Kerala High Court
Nadeera vs The Branch Manager on 1 June, 2022
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
WEDNESDAY, THE 1ST DAY OF JUNE 2022 / 11TH JYAISHTA, 1944
WP(C) NO. 16699 OF 2022
PETITIONER:
NADEERA
AGED 42 YEARS
W/O KUNJAHAMED, KORANKANDI, THENGAKALLUMMEL HOUSE,
PALERI TOWN P. O., KUTTIADY VIA, KOZHIKODE DT.
BY ADVS.
M.R.REENA
P.S.SUJETH
RESPONDENTS:
1 THE BRANCH MANAGER
THE KERALA STATE CO-OP. BANK PERAMBRA BRANCH, THRISSUR
DT. - 680001.
2 THE AUTHORIZED OFFICER
THE KERALA STATE CO-OP BANK LTD., RECOVERY SECTION, P.
B. NO 503, KALLAYI ROAD, P. O. CHALAPPURAM, KOZHIKODE -
673002.
OTHER PRESENT:
SRI. B.G. HARINDRANATH (SC)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
01.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P.(c)No.16699/2022 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 Securitisation Act) for recovery of the amounts due upon a 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
petitioners committed default in repayment and the overdue amount is
Rs.1,63,617/- as on 25.5.2022. 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 along with regular EMIs, I
am of the view that the petitioner can be granted an opportunity to clear
off the overdue amount in six (6) equal instalments first of which shall
be paid on or before 30.6.2022 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. 1,63,617/ 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. 1,63,617/ together with any
accrued interest and charges shall be repaid in six equated
monthly instalments.
(ii) The first instalment shall be paid on or before 30.6.2022
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 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) 16699/2022
PETITIONER EXHIBITS
Exhibit P1 A TRUE COPY OF THE POSSESSION NOTICE
DATED 25-03-2022 RECEIVED.
Exhibit P2 A TRUE COPY OF THE REPRESENTATION DATED
29-04-2022 SENT BY THE PETITIONER.
