Mrs. Indiradevi vs Authorized Officer
2022 Latest Caselaw 7570 Ker

Citation : 2022 Latest Caselaw 7570 Ker
Judgement Date : 24 June, 2022

Kerala High Court

Mrs. Indiradevi vs Authorized Officer 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. 20612 OF 2022
PETITIONERS:

    1      MRS. INDIRADEVI
           AGED 51 YEARS
           W/O VIVEK G., MANIMANAGALAM, CHERIYANADY P.O.,
           CHENGANNUR TALUK, ALAPUZHA DISTRICT PIN: 689511

    2      MR. VIVEK G
           AGED 53, S/O GOAPALAKRISHNAN NAIR, MANIMANAGALAM,
           CHERIYANADY PO CHENGANNUR TALUK, ALAPUZHA DISTRICT PIN:
           689511

           BY ADVS.
           P.V.SARITHA VENUGOPAL
           BASIL MATHEW



RESPONDENTS:

    1      AUTHORIZED OFFICER
           PANJAB NATIONAL BANK, CIRCLE SASTRA CENTRE VAISHNAVI
           TOWERS, BYE PASS ROAD, KUMARICHANTA, AMBALATHARA P O.,
           THIRUVANATHAPURAM-695026

    2      PANJAB NATIONAL BANK HEAD OFFICE,
           PLOT NO. 4, SECTOR 10, DWARAKA NEW DELHI PIN: 110075
           REPRESENTED BY ITS MANAGING DIRECTOR

           SHRI.SANTHEEP ANKARATH, 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. 20612 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 two loans

availed by the petitioners.

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

relief to an opportunity for repaying the overdue amounts 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 total overdue amount

is Rs.2,30,579/-. 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 amounts 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. 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 petitioners have undertaken to

clear off the overdue amounts along with regular EMIs, I am of the view WP(C) NO. 20612 OF 2022

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

amounts 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.

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

to accept repayment of the entire overdue amount of Rs.2,30,579/- along

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

the petitioners on the following conditions:

(i) The total overdue amount of Rs.2,30,579/- 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.