Janatha Tyre vs Hdb Financial Services Limited
2022 Latest Caselaw 3473 Ker

             IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                  PRESENT
          THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
     TUESDAY, THE 22ND DAY OF MARCH 2022 / 1ST CHAITHRA, 1944


                         WP(C) NO. 9476 OF 2022
PETITIONERS:

      1      JANATHA TYRES
             JANATHA TYRES VI/354 C, MAIN ROAD,
             ASHTAMICHIRA, THRISSUR, MALA- 680 732
             REPRESENTED BY ITS PROPRIETORS, BIJU VARGHESE
      2      BIJU VARGHESE
             AGED 47 YEARS,
             S/O VARGHESE ANTONY, MALIYECKAL HOUSE,
             ANNANAD P.O., KALLUR, VADAKKUMURY,
             THRISSUR - 680 309

             BY ADVS.
             BASIL CHANDY VAVACHAN
             GEORGE SIMON
             CHARUTHA BHAIJU
             ABEY GEORGE
             FATHIMA SHALU S.

RESPONDENTS:

      1      HDB FINANCIAL SERVICES LIMITED
             3RD AND 4TH FLOOR,HEMALATHA MANSION,7-1-397/111 &
             112, S.R.NAGAR, HYDERBAD, TELANGANA-500 038
             REP. BY ITS AUTHORIZED OFFICER
      2      HDB FINANCIAL SERVICES LIMITED, ANGAMALY BRANCH
             2ND FLOOR, IRIMBANS AINGEL, RUDY TOWER,NH - 47,
             ALUVA, OPP. OF ST. JOSEPH SCHOOL, ANGAMALY,
             ERNAKULAM - 683 572
             REPRESENTED BY ITS BRANCH MANAGER.

             BY ADV P.PAULOCHAN ANTONY, SC


      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON   22.03.2022,   THE    COURT    ON   THE   SAME   DAY   DELIVERED   THE
FOLLOWING:
 W.P(C) No.9476 OF 2022
                                     2


                        BECHU KURIAN THOMAS, J.
                   ===========================
                          W.P(C) No.9476 OF 2022
                   ===========================
                   Dated this the 22nd day of March, 2022

                                JUDGMENT

Petitioners as borrowers from the respondent bank, have

committed default in repayment. Consequently, proceedings

have been initiated by the bank for recovery of the amounts due.

2. During the course of 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. It was submitted on behalf of the respondent bank that

the petitioners committed default in repayment and the overdue

amount is Rs.5,42,458/-. 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 Adv.Basil Chandy Vavachan, learned

counsel for petitioners as well as Adv.Paulochan P. Antony,

learned Standing Counsel for respondents.

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

situation now prevailing, apart from the submissions made as W.P(C) No.9476 OF 2022

recorded above, I am of the view that the petitioners can be

granted an opportunity to repay the overdue amount in 8

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.5,42,458/- along with bank charges from the petitioners and

regularise the loan account of the petitioners on the following

conditions:

(i) Out of the overdue amount of Rs.5,42,458/-,

an amount of Rs.75,000/- (Rupees Seventy Five

Thousand only) shall be paid as first instalment, on

or before 30.03.2022

(ii) If the said amount is paid, the balance amount

shall be repaid in '7' equated monthly instalments

commencing from 30.04.2022 and the remaining

instalments shall be paid on or before the 30 th day

of the succeeding months.

(iii) Petitioners shall continue to pay the regular EMI's

along with the instalments directed above.

W.P(C) No.9476 OF 2022

(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 nk W.P(C) No.9476 OF 2022

APPENDIX OF WP(C) 9476/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF POSSESSION NOTICE DATED 04/03/2022 UNDER SECTION 13(4) OF SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002

Exhibit P2 TRUE COPY OF LOAN STATEMENT OF THE LOAN ACCOUNT NO. 3977224 DATED 16/03/2022

Exhibit P3 TRUE COPY OF LOAN STATEMENT OF THE LOAN ACCOUNT NO. 8872253 DATED 16/03/2022

Exhibit P4 TRUE COPY OF LOAN STATEMENT OF THE LOAN ACCOUNT NO. 13160995 DATED 16/03/2022