Jisha Joshy vs Indian Overseas Bank
2022 Latest Caselaw 5590 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. 16992 OF 2022
PETITIONER/S:

          JISHA JOSHY,
          AGED 68 YEARS
          W/O. SUJITH K.J.,
          KUZHIVELIPADATH HOUSE, MADAMBI ROAD,
          KONGORPILLY P.O., KOONAMMAVU SO,
          ERNAKULAM 683 518.
          BY ADV E.V.MOLY


RESPONDENT/S:

          INDIAN OVERSEAS BANK,
          ERNAKULAM BRANCH, THEKKEKKARA MANSION,
          IST FLOOR M.G. ROAD, ERNAKULAM,
          COCHIN 682 0365.
          REP. BY ITS AUTHORIZED OFFICER.
OTHER PRESENT:

          SC,SUNIL SHANKAR


     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. 16992 OF 2022
                               2



              BECHU KURIAN THOMAS, J.
          ========================
              W.P.(C) No. 16992 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.2,00,000/-. 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 Smt. Moly E.V, the learned Counsel WP(C) NO. 16992 OF 2022

for the petitioner as well as Sri. Sunil Shankar, 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 6 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. 2,00,000/- 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. 2,00,000/- shall be repaid in 6 equated monthly instalments.

ii. The first instalment shall be paid on or before 26.06.2022 and the remaining instalments shall be paid on or before 26 th day of every succeeding month.

iii. Petitioner shall continue to pay the WP(C) NO. 16992 OF 2022

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.

The writ petition is disposed of as above.

Sd/-

BECHU KURIAN THOMAS JUDGE LU WP(C) NO. 16992 OF 2022

APPENDIX OF WP(C) 16992/2022

PETITIONER EXHIBITS

EXHIBIT P1 THE TRUE COPY OF THE POSSESSION NOTICE DATED 06.05.2022 ISSUED BY THE RESPONDENT BANK.

             //   True Copy //        PA To Judge