K.A.Surendran vs Housing Development Finance ...
2022 Latest Caselaw 2395 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. 6698 OF 2022
PETITIONER/S:

           K.A.SURENDRAN
           AGED 49 YEARS
           S/O. K.M.AMBI ACHARI, KARIPPILLIL, MANEED ROAD, PAZHOOR
           P.O., MUVATTUPUZHA, ERNAKULAM-686 664
           BY ADV JIBU P THOMAS


RESPONDENT/S:

           HOUSING DEVELOPMENT FINANCE CORPORATION (HDFC) LIMITED
           REPRESENTED BY ITS AUTHORIZED OFFICER, HDFC HOUSE, POST
           BAG NO.1667, RAVIPURAM JUNCTION, M.G.ROAD, KOCHI-682 015

           BY ADV. S.AMBILY, SC
     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. 6698 OF 2022
                                       -2-



                               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 the

petitioner committed default in repayment and the overdue amount is

Rs.11,39,736/-. 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 Sri.Jibu P.Thomas, the learned counsel for the

petitioner as well as Sri.S.Ambily, the learned Standing Counsel for the

respondent.

5. Having regard to the circumstances of the case and the situation WP(C) NO. 6698 OF 2022

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 'fifteen' 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.11,39,736/- 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.11,39,736/- shall be

repaid in 'fifteen' equated monthly instalments.

(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 WP(C) NO. 6698 OF 2022

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/-

BECHU KURIAN THOMAS JUDGE

uu 02.03.2022 WP(C) NO. 6698 OF 2022

APPENDIX OF WP(C) 6698/2022

PETITIONER EXHIBITS Exhibit P1 TRUE PHOTOCOPY OF NOTICE DATED 25.08.2021 ISSUED UNDER SECTION 13 (2) OF THE SARFAESI ACT, 2002 BY THE RESPONDENT BANK Exhibit P2 TRUE PHOTOCOPY OF NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 15.02.2022