Anil Kumar Thankappan vs Pnb Housing Finance Ltd
2022 Latest Caselaw 6513 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                              PRESENT
               THE HONOURABLE MR. JUSTICE GOPINATH P.
     WEDNESDAY, THE 8TH DAY OF JUNE 2022 / 18TH JYAISHTA, 1944
                      WP(C) NO. 23770 OF 2021
PETITIONER:

          ANIL KUMAR THANKAPPAN,
          AGED 31 YEARS
          INCHAKKATTUKUNNEL HOUSE, KUNNAMKULAM, TRISSUR-680 517

          BY ADVS.
          MANUEL KACHIRAMATTAM
          MERRY GEORGE


RESPONDENT:

          PNB HOUSING FINANCE LTD.,
          REPRESENTED BY THE AUTHORIZED OFFICER, CC 48/559C.1ST
          FLOOR, RP ARCADE, THATTARATH LANE, PONNURUNNI, VYTTILA
          P.O, KOCHI-682 019

          BY ADV P.PAULOCHAN ANTONY




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
08.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P (C) No.23770/2021                    -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.8,70,700/- as on

08-06-2022. 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 15-07-2022 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.8,70,700/- 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.8,70,700/- 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 15-07-2022 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.

On clearing the entire over due amount as above or earlier the

1st respondent shall hand over the possession of the secured asset

back to the petitioner.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE AMG

APPENDIX OF WP(C) 23770/2021

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF POSSESSION NOTICE DATED 24.12.2020.

Exhibit P2 TRUE COPY OF REQUEST LETTER DATED 17.09.2021 GIVEN BY THE PETITIONER TO THE RESPONDENT .

Exhibit P3 TRUE COPY OF THE NOTICE DATED 25.10.2021 ISSUED BY THE ADVOCATE COMMISSIONER IN CMP NO. 957/2021 OF THE CHIEF JUDICIAL MAGISTRATE COURT, THRISSUR.