Mr Santhosh.S vs Authorized Officer
2022 Latest Caselaw 10181 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. 29338 OF 2022
PETITIONER/S:

    1     MR SANTHOSH.S
          AGED 54 YEARS
          S/O SASI, RESIDING AT
          KIZHAKKEPUTHANPURAYIL, ONAKKUR P.O ERNAKULAM DISTRICT.,
          PIN - 686667
    2     SUDHA SANTHOSH
          AGED 48 YEARS
          W/O SANTHOSH, RESIDING AT
          KIZHAKKEPUTHANPURAYIL, ONAKKUR P.O ERNAKULAM DISTRICT.,
          PIN - 686667
          BY ADVS.
          AMBILY PREMKUMAR
          P.RANI DIOTHIMA


RESPONDENT/S:

          AUTHORIZED OFFICER
          DEPUTY GENERAL MANAGER, THE
          MUVATTUPUZHA URBAN CO-OPERATIVE BANK LTD NO.556,
          MUVATTUPUZHA, ERNAKULAM DISTRICT, PIN - 686661




          ADV. SAJEEV KUMAR K GOPAL (SC)


     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. 29338 OF 2022            2



                              JUDGMENT

Petitioners have 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 petitioners.

2. During the course of hearing, petitioners have

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 petitioners availed a housing loan from the

respondent bank and committed default in repayment and

the overdue amount is Rs.3,40,596/- (Rupees three lakhs

forty thousand five hundred and ninety 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 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

petitioners 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.3,40,596/- (Rupees three lakhs forty thousand

five hundred and ninety six only) along with bank charges

from the petitioner and regularise the loan account of the

petitioners in the following manner:-

(i) The overdue amount of Rs.3,40,596/- (Rupees three lakhs forty thousand five hundred and ninety six 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)Petitioners 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 petitioners 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) 29338/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE RECEIPT DATED 27.1.2022 ISSUED BY THE RESPONDENT.

Exhibit P1 ( a) TRUE COPY OF THE RECEIPT DATED 31.1.2022 ISSUED BY THE RESPONDENT.

Exhibit P 1 (b) TRUE COPY OF THE RECEIPT DATED 31.1.2022 ISSUED BY THE RESPONDENT.

Exhibit P2 TRUE COPY OF THE DEMAND NOTICE ISSUED BY THE RESPONDENT UNDER SARFAESI ACT DATED 02.06.2022.