Kerala High Court
Vijilkumar vs The Branch Manager on 1 June, 2022
W.P.(C)No.16717/2022 1
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. 16717 OF 2022
PETITIONER:
VIJILKUMAR,
AGED 32 YEARS
S/O. VIJAYAN, THEKKOOT HOUSE, KODANNUR DESOM,
KODANNUR VILLAGE, THRISSUR TALUK, THRISSUR
DISTRICT.
BY ADVS.
M.R.REENA
P.S.SUJETH
RESPONDENT/S:
1 THE BRANCH MANAGER,
THE KERALA STATE CO-OP BANK CHERP BRANCH, THRISSUR
DISTRICT 680 001.
2 THE AUTHORIZED OFFICER,
THE KERALA STATE CO-OP BANK LTD., HEAD OFFICE,
SAHAKARANA SAPTHADHI MANDIRAM, TUDA ROAD,
KOVILAKATHUPADAM, THIRUVAMBADY P.O., THRISSUR 680
022.
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.16717/2022 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
petitioner committed default in repayment and the overdue amount is
Rs.4,44,831/-. 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 30.6.2022 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.4,44,831/-
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.4,44,831 /- together with any
accrued interest and charges shall be repaid in
ten equated monthly instalments.
(ii) The first instalment shall be paid on or before 30.6.2022
and the subsequent instalments shall be paid on or before
30th 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) 16717/2022
PETITIONER EXHIBITS
Exhibit P1 A TRUE COPY OF THE POSSESSION NOTICE
DATED 22.03.2022 RECEIVED.
Exhibit P2 A TRUE COPY OF THE REPRESENTATION DATED
26.4.2022 SENT BY THE PETITIONERS.
