K.P Mohammed Kunhi @ Mohammed ... vs The Authorized Officer
2022 Latest Caselaw 6787 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                    PRESENT
                 THE HONOURABLE MR. JUSTICE GOPINATH P.
       TUESDAY, THE 14TH DAY OF JUNE 2022 / 24TH JYAISHTA, 1944
                          WP(C) NO. 7769 OF 2022
PETITIONER:

              K.P MOHAMMED KUNHI @ MOHAMMED KUNHI.P
              AGED 50 YEARS
              SON OF KUNHABDULLA, PAKYARA HOUSE,
              BARE VILLAGE, UDUMA P.O
              KASARGOD, KERALA, PIN - 671319

              BY ADVS.
              P.K.SUBHASH
              K.REEHA KHADER



RESPONDENT:

              THE AUTHORIZED OFFICER
              THE KASARGOD CO-OPERATIVE TOWN BANK LTD,NO 970,
              PALAKUNNU BRANCH,HEAD OFFICE, PANDURANGA TEMPLE ROAD,
              KASARGODE, PIN - 671121

              BY ADV PUSHPARAJAN KODOTH


THIS   WRIT    PETITION   (CIVIL)   HAVING    COME   UP   FOR   ADMISSION   ON
14.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(c)No.7769/2022                    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.1,24,490/- as on 17.5.2022. 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

ten (10) equal instalments first of which shall be paid on or before 15.7.2022

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.1,24,490/- 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.1,24,490/- together with any accrued interest and charges shall be repaid in ten (10) equated monthly instalments.

(ii) The first instalment shall be paid on or before 15.7.2022 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) 7769/2022

PETITIONER EXHIBITS

Exhibit P1 A TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE RESPONDENT DATED 21.02.2022