Anilkumar P.A vs Authorized Officer
2022 Latest Caselaw 7816 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. 8794 OF 2022
PETITIONER/S:

          ANILKUMAR P.A.,
          AGED 52 YEARS
          S/O.LATE AYYAPPAN, PANCHAT HOUSE, CHERPU (PO),
          THRISSUR TALUK, THRISSUR DISTRICT, PIN-680 561.

          BY ADVS.
          T.A.SHAIN
          RADHAKRISHNA PILLAI.G.


RESPONDENT/S:

          AUTHORIZED OFFICER,
          TRICHUR URBAN CO-OPERATIVE BANK LTD.NO.87, HEAD
          OFFICE, MISSION QUARTERS, THRISSUR DISTRICT-680 001.

          BY ADV DEVAPRASANTH.P.J.


     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).8794/22                             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 housing loan availed

by the petitioner.

2. During the course of hearing, petitioner has 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

petitioner committed default in repayment and the total overdue amount is

Rs.3,97,008/- as on 21.6.2022. 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 considering the fact that it is a housing loan and also taking into account

the fact that the petitioner has undertaken to clear off the overdue amount

including any accrued interest/costs 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

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.3,97,008/- along with

accrued interest and costs from the petitioner and regularise the loan account

of the petitioner on the following conditions:

(i) The overdue amount of Rs.3,97,008/- 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 30.7.2022 and the subsequent instalments shall be paid on or before the last working day of every succeeding month.

(iii) Petitioner shall continue to pay the regular EMIs 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 amount, all coercive proceedings shall be kept in abeyance.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE okb/28.6.22

//True copy// P.S. to Judge

APPENDIX OF WP(C) 8794/2022

PETITIONER EXHIBITS Exhibit P1 POSSESSION NOTICE DATED 09.03.2022 ISSUED BY THE AUTHORIZED OFFICER Exhibit P2 COMPUTER GENERATED STATEMENT OF ACCOUNT DATED 14.03.2022 OF PETITIONER LOAN ACCOUNT.