Sredhevi vs The Kerala State Co-Operative ...
2022 Latest Caselaw 6627 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. 5716 OF 2021
PETITIONER/S:

             SREDHEVI
             AGED 46 YEARS
             W/O. SANTHOSH KUMAR, CHERAKALAM HOUSE, GANDHIGRAM,
             IRINGALAKUDA VILLAGE, IRINGALAKUDA P.O. THRISSUR
             DISTRICT, 680 121.
             BY ADV SRI. P.V.JEEVESH


RESPONDENT/S:

     1       THE KERALA STATE CO-OPERATIVE BANK,
             IRINGALAKUDA BRANCH, IRINGALAKUDA , THRISSUR DISTRICT,
             680 121, REPRESENTED BY ITS AUTHORISED OFFICER.
     2       THE AUTHORIZED OFFICER, THE KERALA STATE CO-OPERATIVE
             BANK,IRINGALAKUDA BRANCH, IRINGALAKUDA, THRISSUR DISTRICT
             680 121.




             SRI. P.C. SASIDHARAN (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).5716/21                             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.4,98,281/- as on

31.05.2022. 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 six (6) equal instalments of which Rs.50,000/-

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.4,98,281/- along with bank charges

from the petitioner and regularise the loan account of the petitioner on the

following conditions:

(i) The petitioner shall pay an amount of Rs.50,000/- on or before 30.06.2022 and thereafter the balance overdue amount together with any accrued interest and charges shall be repaid in six (6) equated monthly instalments starting from 30.7.2022.

(ii) Petitioner shall continue to pay the regular EMI's along with the instalments directed above.

(iii) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law.

(iv) 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
okb/9.6.22
                                                          //True copy//    PS to Judge




                      APPENDIX OF WP(C) 5716/2021

PETITIONER EXHIBITS
EXHIBIT P1             THE TRUE COPY OF THE NOTICE, DATED 16/12/2020
                       BY THE RESPONDENT BANK.