Aneesh Babu.K.P vs Indusind Bank Limited
2023 Latest Caselaw 1972 Ker

         IN THE HIGH COURT OF KERALA AT ERNAKULAM
                            PRESENT
         THE HONOURABLE MR. JUSTICE SHAJI P.CHALY
  FRIDAY, THE 3RD DAY OF FEBRUARY 2023 / 14TH MAGHA, 1944
                     WP(C) NO. 853 OF 2023
PETITIONERS:

    1       ANEESH BABU.K.P
            AGED 37 YEARS
            S/O. ABDUL LATHEEF.K.P,
            AFSINA MANZIL,
            ASARI PARAMBA,
            NALLALAM P.O,
            KOZHIKODE,
            PIN - 673027

    2       ABDUL LATHEEF.K.P
            AGED 58 YEARS
            S/O. ABDULLA KOYA,
            AFSINA MANZIL,
            ASARI PARAMBA,
            NALLALAM P.O,
            KOZHIKODE,
            PIN - 673027

            BY ADVS. M.S.VINEETH
                     V.T.MADHAVANUNNI


RESPONDENT:

            INDUSIND BANK LIMITED
            2ND FLOOR, EPHAS TOWER,
            MARINA MALL,
            YMCA CROSS ROAD,
            CALICUT, KOZHIKODE,
            REPRESENTED BY ITS BRANCH MANAGER,
            PIN - 673001

            BY ADV. VARGHESE C.KURIAKOSE


     THIS     WRIT PETITION      (CIVIL) HAVING   COME UP   FOR
ADMISSION ON 03.02.2023, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
 W.P.(C.) No. 853/2023            2




                               JUDGMENT

Petitioners have availed a vehicle loan and purchased

a vehicle bearing No. KL-27F 5747 from the respondent

bank. Admittedly, repayment was defaulted consequent to

which bank initiated action under the provisions of the

SARFAESI Act. The vehicle was also taken possession of by

the bank after issuing notice under Section 13 of the

SARFAESI Act and by virtue of the proceedings initiated

under Section 14 of the SARFAESI Act. Even though the

learned counsel for the petitioners submitted that the

petitioners may be permitted to repay the amount in

twenty installments, today when the matter is taken up,

learned counsel for the petitioners submitted that

petitioners would pay six installments against the

outstanding amount and after the payment of first three

installments, they will make a representation to the bank to

release the vehicle and rest of the amount will be paid in

three equated monthly installments.

2. Learned counsel for the bank, Sri. Varghese C.

Kuriakose submitted that as of now an amount of

Rs. 1,19,699.68 is due from the petitioners.

3. I have heard learned counsel for the petitioners,

Sri. M.S. Vineeth and learned counsel for the bank,

Sri. Varghese C. Kuriakose and perused the pleadings and

material on record.

In view of the aforesaid submission made by learned

counsel for the petitioners, the writ petition is disposed of

directing the petitioners to remit the amount in six equated

monthly installments starting from 23.02.2023 and on the

corresponding date of the succeeding months. After

payment of the first three installments, petitioners are

granted liberty to submit a representation before the bank

and the bank is directed to consider the same and decide as

to whether the vehicle can be released pending balance

payment in three equated monthly installments.

SHAJI P. CHALY JUDGE DCS/06.02.2023

APPENDIX

PETITIONER EXHIBITS

EXHIBIT P1 A TRUE COPY OF THE SAID NOTICE DT.17-

12-2022 FROM THE RESPONDENT

EXHIBIT P2 A TRUE COPY OF THE SAID POST NOTICE DT.17-12-2022 FROM THE RESPONDENT