Sajeer Muhammed vs The Authorised Officer, The ...
2022 Latest Caselaw 6615 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                              PRESENT
               THE HONOURABLE MR. JUSTICE GOPINATH P.
   THURSDAY, THE 9TH DAY OF JUNE 2022 / 19TH JYAISHTA, 1944
                      WP(C) NO. 18680 OF 2022
PETITIONER:

          SAJEER MUHAMMED
          AGED 35 YEARS
          S/O. MOHAMMED KUNJU, MARIYATHUTHARAYIL,
          KOTTACKPURAM, CLAPPANA P.O., KARUNAGAPPALLY, PIN-690
          525

          BY ADV M.R.SASITH



RESPONDENT:

          THE AUTHORISED OFFICER, THE FEDERAL BANK LTD 1ST
          FLOOR,THE FEDERAL BANK LTD , 1ST FLOOR,
          PADINJARETHALACKAL, CHERIYAN CHAMBERS,
          PUTHIYAKAVAVU, MEVELIKKARA, ALAPPUZHA DISTRICT,PIN-
          690 101

          SRI.P. POULOCHAN ANTONY (SC)


THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
09.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C)No.18680/2022                   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.7,67,231/- as on 09.06.2022. 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 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 six (6) 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.7,67,231/- 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. 7,67,231/- together with any accrued interest and charges shall be repaid in six 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 as 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 acd

APPENDIX OF WP(C) 18680/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF NOTICE ISSUED BY ADVOCATE COMMISSIONER IN M.C NO.17/2020 IN PENDING BEFORE THE CHIEF JUDICIAL MAGISTRATE COURT, KOLLAM DT 2.6.22

Exhibit P2 TRUE COPY OF THE JUDGEMENT IN WRIT PETITION NO.6712/2020 DATED 5.3.20