Joy Varghese vs The Authorized Officer, Kerala ...
2022 Latest Caselaw 6283 Ker

Citation : 2022 Latest Caselaw 6283 Ker
Judgement Date : 3 June, 2022

Kerala High Court

Joy Varghese vs The Authorized Officer, Kerala ... on 3 June, 2022

W.P.(c)No.17813/2022                     1

           IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
            THE HONOURABLE MR. JUSTICE GOPINATH P.
  FRIDAY, THE 3RD DAY OF JUNE 2022 / 13TH JYAISHTA, 1944
                       WP(C) NO. 17813 OF 2022
PETITIONERS:

     1      JOY VARGHESE,
            AGED 63 YEARS
            S/O.VARGHESE, PALLIMURIYIL HOUSE, MULAKULAM
            NORTH P.O., PIRAVOM, ERNAKULAM, PIN-686 664.

     2      MRS.MARY KUTTY JOY,
            AGED 58 YEARS
            W/O.JOY VARGHESE, PALLIMURIYIL HOUSE, MULAKULAM
            NORTH P.O., PIRAVOM, ERNAKULAM, PIN-686 664.

           BY ADV GEORGE SEBASTIAN



RESPONDENTS:

     1      THE AUTHORIZED OFFICER, KERALA GRAMIN BANK,
            REGIONAL OFFICE, COASTAL TOWERS (KARITHATT),
            SAMSKARA JUNCTION, PIPELINE ROAD, PALARIVATTOM,
            ERNAKULAM, PIN CODE-682 025.

     2      THE KERALA GRAMIN BANK,
            PIRAVOM BRANCH, MATHA COMPLEX, THREE ROAD
            JUNCTION, PIRAVOM P.O., ERNAKULAM, PIN-686 664,
            REPRESENTED BY ITS MANAGER.


OTHER PRESENT:

            ADV. K.A. ANEESH (SC)


THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 03.06.2022, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
 W.P.(c)No.17813/2022                       2



                              JUDGMENT

Petitioners have 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 petitioners.

2. During the course of hearing, petitioners have 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.7,13,312/-. 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 petitioners 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 petitioners have

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 twelve(12) equal

instalments first of which shall be paid on or before 13.7.2022 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.7,13,312/- along with bank charges from the petitioners and

regularise the loan account of the petitioners on the following

conditions:

(i) The petitioners shall pay a sum of Rs.1 lakh on or before 13.6.2022 (the date proposed for sale of the properties).

(ii) The balance of the overdue amount together with any accrued interest and charges shall be repaid in twelve (12) equated monthly instalments.

(iii) The first instalment of the balance overdue amount shall be paid on or before 13.7.2022 and the subsequent instalments shall be paid on or before the 13th of every succeeding month.