Vineesh Lal vs Cholamandalam Investment And ...
2022 Latest Caselaw 7726 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                 PRESENT
                THE HONOURABLE MR. JUSTICE GOPINATH P.
        TUESDAY, THE 28TH DAY OF JUNE 2022 / 7TH ASHADHA, 1944
                       WP(C) NO. 13875 OF 2022
PETITIONER:

            VINEESH LAL
            AGED 42 YEARS
            S/O. VENUNATH, RESIDING AT SUNDRA VILASAM, MUTTARA
            P.O., NEAR TEMPLE KOTTARAKKARA, KOTTARAKKARA, KOLLAM
            DISTRICT, PIN-691 512

            BY ADVS.
            N.SATHEESH KUMAR(NEMMARA)
            SANTHOSHKUMAR N.



RESPONDENTS:

    1       CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LTD.
            DARE HOUSE, 2, NSC BOSE ROAD, PARRYS, CHENNAI, TAMIL
            NADU, PIN-600001

    2       THE MANAGER,
            HOME LOAN SECTION, CHOLAMANDALAM INVESTMENT AND FINANCE
            COMPANY LTD, THIRUVANANTHAPURAM BRANCH,
            THIRUVANANTHAPURAM,PIN-695 001

            BY ADVS.
            PHILIP T.VARGHESE
            THOMAS T.VARGHESE
            ACHU SUBHA ABRAHAM
            V.T.LITHA
            K.R.MONISHA
            SHRUTHI SARA JACOB




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
28.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P (C) No.13875/2022                    -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 home 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.3,62,301/-. 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 that the petitioner can be granted an opportunity to

clear off the overdue amount in ten (10) 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.3,62,301/- 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.3,62,301/- together with any accrued

interest and charges shall be repaid in ten equated monthly

instalments.

(ii) The first instalment shall be paid on or before 15-07-2022 and the

subsequent instalments shall be paid on or before 15 th 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 AMG

APPENDIX OF WP(C) 13875/2022

PETITIONER EXHIBITS

Exhibit P1 A PHOTOCOPY OF DEMAND NOTICE DATED 21/01/2022 ISSUED BY THE RESPONDENTS

Exhibit P2 A PHOTOCOPY OF NOTICE DATED 21.02.2022 ISSUED UNDER SECTION 13 (2) OF SARFAESI ACT, 2002