Langose C.A vs Punjab National Bank
2022 Latest Caselaw 6125 Ker

W.P.(C)No.17789/2022                   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. 17789 OF 2022
PETITIONER:

              LANGOSE C.A.,
              AGED 52 YEARS
              S/O.C.D.ANTONY, CHAKRAMAKIL HOUSE, PALUVAI, THRISSUR-
              680 522.

              BY ADV S.MUMTAZ



RESPONDENT:

              PUNJAB NATIONAL BANK,
              REPRESENTED BY THE AUTHORIZED OFFICER, SHATHABDHI
              BHAVAN, MINI BYPSASS ROAD, OPPOSITE BUS STOP,
              GOVINDAPURAM, KOZHIKODE, KERALA-673 016.


OTHER PRESENT:

              SRI. SANTHEEP ANKARATH (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.17789/2022                    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.10,05,609/-. 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. The learned Standing

Counsel vehemently opposes the relief sought for by the petitioner.

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 31.6.2022 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.10,05,609/- 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.10,05,609/- 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 31.6.2022 and the subsequent instalments shall be paid on or before 30 th 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) 17789/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF POSSESSION NOTICE DATED 10.01.2022.

Exhibit P2 REQUEST LETTER DATED 20.01.2022 GIVEN BY THE PETITIONER TO THE RESPONDENT.