Muhammed Sadhakkathulla vs The Authorized Officer, Kerala ...
2022 Latest Caselaw 6351 Ker

               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. 9208 OF 2022


PETITIONER:

            MUHAMMED SADHAKKATHULLA,
            AGED 40 YEARS, S/O. ABOOBACKER, KUZHIMANNIL HOUSE,
            CHEROOPA, KOZHIKODE 673 661.

            BY ADVS.
            M.PROMODH KUMAR
            MAYA CHANDRAN
            ABIMALEK C VALSAN



RESPONDENTS:

    1       THE AUTHORIZED OFFICER, KERALA BANK,
            REGIONAL OFFICER, KALLAYAR ROAD,
            CHALAPPURAM P.O KOZHIKODE 673 002.

    2       THE MANAGER,
            KERALA BANK , MAVOOR P.O., KOZHIKODE.


OTHER PRESENT:

            SRI. P.C. SASIDHARAN (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.9208/2022                     -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.29,74,112/-. 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 fifteen (15) equal instalments first of which shall be

paid on or before 30-06-2022 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.29,74,112/- 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.29,74,112/- together with any accrued

interest and charges shall be repaid in fifteen equated monthly

instalments.

(ii) The first instalment shall be paid on or before 30-06-2022 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 AMG

APPENDIX OF WP(C) 9208/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE ISSUED BY THE IST RESPONDENT DATED 02.02.2022.