Dilipkumar vs Authorised Officer,Chief ...
2022 Latest Caselaw 8828 Ker

W.P.(C)No.21941/2022               1

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
               THE HONOURABLE MR. JUSTICE GOPINATH P.
     THURSDAY, THE 7TH DAY OF JULY 2022 / 16TH ASHADHA, 1944
                       WP(C) NO. 21941 OF 2022
PETITIONER:

            DILIPKUMAR
            AGED 63 YEARS
            RAVINIVAS,THURITHIKKARA,PAINGARAPILLY.PO,MULANTHURUTH
            Y,ERNAKULAM, PIN - 682314

            BY ADV K.S.MANU (PUNUKKONNOOR)



RESPONDENTS:

     1      AUTHORISED OFFICER,CHIEF MANAGER,(SANCTION),
            STATE BANK OF INDIA,RASMEC,ALUVA ,
            ALUVA METRO STATION BUILDING
            ALUVA,ERNAKULAM, PIN - 683101

     2      STATE BANK OF INDIA
            KALAMASSERY BRANCH,KALAMASSERY.
            REPRESENTED BY THE BRANCH MANAGER,, PIN - 683104

            BY ADVS.
            Ambily S
            K.K.CHANDRAN PILLAI (SR.)(C-41)




THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
07.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C)No.21941/2022                   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

SARFAESI Act) for recovery of the amounts due upon a housing loan

availed by the petitioner.

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

petitioner committed default in repayment and the overdue amount is

Rs.5,63,055/-. 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 considering the fact that this is a housing loan and also taking

into account the fact that the petitioner has undertaken to clear off the

overdue amount along with regular EMIs, I am of the view that the

petitioner can be granted an opportunity to clear off the overdue amount

in ten (10) equal instalments first of which shall be paid on or before

30.7.2022 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.5,63,055/- along

with bank charges from the petitioner and regularise the loan account of

the petitioner on the following conditions:

(i) The overdue amount of Rs.5,63,055/- together with any accrued interest and charges shall be repaid in ten (10) equated monthly instalments.

(ii) The first instalment shall be paid on or before 30.7.2022 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 acd

APPENDIX OF WP(C) 21941/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE DT 18/11/21 ISSUED BY 1ST RESPONDENT

Exhibit P2 TRUE COPY OF THE NOTICE DT 25/6/22 ISSUED BY COMMISSIONER