Muneer K.M vs Kerala State Co-Operative Bank ...
2022 Latest Caselaw 10963 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                              PRESENT
               THE HONOURABLE MR. JUSTICE GOPINATH P.
   THURSDAY, THE 3RD DAY OF NOVEMBER 2022 / 12TH KARTHIKA, 1944
                      WP(C) NO. 33282 OF 2022
PETITIONER:

          MUNEER K.M
          AGED 42 YEARS, S/O. ISMAIL,
          KALAKOMBAN HOUSE, KUMARANELLUR POST,
          KOZHIKODE DISTRICT, PIN - 673 602.

          BY ADV K.M.FIROZ


RESPONDENT:

          KERALA STATE CO-OPERATIVE BANK LTD., (KERALA BANK),
          (FORMERLY KOZHIKODE DISTRICT CO-OPERATIVE BANK LTD)
          MUKKAM BRANCH, MUKKAM POST, KOZHIKODE - 673 602.
          REPRESENTED BY ITS AUTHORISED OFFICER.

          BY ADV P.C.SASIDHARAN,SC,PTA DIST.CO.OP.BA


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
03.11.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 33282 OF 2022                 2



                               JUDGMENT

Petitioner has 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 petitioner.

2. During the course of hearing, petitioner has

confined the relief to an opportunity for repaying the

overdue amount in installments and to obtain regularization

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 as on 02-11-2022 is Rs.8,83,606/- (Rupees

Eight Lakhs Eighty Three Thousand Six Hundred and Six

only). 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.

4. I have heard Adv.K.M.Firoz, learned counsel for the

petitioner as well as Adv.P.C.Sasidharan, the learned

counsel for the respondent.

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 15 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.8,83,606/- (Rupees Eight Lakhs Eighty Three

Thousand Six Hundred and Six only) along with bank

charges from the petitioner and regularize the loan account

of the petitioner on the following conditions:

(i) The overdue amount of Rs.8,83,606/- (Rupees Eight

Lakhs Eighty Three Thousand Six Hundred and Six only)

shall be repaid in 15 equated monthly installments along

with any accrued interest and costs;

(ii) The first installment shall be paid on or before

15-11-2022. The subsequent installments shall be paid on or

before the 15th day of the succeeding months;

(iii) Petitioner 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 petitioner to repay the entire

amounts, all coercive proceedings shall be kept in abeyance.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE ats

APPENDIX OF WP(C) 33282/2022

PETITIONER EXHIBITS

Exhibit P1 A TRUE COPY OF THE NOTICE DATED 27.09.2022 ISSUED BY THE ADVOCATE COMMISSIONER TO THE PETITIONER