Kerala High Court
Sunil Kumar. S vs The Authorised Officer on 3 June, 2022
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. 1405 OF 2022
PETITIONER:
SUNIL KUMAR. S
AGED 38 YEARS
S/O. SASIDHARAN, KOTTAKAKATHUPUTHENVEEDU,
KUTTIYANICAUD, KEEZHAPOOR P.O.,
TRIVANDRUM DISTRICT, PIN CODE-695150.
BY ADVS.
VISHAK.K.JOHNSON
N.P.RUKSANA
RESPONDENTS:
1 THE AUTHORISED OFFICER
M/S.HDFC BANK, RETAIL LOAN SERVICE CENTRE,
SECOND FLOOR, PREMIER TOWERS,
AYURVEDA COLLEGE JUNCTION,
M.G.ROAD, TRIVANDRUM, PIN CODE-695001.
2 THE MANAGER,
M/S.HDFC BANK, RETAIL LOAN SERVICE CENTRE,
SECOND FLOOR, PREMIER TOWERS, AYURVEDA COLLEGE
JUNCTION, M.G.ROAD, TRIVANDRUM, PIN CODE-695001.
BY ADVS.
PREMCHAND M.
K.ANITHA JOHN
VINAYA V.NAIR
K.S.ARUNI RAJ
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.1405/2022 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.14,28,841/-. 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 vehicle 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
twelve (12) 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.14,28,841/- 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.14,28,841/- together with any
accrued interest and charges shall be repaid in twelve equated
monthly instalments.
(ii) The first instalment shall be paid on or before 30.6.2022 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
spk
APPENDIX OF WP(C) 1405/2022
PETITIONER EXHIBITS
Exhibit P1 TRUE COPY OF THE ACCOUNT STATEMENT OF THE
LOAN ACCOUNT NO.67142009 IN THE NAME OF
PETITIONER.
RESPONDENT'S/S EXHIBITS : NIL
