Padmavathy K vs Bajaj Finance Ltd
2022 Latest Caselaw 2355 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                              PRESENT
        THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
   WEDNESDAY, THE 2ND DAY OF MARCH 2022 / 11TH PHALGUNA, 1943
                      WP(C) NO. 29193 OF 2021
PETITIONER:

          PADMAVATHY K.
          AGED 62 YEARS
          W/O. HARINDRAN NAIR,
          SREEPADAM KALLIYOOR, KALLIYOOR P. O.,
          THIRUVANANTHAPURAM, PIN - 695 042.
          BY ADVS.
          BIJU BALAKRISHNAN
          V.S.RAAKHEE
          K.J.GISHA
          AJMAL P.
          PARVATHY S.R.


RESPONDENTS:

    1     BAJAJ FINANCE LTD.
          4TH AND 6TH FLOOR, DD TRADE TOWER,
          KALOOR - KADAVANTHRA ROAD, COCHIN - 682017,
          REPRESENTED BY ITS MANAGER.
    2     THE AUTHORISED OFFICER
          ENCORE ASSET RECONSTRUCTION COMPANY PRIVATE LTD.,
          CADDIE COMMERCIAL TOWER, REGUS BUSINESS CENTRE,
          5TH FLOOR, AEROCITY (DIAL), NEW DELHI - 110 037.
          BY ADVS.
          B.S.SURESH KUMAR
          SABU S.KALLARAMOOLA



THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
02.03.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 29193 OF 2021
                                           2



                        BECHU KURIAN THOMAS, J
                     ..............................................
                         W.P.(C) No.29193 of 2021
                         .....................................
                   Dated this the 2 nd day of March, 2022

                                     JUDGMENT

Petitioner as borrower from the respondent-Bank, has

committed default in repayment. Consequently,

proceedings have been initiated by the Bank for recovery

of the amounts due.

2. During the course of the 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

petitioner committed default in repayment and the

overdue amount as on 15.02.2022 is Rs.19,81,419/-. 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 WP(C) NO. 29193 OF 2021

the loan account.

4. I have heard Sri.Biju Balakrishnan, the learned counsel

for the petitioner, Sri.B.S.Suresh Kumar, the learned

Standing Counsel for the 1 st respondent and Sri.Sabu

S.Kallaramoola, the learned Standing counsel for the 2 nd

respondent.

5. Having regard to the circumstances of the case and the

situation now prevailing, apart from the submissions

made as recorded above, I am of the view that the

petitioner can be granted an opportunity to repay the

overdue amount in '15' instalments 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.19,81,419/- along with bank charges from the

petitioner and to regularise the loan account of the

petitioner on the following conditions:

(i). The overdue amount of Rs.19,81,419/- shall be

repaid in '15' equated monthly instalments. WP(C) NO. 29193 OF 2021

(ii). The first instalment shall be paid on or before

30.03.2022.

(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 initiated against the

petitioner shall be kept in abeyance.

The writ petition is disposed of.

sd/-

BECHU KURIAN THOMAS JUDGE AMV/02/03//2022 WP(C) NO. 29193 OF 2021

APPENDIX OF WP(C) 29193/2021

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE STATEMENT OF ACCOUNT PERTAINS TO THE LOAN OF THE PETITIONER'S SON.

Exhibit P2 TRUE COPY OF THE NOTICE DATED 02.08.2021 ISSUED BY THE SOLE ARBITRATOR TO THE PETITIONER'S SON.

  Exhibit P3                 TRUE COPY OF THE WRITTEN STATEMENT FILED
                             BY   THE    PETITIONER'S   SON   IN    THE
                             ARBITRATION CASE.
  Exhibit P4                 TRUE COPY OF THE REQUEST LETTER SUBMITTED

BY THE PETITIONER BEFORE THE CHAIRMAN/ MANAGING DIRECTOR OF THE 1ST RESPONDENT. Exhibit P5 TRUE COPY OF THE POSSESSION NOTICE DATED 08.12.2021 AFFIXED BY THE 2ND RESPONDENT.

RESPONDENTS EXHIBITS : NIL

TRUE COPY