Sivarajan R vs Kerala Gramin Bank
2022 Latest Caselaw 6882 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. 18825 OF 2022
PETITIONER/S:

             SIVARAJAN R.
             AGED 57 YEARS
             S/O.RAMAKRISHNAN, "SANKARA BHAVAN", PUTHENKANAM,
             VENGANOOR, KATTACHALKUZHI (P.O.), TRIVANDRUM DISTRICT,
             PIN - 695 501.

             BY ADV C.K.MOHANAN



RESPONDENT/S:

     1       KERALA GRAMIN BANK
             REGIONAL OFFICE, PRAVIN TOWERS, BAKERY JUNCTION, PALAYAM
             (P.O.), TRIVANDRUM DISTRICT, PIN - 695 033, REPRESENTED
             BY THE AUTHORIZED OFFICER.

     2       KERALA GRAMIN BANK
             BALARAMAPURAM BRANCH, BALARAMAPURAM (P.O.), TRIVANDRUM
             DISTRICT, PIN - 695 501, REPRESENTED BY ITS BRANCH
             MANAGER.


OTHER PRESENT:

             SRI. K.M. ANEESH (SC)




     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).18825/22                            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 two housing loans 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 accounts.

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

committed default in repayment and presently the overdue amount is

Rs.4,37,000/-. 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 accounts.

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 these are housing loans 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 fifteen (15) equal instalments along with accrued

interests and costs, 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 accounts regularised.

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

repayment of the entire overdue amount of Rs.4,37,000/- along with bank charges

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

following conditions:

(i) The overdue amount of Rs.4,37,000/- together with any accrued interest and charges shall be repaid in fifteen 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 EMIs along with the instalments 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 okb/15.6.22 //True copy// PS to Judge

APPENDIX OF WP(C) 18825/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 03/06/2022.

Exhibit P2 THE TRUE COPY OF THE ORDER OF THE CHIEF JUDICIAL MAGISTRATE, THIRUVANANTHAPURAM IN M.C.NO.458/2022 DATED 26/04/2022.

Exhibit P3 THE TRUE COPY OF THE RECEIPT ISSUED BY THE 2ND RESPONDENT DATED 21/05/2022.