Rajan.A.V vs Punjab National Bank
2022 Latest Caselaw 5587 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
            THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
        THURSDAY, THE 26TH DAY OF MAY 2022 / 5TH JYAISHTA, 1944
                        WP(C) NO. 16993 OF 2022
PETITIONER/S:

            RAJAN.A.V.,
            AGED 52 YEARS
            S/O. A.V. VELAPPA THARAKAN,
            ERRATTU HOUSE, THOTTAKATTUTHARA,
            KODUVYUR POO, KODUVAYUR -1,
            PALAKKAD 678 501.
            BY ADV DIVYA B.NAIR


RESPONDENT/S:

    1       PUNJAB NATIONAL BANK
            RECOVERY DEPARTMENT, CIRCLE OFFICE, 40/1461,
            MARKET, II FLOOR, ERNAKULAM, 682 011,
            REPRESENTED BY ITS AUTHORISED OFFICER/CHIEF MANAGER.
    2       THE BRANCH MANAGER,
            PUNJAB NATIONAL BANK, KODUVAYUR,
            PALAKKAD 678 501.
OTHER PRESENT:

            SC,SAJI P JOSEPH


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
26.05.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 16993 OF 2022
                              2



               BECHU KURIAN THOMAS, J.
           ========================
               W.P.(C) No. 16993 of 2022
           ========================
           Dated this the 26th day of May, 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 the petitioner committed default in repayment

and the overdue amount is Rs.10,67,360/- under

overdraft facility. 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. WP(C) NO. 16993 OF 2022

4. I have heard Smt. Divya B. Nair, the learned

Counsel for the petitioner as well as Sri. Saji P. Joseph,

the learned Counsel for the respondent bank.

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 10 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. 10,67,360/- along with bank

charges from the petitioner and regularise the loan

account of the petitioner on the following conditions:

i. The overdue amount of Rs. 10,67,360/- shall be repaid in 10 equated monthly instalments.

ii. The first instalment shall be paid on or before 26.06.2022 and the remaining WP(C) NO. 16993 OF 2022

instalments shall be paid on or before 26 th day of every succeeding month.

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 steps shall be kept in abeyance.

vi. On completion of payment of the overdue amount as directed, the respondent will be at liberty to renew the overdraft facility provided, the petitioner furnishes necessary financial documents as sought for by the petitioner.

The writ petition is disposed of as above.

Sd/-

BECHU KURIAN THOMAS JUDGE LU WP(C) NO. 16993 OF 2022

APPENDIX OF WP(C) 16993/2022

PETITIONER EXHIBITS

EXHIBIT P1 TRUE COPY OF DEMAND NOTICE DATED 1.7.2021.

EXHIBIT P2 TRUE COPY OF RECEIPT DATED 6.5.2022. EXHIBIT P3 TRUE COPY OF NOTICE DATED 12.5.2022 ISSUED BY THE RESPONDENT BANK.

             //    True Copy   //      PA To Judge