Kerala High Court
Hidayathulla vs The Authorized Officer Under ... on 28 June, 2022
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. 7477 OF 2022
PETITIONER:
HIDAYATHULLA
AGED 50 YEARS
S/O. HABEEBULLA, 'FIRDOUS', VENKULAM, EDAVA P.O,
VARKALA TALUK, THIRUVANANTHAPURAM DISTRICT - 695311.
BY ADVS.
R.RAJESH (VARKALA)
M.KIRANLAL
T.S.SARATH
MANU RAMACHANDRAN
SAMEER M NAIR
RESPONDENTS:
1 THE AUTHORIZED OFFICER UNDER SECURITIZATION ACT
KERALA STATE CO-OPERATIVE BANK LTD, (ERSTWHILE
THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK LTD),
REGIONAL OFFICE, THIRUVANANTHAPURAM, P.B. NO. 5122,
EAST FORT P.O, THIRUVANANTHAPURAM DISTRICT - 695023.
2 THE BRANCH MANAGER
KERALA STATE CO-OPERATIVE BANK LTD, (ERSTWHILE
THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK LTD),
NADAYARA BRANCH, NADAYARA, VARKALA, THIRUVANANTHAPURAM
DISTRICT - 695145.
BY ADV SRI.THOMAS ABRAHAM SC THIRUVANANTHAPURAM DIST.
CO.OP BANK
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.7477/2022 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
SARFAESI Act) for recovery of the amounts due upon mortgage loan
facility 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.5,82,969/- as on 28.2.2022. 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 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 fifteen (15) equal instalments first of which shall be paid on or
before 30.7.2022 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.5,82,969/- 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.5,82,969/- together with any
accrued interest and charges shall be repaid in fifteen (15)
equated monthly instalments.
(ii) The first instalment shall be paid on or before 30.7.2022
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 as 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
acd
APPENDIX OF WP(C) 7477/2022
PETITIONER EXHIBITS
Exhibit P1 THE TRUE COPY OF THE NOTICE DATED
21.01.2022.
Exhibit P2 THE TRUE COPY OF THE STATEMENT OF ACCOUNT
OF THE PETITIONER DATED 11.02.2022.
