Basheer Mohammed Kannu vs The Hdb Financial Services Ltd
2022 Latest Caselaw 6113 Ker

              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. 1425 OF 2022
PETITIONER:

          BASHEER MOHAMMED KANNU
          AGED 69 YEARS, S/O MOHAMMED KANNU,
          RESIDING AT R S NO.142/2-18, 142/6, KAITHAKONAM HOUSE,
          KAITHAKONAM, KATTAKKADA P O, VEERANKAVU,
          KATTAKADA TALUK, THIRUVANANTHAPURAM DISTRICT,
          PIN-695572.

          BY ADVS.
          J.R.PREM NAVAZ
          SUMEEN S.


RESPONDENT:

    1     THE HDB FINANCIAL SERVICES LTD
          2ND FLOOR, PROCESS HOUSE, KAMALA MILLS,
          SENAPATHI BAPAT MARG, LOWER PAEL,
          MUMBAI AND BRANCH OFFICE AT SPRINGS, 1ST FLOOR,
           NEAR RELIANCE FRESH, EDAPPAZHINJI, THYCAUD P O,
          TRIVANDRUM, REPRESENTED BY ITS AUTHORIZED OFFICER.

    2     THE AUTHORIZED OFFICER
          M/S HDB FINANCIAL SERVICES LTD, 2ND FLOOR,
          PROCESS HOUSE, KAMALA MILLS, SENAPATHI BAPAT, MARG,
          LOWER PAREL, MUMBAI AND BRANCH OFFICE AT SPRINGS,
          1ST FLOOR, NEAR RELIANCE FRESH, EDAPPAZHINJI,
          THYCAUD P O, TRIVANDRUM.

          BY ADV P.PAULOCHAN ANTONY


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
01.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 1425 OF 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 (SARFAESI 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 installments and to obtain regularization

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.85,05,971/- (Rupees Eighty Five Lakhs

Five Thousand Nine Hundred and Seventy One only). 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 installments and regularize the loan account.

4. I have heard Adv.J.R.Prem Navaz, learned counsel

for the petitioner as well as Adv.Paulochan Antony, the

learned Standing Counsel for the respondents.

5. Having regard to the circumstances of the case and

the situation now prevailing, apart from the submissions

made as recorded above, I am of the view that the petitioner

can be granted an opportunity to repay the overdue amount

in 15 installments and thereafter, if the amount so directed

is repaid within the time as directed above, to have the loan

account regularized. The petitioner states that the interim

order dated 14-01-2022, by remitting a sum of

Rs.15,00,000/- (Rupees Fifteen Lakhs Only).

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire overdue

amount of Rs.85,05,971/- (Rupees Eighty Five Lakhs Five

Thousand Nine Hundred and Seventy One only) 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.85,05,971/- (Rupees Eighty Five Lakhs Five Thousand Nine Hundred and Seventy One only) together with any accrued interest and costs shall be repaid in 15 equated monthly installments.

(ii) The first installment shall be paid on or before 30-06-2022. The subsequent installments shall be paid on or before the last working day of the succeeding months.

(iii) Petitioner shall continue to pay the regular EMI's along with the installments directed above.

(iv) In the event of default of any one installment, 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 ats

APPENDIX OF WP(C) 1425/2022

PETITIONER EXHIBITS

Exhibit P1 THE TRUE COPY OF THE OBJECTION FILED BY THE PETITIONER.

Exhibit P2 THE TRUE COPY OF THE REPLY ISSUED TO THE PETITIONER BY THE 2ND RESPONDENT.

Exhibit P3 THE TRUE COPY OF THE ORDER DATED 07.12.2021 IN M C NO.605/2021 PASSED BY THE CHIEF JUDICIAL MAGISTRATE THIRUVANANTHAPURAM.

Exhibit P4 THE TRUE COPY OF THE NOTICE ISSUED TO THE PETITIONER BY THE ADVOCATE COMMISSIONER.