Ashokan K vs The Authorised Officer Under ...
2022 Latest Caselaw 7445 Ker

Citation : 2022 Latest Caselaw 7445 Ker
Judgement Date : 24 June, 2022

Kerala High Court

Ashokan K vs The Authorised Officer Under ... on 24 June, 2022

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                 PRESENT
                 THE HONOURABLE MR. JUSTICE GOPINATH P.
        FRIDAY, THE 24TH DAY OF JUNE 2022 / 3RD ASHADHA, 1944
                        WP(C) NO. 16579 OF 2022
PETITIONERS:

    1      ASHOKAN K.,
           AGED 64 YEARS
           S/O KRISHNAN; RESIDING AT: 28/A(17/80A) THEERTHAM,
           PUTHENCHANTHA, VARKALA, THIRUVANANTHAPURAM DISTRICT -
           695 141.

    2      SUDHARAMA. S.,
           AGED 58 YEARS
           W/O ASHOKAN K.; RESIDING AT: THEERTHAM, 28/A(17/80A)
           PUTHENCHANTHA, VARKALA, THIRUVANANTHAPURAM DISTRICT-
           695 141.

           BY ADVS.
           R.RAJESH (VARKALA)
           M.KIRANLAL
           MANU RAMACHANDRAN
           T.S.SARATH
           SAMEER M NAIR



RESPONDENT:

           THE AUTHORISED OFFICER UNDER SECURITIZATION ACT,
           UCO BANK, VARKALA BRANCH, SITUATED AT: XX/352 MAIDANAM,
           TEMPLE ROAD, VARKALA, THIRUVANANTHAPURAM DISTRICT- 695
           141.


OTHER PRESENT:

           SRI. H RAMANAN (SC)




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
24.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 16579 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 (hereinafter referred to as the

Securitisation 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 instalments

and to obtain regularisation 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.11,60,000/-. 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 account.

4. I have heard the learned counsel for the petitioners as well as

the learned Standing Counsel for the respondent Bank.

5. The learned Standing Counsel submits that the account has

split into NPA on several occasions and as many as on eleven occasions,

the account has been regularised. He also submitted that the bank filed an

original application before the Debts Recovery Tribunal, which is

withdrawn after the petitioners paid some amounts. WP(C) NO. 16579 OF 2022

6. 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 this is a mortgage loan and

also taking into account the fact that the petitioners have undertaken to

clear off the overdue amount along with regular EMIs, I am of the view

that the petitioners can be granted an opportunity to clear off the overdue

amount in twelve (12) equal instalments first of which shall be paid on or

before 15.07.2022 and thereafter, if the amount so directed is repaid

within the time as directed above, to have the loan account regularised.

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

to accept repayment of the entire overdue amount of Rs.11,60,000/- along

with bank charges from the petitioners and regularise the loan account of

the petitioners on the following conditions:

(i) The overdue amount of Rs.11,60,000/- together with any accrued interest and charges shall be repaid in twelve equated monthly instalments.

(ii) The first instalment shall be paid on or before 15.07.2022 and the subsequent instalments shall be paid on the last working day of every succeeding month.

(iii) Petitioners shall continue to pay the regular EMI's along with the instalments directed above.

(iv) In the event of default of any one instalment, the WP(C) NO. 16579 OF 2022

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 bng/24.06.2022 WP(C) NO. 16579 OF 2022

APPENDIX OF WP(C) 16579/2022

PETITIONERS EXHIBITS

Exhibit P1 A TRUE COPY OF THE RESPONDENT BANK STATEMENT OF PETITIONER'S LOAN ACCOUNT FROM 01.01.2020 TO 06.05.2022.

Exhibit P2 A TRUE COPY OF DEMAND NOTICE ISSUED BY RESPONDENT DATED 22.01.2019.