Shibu V Isaac vs Bank Of Baroda
2022 Latest Caselaw 6812 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. 16847 OF 2022
PETITIONER/S:

     1       SHIBU V ISAAC,
             AGED 53 YEARS,S/O.V.D.ISAAC, VARIKKANICKAL HOUSE,
             KOZHIPILLY P.O., PARASALAPADY, KOTHAMANGALAM, ERNAKULAM-
             686 671.

     2       CIJI THOMAS @ SIJI SHIBU,
             AGED 49 YEARS,W/O.SHIBY V.ISAAC, , VARIKKANICKAL HOUSE,
             KOZHIPILLY P.O., PARASALAPADY, KOTHAMANGALAM, ERNAKULAM-
             686 671.

             BY ADV V.K.SHYAM



RESPONDENT/S:

     1       BANK OF BARODA,
             KOTHAMANGALAM BRANCH, POONOLI SHOPPING COMPLEX, A.M.ROAD,
             KOTHAMANGALAM, ERNAKULAM DISTRICT-686 691.

     2       THE AUTHORIZED OFFICER, BANK OF BARODA,
             KOTHAMANGALAM BRANCH, POONOLI SHOPPING COMPLEX, A.M.ROAD,
             KOTHAMANGALAM, ERNAKULAM DISTRICT-686 691.

             BY ADVS.NAGARAJ NARAYANAN
             SAIJO HASSAN
             RAFEEK. V.K.
             AATHIRA SUNNY
             LAKSHMINARAYAN.R
             RENJINI M. RENJITH
             K.N.MUHAMMED THANVEER
             N.KRISHNA OZHAKKANAT




     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).16847/22                           2


                                     JUDGMENT

Petitioners have 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 housing loan availed by the petitioners.

2. During the course of hearing, petitioners have confined the relief to

an opportunity for repaying the entire outstanding amount in instalments.

3. It was submitted on behalf of the respondent bank that the petitioners

committed default in repayment and the outstanding amount is Rs.14,13,112/-. It

was further submitted by the learned Standing Counsel appearing for the

respondent bank that proceedings for recovery have been initiated and a

maximum of ten instalments can be given to the petitioner to clear off the entire

outstanding amount.

4. However, taking into account the totality of the facts and

circumstances, apart from the submissions made as recorded above, I am of the

view that the petitioners can be granted an opportunity to repay the outstanding

liability, together with accrued interest and costs, in twenty (20) equal monthly

instalments to clear off the entire outstanding amount.

5. Accordingly, there will be a direction to the respondent bank to accept

repayment of the entire outstanding amount of Rs.14,13,112/- along with accrued

interest/bank charges from the petitioners on the following conditions:

(i) The outstanding amount of Rs.14,13,112/- together with any accrued

interest/costs shall be repaid in twenty (20) equated monthly instalments.

(ii) The first instalment shall be paid on or before 30.06.2022 and subsequent instalments shall be paid on or before the last working day of every succeeding month.

(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 petitioners 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/15.6.22 //True copy// PS to Judge

APPENDIX OF WP(C) 16847/2022

PETITIONER EXHIBITS

Exhibit P1 THE TRUE COPY OF THE NOTICE ISSUED BY THE 2ND RESPONDENT HEREIN UNDER SECTION 13(2) SARFAESI ACT, 2002 DATED 25.10.2016.

Exhibit P2 THE TRUE COPY OF THE POSSESSION NOTICE DATED 12.06.2017 ISSUED BY THE 2ND RESPONDENT UNDER SECTION 13(4) OF SARFAESI ACT, 2002.

Exhibit P3 THE TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER IN MC NO.174/2021 ON THE FILES OF THE ACJM COURT (MP/MLA), ERNAKULAM DATED 26.04.2022.