Sithin.N.P vs Authorized Officer
2022 Latest Caselaw 10143 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                 THE HONOURABLE MR. JUSTICE GOPINATH P.
   THURSDAY, THE 15TH DAY OF SEPTEMBER 2022 / 24TH BHADRA, 1944
                        WP(C) NO. 26191 OF 2022
PETITIONER/S:

          SITHIN.N.P
          AGED 33 YEARS
          S/O.K.S.PRASANNAN, NARICHU PARAMBU,
          SHANMUKAVILASAM ROAD, PERUMBADAPPU, KONAM,
          PALLURUTHY.PO, ERNAKULAM
          , PIN - 682006
          BY ADVS.
          S.SUNIL KUMAR (PALAKKAD)
          LEKSHMI S.SEKHER
          P.PADMAPRIYA
          FEMY M.ANTONY


RESPONDENT/S:

          AUTHORIZED OFFICER
          UCO BANK, WILLINGTON ISLAND BRANCH, KUMAR ARCADE, PYARI
          JUNCTION,
          PALLICHAL ROAD, THOPPUMPADY, KOCHI, ERNAKULAM, PIN -
          682005
          BY ADV H.RAMANAN


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
15.09.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 26191 OF 2022            2



                                JUDGMENT

Petitioner has approached this Court, challenging

proceedings initiated by the respondent Bank under the

provisions of the Securitisation and Reconstruction of

Financial Assets and Enforcement of Security Interest Act,

for recovery of the amounts due from the petitioner.

2. During the course of 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 along with his father and mother availed

a housing loan from the respondent bank and committed

default in repayment and the overdue amount is

Rs.4,68,500/- (Rupees Four lakhs sixty eight thousand and

five hundred only). Learned Standing Counsel also submitted

that though the property was brought to sale, the sale did

not take place. It is submitted that though the bank has filed

an Original Application before the Debts Recovery Tribunal,

if the petitioner remits the overdue amounts along with

other expenses and charges incurred by the bank for filing

the Original Application, 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 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 twelve 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.4,68,500/- (Rupees Four lakhs sixty eight

thousand and five hundred only) along with bank charges

from the petitioner and regularise the loan account of the

petitioner in the following manner:-

(i) The overdue amount of Rs.4,68,500/- (Rupees Four lakhs sixty eight thousand and five hundred only) along with any

accrued interest and charges shall be repaid in twelve equated monthly instalments;

(ii)The first instalment shall be paid on or before 30.09.2022 and the subsequent instalments shall be paid on or before the 30th day of each succeeding month;

(iii) Petitioner shall continue to pay the regular EMI's/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 ajt

APPENDIX OF WP(C) 26191/2022

PETITIONER EXHIBITS Exhibit-P1 TRUE COPY OF THE POSSESSION NOTICE DATED 26.05.2022 ISSUED BY THE RESPONDENT BANK Exhibit-P2 TRUE COPY OF THE SALE NOTICE DATED 22.07.2022 ISSUED BY THE RESPONDENT BANK