAR
          ANJALY T.A


RESPONDENTS:

    1     ICICI BANK
          HAVING ITS BRANCH OFFICE AT GRAND PLAZA, FORT ROAD,
          KANNUR DISTRICT-670006, REPRESENTED BY ITS CHIEF
          MANAGER.

    2     RESERVE BANK OF INDIA,
          BANERJI ROAD, ERNAKULAM NORTH, LISSIE JUNCTION, KALOOR,
          ERNAKULAM, KERALA-682018, REPRESENTED BY SENIOR
          MANAGER.

    3     GOVERNMENT OF INDIA,
          MINISTRY OF FINANCE, DEPARTMENT OF REVENUE, ROOM NO.46,
          NORTH BLOCK, NEW DELHI-110001, REPRESENTED BY ITS
          PRINCIPAL SECRETARY.

    4     REGIONAL TRANSPORT OFFICER,
          REGIONAL TRANSPORT OFFICE, KANNUR-670006.


OTHER PRESENT:

          SRI. PRADEESH CHACKO


     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) 10402/2022
                                     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.10,48,093/-. It was further submitted

that though proceedings for recovery have been initiated, as a

matter of indulgence, the respondent bank is willing to accept W.P.(C) 10402/2022

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 ten (10) 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.10,48,093/- along with bank charges from the

petitioner and regularise the loan account of the petitioner on the

following conditions:

W.P.(C) 10402/2022

(i) The overdue amount of Rs.10,48,093/- together with any accrued interest and charges shall be repaid in ten (10) 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) 10402/2022

APPENDIX OF WP(C) 10402/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE TAX INVOICE DATED 28.9.2019 ISSUED BY THE M/S.POPULAR MEGA MOTORS INDIA PVT. LTD. AT THOTTADA IN KANNUR IN THE NAME OF THE PETITIONER.

Exhibit P2 TRUE COPY OF THE TEMPORARY REGISTRATION KL-

13/TMP/2019/1107D REGISTERED IN THE NAME OF THE PETITIONER.

Exhibit P3 TRUE COPY OF THE AGREEMENT DATED 14.8.2021 EXECUTED BETWEEN THE PETITIONER AND M/S.SPEED TECH AUTO TECHNOLOGY PVT. LTD. AT OZHALAPATHY.

Exhibit P4 TRUE COPY OF THE CERTIFICATE DATED 10.11.2021 ISSUED BY M/S.SPEED TECH AUTO TECHNOLOGY PVT. LTD.

Exhibit P5 TRUE COPY OF THE INTERIM ORDER PASSED IN WP(C) NO.28436/2021 ON 25.1.2022.

Exhibit P6 TRUE COPY OF THE NOTICE SENT BY THE 1ST RESPONDENT DATED 29.1.2022 U/S. 13(2) OF THE SARFAESI ACT.