Mohammed Ali vs The State Bank Of India
2022 Latest Caselaw 7449 Ker

              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. 20625 OF 2022
PETITIONER:

          MOHAMMED ALI
          AGED 60 YEARS
          S/O.UMMER, ANUGRAH, VATTAPPARAMBU, DOWN HILL P.O.,
          MALAPPURAM DISTRICT, PIN - 676 519.

          BY ADV R.RANJITH (MANJERI)



RESPONDENT:

          THE STATE BANK OF INDIA
          RASMEC, MALAPPURAM, REPRESENTED BY ITS AUTHORISED
          OFFICER, PIN - 675 519.

          SHRI.JITHESH MENON, SC, SBI


     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. 20625 OF 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.11,45,274/-. 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 considering the fact that this is a housing loan 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 WP(C) NO. 20625 OF 2022

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

amount in twenty (20) 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.

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

to accept repayment of the entire overdue amount of Rs.11,45,274/- 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.11,45,274/- together with any accrued interest and charges shall be repaid in twenty 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) Petitioner 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 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 bng/24.06.2022 WP(C) NO. 20625 OF 2022

APPENDIX OF WP(C) 20625/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF POSSESSION NOTICE ISSUED BY RESPONDENT BANK, DATED 29/1/2022.

Exhibit P2 TRUE COPY OF THE RECEIPT ISSUED BY HTE RESPONDENT BANK, DATED 1/3/2022.

Exhibit P3 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER, DATED 17/6/2022.