Jency Sebastian vs Union Bank Of India
2022 Latest Caselaw 6389 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. 16648 OF 2022
PETITIONER:

          JENCY SEBASTIAN
          AGED 38 YEARS
          W/O SEBASTIAN, PUNNACKAL HOUSE,
          MUNDEMVELI P.O.KOCHI-682 507

          BY ADV E.V.MOLY



RESPONDENT:

          UNION BANK OF INDIA
          COCHIN (E CORPORATION BANK COCHIN (MATTANCHERRY)
          BRANCH, VI-1002 & 1003 MMKS TRUST BUILDING,
          STAR JUNCTION MATTANCHERRY, KOCHI-682 002,
          REP BY ITS AUTHORIZED OFFICER.

          SRI. A S P KURUP (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.16648/2022                   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.1,10,000/-. 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.1,10,000/- 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.1,10,000/- 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 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) 16648/2022

PETITIONER EXHIBITS

Exhibit P1 THE TRUE COPY OF THE POSSESSION NOTICE DATED 6.5.2022 ISSUED BY THE RESPONDENT BANK

RESPONDENT'S/S EXHIBITS : NIL