Kerala High Court
Thomas Kj vs The Authorised Officer on 2 November, 2022
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
WEDNESDAY, THE 2ND DAY OF NOVEMBER 2022 / 11TH KARTHIKA, 1944
WP(C) NO. 26838 OF 2022
PETITIONERS:
1 THOMAS KJ
AGED 48 YEARS
KADAMKERY HOUSE, JR APARTMENTS,
NORTH KALAMASSERY, THRIKKAKARA NORTH(PART),
KALAMASSERY, ERNAKULAM, PIN - 683 104.
2 JIKSY THOMAS
AGED 47 YEARS,W/O THOMAS K.J.,
AGED 47 YEARS, KADAMKERY HOUSE,
JR APARTMENTS, NORTH KALAMASSERY,
THRIKKAKARA NORTH (PART), KALAMASSERY,
ERNAKULAM, PIN - 683 104.
BY ADVS.
S.ABHILASH VISHNU
K.R.MONISHA
RESPONDENTS:
1 THE AUTHORISED OFFICER
SOUTH INDIAN BANK LTD.,
REGIONAL OFFICE,KOCHI - 682 039.
2 THE MANAGER SOUTH INDIAN BANK
SOUTH INDIAN BANK LTD.,KALAMASSERY BRANCH,
PIN - 683 104.
BY ADVS.
SUNIL SHANKAR A
VIDYA GANGADHARAN(K/000424/2020)
SANDHRA.S(K/001610/2021)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
02.11.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P.(C) No.26838 of 2022
-:2:-
JUDGMENT
Petitioners have approached this Court challenging
proceedings initiated under the Securitisation and
Reconstruction of Financial Assets and Enforcement of
Security Interest Act (SARFAESI Act) for recovery of the
amounts due under a housing loan availed by the
petitioners.
2. During the course of hearing, petitioners have
confined the relief to an opportunity for repaying the
overdue amount in installments and to obtain regularization
of the loan account.
3. The learned counsel appearing for the respondent
Bank states that the overdue amount after giving credit to
the amounts paid under the interim order of this Court is
Rs.5,60,000/- (Rupees Five Lakhs Sixty Thousand Only) as
on 27-10-2022. 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 installments
and regularize the loan account.
W.P.(C) No.26838 of 2022
4. I have heard Adv.S.Abhilash Vishnu, learned
counsel for the petitioners as well as Adv.Sunil Shankar.A,
the learned counsel for the respondents.
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
petitioners can be granted an opportunity to repay the
overdue amount in five (05) installments and thereafter, if
the amount so directed is repaid within the time as directed
above, to have the loan account regularized.
6. Accordingly, there will be a direction to the
respondent bank to accept repayment of the entire overdue
amount of Rs.5,60,000/- (Rupees Five Lakhs Sixty Thousand
Only) along with bank charges from the petitioners and
regularize the loan account of the petitioners on the
following conditions:
(i) The overdue amount of Rs.5,60,000/- (Rupees Five
Lakhs Sixty Thousand Only) together with any accrued
interest and costs shall be repaid in five (05) equated
monthly installments.
W.P.(C) No.26838 of 2022
(ii) The first installment shall be paid on or before
07-11-2022. The subsequent installments shall be paid on
or before the 7th day of the succeeding months.
(iii) Petitioners shall continue to pay the regular EMI's
along with the installments as directed above.
(iv) In the event of default of any one installment, 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 possession of the secured asset will be handed
over to the petitioner only after the entire overdue amount
is paid by the petitioner.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE
ats
W.P.(C) No.26838 of 2022
APPENDIX OF WP(C) 26838/2022
PETITIONER EXHIBITS
Exhibit P1 TRUE COPY OF THE REPRESENTATION FILED BY THE
PETITIONERS BEFORE THE RESPONDENTS DATED
01.08.2022
RESPONDENT EXHIBITS
EXT.R2(a) True copy of the sale notice dated 26.08.2022
