Vipin Gopal vs Indusind Bank Ltd
2022 Latest Caselaw 7183 Ker

W.P.(C) No.11540 of 2022
                                       -:1:-

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                      PRESENT
               THE HONOURABLE MR. JUSTICE GOPINATH P.
   THURSDAY, THE 23RD DAY OF JUNE 2022 / 2ND ASHADHA, 1944
                           WP(C) NO. 11540 OF 2022
PETITIONERS:

      1       VIPIN GOPAL,
              AGED 27 YEARS, S/O.GOPALAN V.K.,
              THATTARETHU VADAKKATHIL, ANJILLIPPRA,
              THATTARAMBALAM P.O., MAVELIKKARA, ALAPPUZHA.
      2       SUSEELA GOPAL,
              W/O.GOPALAN V.K.,
              THATTARETHU VADAKKATHIL, ANJILLIPPRA,
              THATTARAMBALAM P.O., MAVELIKKARA, ALAPPUZHA.
              BY ADVS.
              ANUMOD B.NAIR
              G.CHITRA


RESPONDENTS:

      1       INDUSIND BANK LTD,
              M.G.ROAD, ERNAKULAM, REPRESENTED BY THE
              AUTHORIZED OFFICER, M.G.ROAD, ERNAKULAM-682 035.
      2       INDUSIND BANK,
              2401, GENERAL THIMMYA ROAD, CONTONMENT, PUNE,
              MAHARASHTRA - 411 002.
              BY ADVS.
              G.HARIHARAN
              PRAVEEN.H.
              ANJALY T.A.(SC)



       THIS      WRIT      PETITION    (CIVIL)     HAVING    COME    UP    FOR
ADMISSION       ON    23.06.2022,       THE     COURT   ON   THE    SAME   DAY
DELIVERED THE FOLLOWING:
 W.P.(C) No.11540 of 2022
                                   -:2:-

                           JUDGMENT

Petitioners have 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 petitioners.

2. During the course of hearing, petitioners have

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 petitioners committed default in repayment and the

overdue amount is Rs.3,60,198/-(Rupees Three Lakhs Sixty

Thousand One Hundred and Ninety Eight 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.

W.P.(C) No.11540 of 2022

4. I have heard Adv.Chitra.G, learned counsel for the

petitioners as well as Adv.Anjaly T.A., 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

petitioners can be granted an opportunity to repay the

overdue amount in 10 installments and thereafter, if the

amount so directed is repaid within the time as directed

above, to have the loan account regularized. On payment of

5 installments or 50% of the overdue amount together with

regular EMI's, the vehicle seized from the possession of the

petitioners shall be released to them.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire overdue

amount of Rs.3,60,198/- (Rupees Three Lakhs Sixty

Thousand One Hundred and Ninety Eight Only) along with

bank charges from the petitioners and regularize the loan

account of the petitioners on the following conditions: W.P.(C) No.11540 of 2022

(i) The overdue amount of Rs.3,60,198/-(Rupees Three

Lakhs Sixty Thousand One Hundred and Ninety Eight Only)

together with any accrued interest and costs shall be repaid

in 10 equated monthly installments.

(ii) The first installment shall be paid on or before

15-07-2022. The subsequent installments shall be paid on

or before the last working day of succeeding months.

(iii) Petitioners 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 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 ats W.P.(C) No.11540 of 2022

APPENDIX OF WP(C) 11540/2022

PETITIONER EXHIBITS EXHIBIT P1 TRUE COPY OF THE LOAN DETAILS INCLUDING INSTALLMENTS.

EXHIBIT P2 TRUE COPY OF THE ORDER OF THE CHIEF JUDICIAL MAGISTRATE ALAPPUZHA IN M.C.NO.315/2021 DATED 21.12.2021.