Manoj C M vs The Branch Manager
2022 Latest Caselaw 10196 Ker

W.P(C).29114/22                       1



                  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. 29114 OF 2022
PETITIONER/S:

              MANOJ C M
              AGED 48 YEARS
              SON OF MICHALE, CM HOUSE, EAMBETT,
              PARIYARAM, KANNUR, KERALA, PIN - 670502
              BY ADVS.
              P.R.JAYASANKAR
              SREELAKSHMI SABU
              MANJUSHA K


RESPONDENT/S:

      1       THE BRANCH MANAGER
              HDFC BANK , PAYYANNUR TRADE CENTRE, KANNUR, PIN -
              670307
      2       THE AUTHORIZED OFFICER
              HDFC, HDFC HOUSE, POST BAG NO. 1667, RAVIPURAM, KOCHI,
              PIN - 682015
              BY ADVS.
              Ambily S
              LAKSHMI ANIL(K/002184/2022)
              K.K.CHANDRAN PILLAI (SR.)(C-41)


      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
15.09.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P(C).29114/22                           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.

2. The learned counsel for the petitioner submits that the possession of

the secured asset has been taken by the respondent bank on 31.8.2022 in the

proceedings under Section 14 of the SARFAESI Act. He further submits that the

petitioner may be given an opportunity to repossess the secured asset on

terms. He states that the petitioner will pay a sum of Rs.4 lakhs on or before

30.9.2022 and also prays for permission to repay the overdue amounts in

instalments and to obtain regularisation of the loan account.

3. The learned counsel appearing for the respondent bank submits that

the petitioner committed default in repayment and the total overdue amount is

Rs.8,86,564/- as on today (15.9.2022). 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 to 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 account 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

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

to clear off the entire overdue amount and repossess the secured asset,

provided the petitioner pays an amount of Rs.5,00,000/- (Rupees Five lakhs

only) towards the overdue amount on or before 30.9.2022. On payment of the

aforesaid amount of Rs.5 lakhs towards the overdue amount within the

aforesaid time, the possession of the secured asset shall be returned to the

petitioner. The petitioner shall also pay the balance overdue amount in five (5)

equal monthly instalments commencing from 30.10.2022 along with regular

instalments and if the amount so directed is repaid within the time as directed

above, the loan account can be regularised.

6. Accordingly, this writ petition is disposed of on the following

conditions:

(i) The petitioner shall pay an amount of Rs.5,00,000/- (Rupees Five lakhs only) towards the overdue amount on or before 30.9.2022. On payment of the aforesaid amount of Rs.5 lakhs towards the overdue amount within the aforesaid time, the possession of the secured asset, which is now with the respondent bank, shall be returned to the petitioner;

(ii) The petitioner shall also pay the balance overdue amount together with any accrued interest and costs in five (5) equated monthly instalments commencing from 30.10.2022;

(iii) The petitioner shall pay the subsequent instalments on or before the

last working day of every succeeding month;

(iv) Petitioner shall continue to pay the regular instalments along with the instalments directed above;

(v) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law;

(vi) It is made clear that if the petitioner commits default in repayment of the liability after possession of the secured asset is restored to him as per the directions contained in this judgment, the petitioner shall hand over the vacant possession of the secured asset, without demur, to the Authorised Officer of the respondent bank;

(vii) 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 okb/ //True copy// P.S. to Judge

APPENDIX OF WP(C) 29114/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE LETTER ISSUED BY THE PRINCIPAL, GOVERNMENT MEDICAL COLLEGE, KANNUR DATED 12-08-2020 Exhibit P2 TRUE COPY OF THE POSSESSION NOTICE DATED 31-

08-2022 AFFIXED IN THE HOUSE OF THE PETITIONER