Kerala High Court
M.Manikandan Nair vs Union Bank Of India on 9 June, 2022
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. 18364 OF 2022
PETITIONER:
M.MANIKANDAN NAIR
AGED 54 YEARS, S/O.MADHAVAN PILLAI, 409 (10/494),
MEKKEPERTHALA PUTHEN VEEDU, PONNAMBI, VELLARADA P.O.,
THIRUVANANTHAPURAM DISTRICT - 695 505.
BY ADV LATHEESH SEBASTIAN
RESPONDENTS:
1 UNION BANK OF INDIA
REPRESENTED BY ITS REGIONAL MANAGER, REGIONAL OFFICE,
UNION BANK BHAVAN, M.G.ROAD, STATUE,
THIRUVANANTHAPURAM - 695 001.
2 THE AUTHORIZED OFFICER
UNDER THE SARFAESI ACT, UNION BANK OF INDIA,
REGIONAL OFFICE, UNION BANK BHAVAN, M.G.ROAD, STATUE,
THIRUVANANTHAPURAM - 695 001.
3 THE BRANCH MANAGER
UNION BANK OF INDIA, VELLARADA BRANCH, PANACHAMOODU, KRIPA
PALACE, VELLARADA, THIRUVANANTHAPURAM - 695 505.
OTHER PRESENT:
SRI. A S P KURUP (SC)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
09.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 18364 OF 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 (SARFAESI 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 installments and to obtain regularization
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.3,51,860/- (Rupees Three Lakhs Fifty
One Thousand Eight Hundred and Sixty only). 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
installments and regularize the loan account.
4. I have heard Adv. Latheesh Sebastian, learned
counsel for the petitioner as well as Adv.A.S.P Kurup, the
learned Standing Counsel for the respondents.
5. Having regard to the circumstances of the case and
the situation now prevailing, apart from the submissions
made as recorded above, I am of the view that the petitioner
can be granted an opportunity to repay the overdue amount
in 15 installments and thereafter, if the amount so directed
is repaid within the time as directed above, to have the loan
account regularized.
6. Accordingly, there will be a direction to the
respondent bank to accept repayment of the entire overdue
amount of Rs.3,51,860/- (Rupees Three Lakhs Fifty One
Thousand Eight Hundred and Sixty only) along with bank
charges from the petitioner and regularize the loan account
of the petitioner on the following conditions:
(I) The overdue amount of Rs.3,51,860/- (Rupees
Three Lakhs Fifty One Thousand Eight Hundred and Sixty
only) shall be repaid in 15 equated monthly installments
along with any accrued interest and costs;
(ii) The first installment shall be paid on or before
10-07-2022 The subsequent installments shall be paid on or
before the last working day of succeeding months;
(iii) Petitioner shall continue to pay the regular EMI's
along with the installments directed above;
(iv) In the event of default of any one installment, 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
ats
APPENDIX OF WP(C) 18364/2022
PETITIONER EXHIBITS
Exhibit P1 TRUE COPY OF THE MEDICAL CERTIFICATE ISSUED
FROM NEYYAR MEDICITY HOSPITAL ON 09/04/2021.
Exhibit P2 TRUE COPY OF THE POSSESSION NOTICE ISSUED BY
THE 2ND RESPONDENT DATED 19/03/2022.
Exhibit P3 TRUE COPY OF THE REPRESENTATION OF THE
PETITIONER DATED 18/05/2022.
