Valsala.V vs State Bank Of India, Rep. By Its ...
2022 Latest Caselaw 10397 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                              PRESENT
               THE HONOURABLE MR. JUSTICE GOPINATH P.
     FRIDAY, THE 7TH DAY OF OCTOBER 2022 / 15TH ASWINA, 1944
                      WP(C) NO. 30824 OF 2022
PETITIONER:

          VALSALA.V.
          AGED 53 YEARS
          W/O. BHASKARAN.C.,
          ERANJITHODY HOUSE,
          CHERUKATTUPULAM SIVA TEMPLE,
          CHERUKATTUPULAM P.O,
          VANIYAMKULAM
          PIN - 679522
          BY ADV E.V.MOLY


RESPONDENT:

          STATE BANK OF INDIA,
          REP. BY ITS AUTHORIZED OFFICER
          RASMEC, OPP.NSS KPT HIGH SCHOOL,
          T.B.ROAD,
          OTTAPALAM,
          PALAKKAD
          PIN - 679101



          BY ADV. SRI. AMAL GEORGE, SC


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
07.10.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C.).No. 30824/2022                  2



                                  JUDGMENT

Petitioner has approached this Court challenging proceedings initiated

under the Securitisation and Reconstruction of Financial Assets and

Enforcement of Security Interest Act (hereinafter referred to as the

Securitisation Act) for recovery of the amounts due upon a housing loan availed

by the petitioner from the respondent bank.

2. During the course of hearing, petitioner has confined the relief to

an opportunity for repaying the overdue amounts 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 total overdue amount is

Rs.2,92,294/- as on 29.09.2022. 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 instalments and regularise the loan account.

4. I have heard the learned counsel for the petitioner as well as the

learned Standing Counsel for the respondent Bank.

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

situation now prevailing, apart from the submissions made as recorded above

and considering the fact that the loan in question is a housing loan and also

taking into account the fact that the petitioner has undertaken to clear off the

overdue amount including any accrued interests and costs along with regular

EMIs, I am of the view that the petitioner can be granted an opportunity to

clear off the overdue amount in twelve (12) equal instalments, first of which

shall be paid on or before 31.10.2022 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.2,92,294/- along with

accrued interest and costs from the petitioner and regularise the loan account

of the petitioner on the following conditions:

(i) The overdue amount of Rs.2,92,294/- together with any accrued interest and charges shall be repaid in twelve equated monthly instalments.

(ii) The first instalment shall be paid on or before 31.10.2022 and the subsequent instalments shall be paid on or before the last working day of every succeeding month.

(iii) Petitioner shall continue to pay the regular monthly instalments 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 proceedings shall be kept in abeyance.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE DCS

APPENDIX

PETITIONER EXHIBITS

Exhibit P1 THE TRUE COPY OF THE POSSESSION NOTICE DATED 14.09.2022 RECEIVED BY THE PETITIONER