Boby Aloshius vs Idbi Bank Limited
2022 Latest Caselaw 2390 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. 6744 OF 2022
PETITIONERS:

      1.   BOBY ALOSHIUS, AGED 36 YEARS
           S/O.L.ALOSHIUS, DHANYA KALLAMAM, PANNIYODE P.O.,
           VEERANKAVU. POOVANCHAL, THIRUVANANTHAPURAM - 695575

      2.   GLADIS ANNA MANI, AGED 33 YEARS,
           D/O LEELAMMA, DHANYA KALLAMAM,
           PANNIYODE P.O., VEERANKAVU, POOVANCHAL
           THIRUVANANTHAPURAM - 695575
           BY ADVS.
           K.K.DHEERENDRAKRISHNAN
           N.P.ASHA


RESPONDENTS:

     1.    THE IDBI BANK LTD., LEGAL DEPARTMENT,CORPORATE OFFICE,
           IDBI TOWER, MUMBAI - 400 005, REPRESENTED BY ITS
           AUTHORIZED OFFICER/DEPUTY GENERAL MANAGER

      2.   THE IDBI BANK LTD, DEV PLAZA, TC.43/422(2),
           KAMALASWARAM, MANACAUD P.O., THIRUVANANTHAPURAM - 695 009
           REPRESENTED BY ITS BRANCH MANAGER

           BY ADV. M.S.KIRAN
     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. 6744 OF 2022
                                        -2-

                               JUDGMENT

Petitioners 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, petitioners have confined the

relief to an opportunity for repaying the overdue amount in instalments

and to obtain regularisation of the loan account.

3. Learned counsel for the respondents submitted that petitioners

had availed an agricultural loan and they need to pay only the interest

every year until the period of loan is over. Since the petitioners have

defaulted in servicing the interest due on the loan, an amount of

Rs.11,50,000/- is overdue towards the interest alone.

4. It was submitted on behalf of the respondent-Bank that the

petitioners committed default and 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 to have the account regularised.

WP(C) NO. 6744 OF 2022

5. I have heard Smt.N.P.Asha, the learned counsel for the petitioner

as well as Sri.M.S.Kiran, the learned Standing Counsel for the

respondents.

6. 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 petitioners can be granted an opportunity to repay

the overdue amount in 'ten' instalments and thereafter, if the amount so

directed is repaid within the time as directed above, to have the loan

account regularised.

7. Accordingly, there will be a direction to the respondent-Bank to

accept repayment of the entire defaulted interest amount of

Rs.11,50,000/- from the petitioners and to regularise the loan account of

the petitioners on the following conditions:

(i). The defaulted amount of Rs.11,50,000/- shall

be repaid in 'ten' equated monthly instalments.

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

30.03.2022.

WP(C) NO. 6744 OF 2022

(iii). Petitioners will continue to service the interest

due in respect of the loan, without fail.

(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 petitioners to repay the

entire amounts, all coercive proceedings shall be

kept in abeyance.

The writ petition is disposed of as above.

Sd/-

BECHU KURIAN THOMAS JUDGE

uu 02.03.2022 WP(C) NO. 6744 OF 2022

APPENDIX OF WP(C) 6744/2022

Exhibit P1 TRUE COPY OF THE DEMAND NOTICE UNDER SECTION 13(2) OF SARFAESI ACT NO.IDBI BANK/1328/SARFAESI/2021-22/01 DATED 25.11.2021 ISSUED BY THE RESPONDENT BANK Exhibit P2 TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE RESPONDENT BANK TO THE PETITIONERS.