Rajesh Babu vs Indusind Bank Limited
2023 Latest Caselaw 1010 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                THE HONOURABLE MR. JUSTICE GOPINATH P.
     TUESDAY, THE 17TH DAY OF JANUARY 2023 / 27TH POUSHA, 1944
                        WP(C) NO. 39630 OF 2022
PETITIONER:

          RAJESH BABU,
          AGED 37 YEARS,
          S/O.BABU, VALLANATU HOUSE,
          VELIYANNOOR PO., KOTTAYAM DISTRICT - 686 634.

          BY ADV RENNY AUGUSTINE



RESPONDENTS:

     1        INDUSIND BANK LIMITED,
              GOWRI NARAYANAN, 40/8200, OPPOSITE JAYALAKSHMI SILKS,
              M.G.ROAD, KOCHI - 682 035, REPRESENTED BY ITS MANAGER.

     2        THE AUTHORIZED OFFICER,
              INDUSIND BANK LIMITED,
              GOWRI NARAYANAN, 40/8200,
              OPPOSITE JAYALAKSHMI SILKS, M.G.ROAD, KOCHI - 682 035.

          BY ADV VARGHESE C.KURIAKOSE




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
17.01.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 39630 OF 2022

                                   2


                                JUDGMENT

The petitioner availed two separate loans from the

respondent Bank. One of the loans is a vehicle loan and the

other is stated to be a MSME loan, which is also secured by

hypothecation of the same vehicle. On default being

committed, proceedings were initiated against the petitioner

under the provisions of the SARFAESI Act and the possession

of the vehicle has been taken on 16.12.2022.

2. The learned counsel for the petitioner would

submit that the petitioner may be permitted to clear the

liability in instalments. It is also submitted that on a

substantial amount being paid towards the overdue amounts

in respect of both the loans, the vehicle of the petitioner may

be directed to be released to the petitioner.

3. It was submitted on behalf of the respondent bank

that the petitioner committed default in repayment of the

above two loans and the overdue amount in respect of the

vehicle loan is Rs.7,27,315/- and the overdue amount in

respect of MSME loan is Rs.88,138/- and the total overdue

amount in respect of both the loans put together is

Rs.8,15,453/- (Rupees eight lakhs fifteen thousand four WP(C) NO. 39630 OF 2022

hundred and fifty three only). The learned counsel appearing

for the respondent Bank would submit that the Bank has no

objection in permitting the petitioner to clear the overdue

amount in instalments. It is submitted that the vehicle may be

released to the petitioner only on a substantial amount being

paid by the petitioner.

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

well as the learned counsel for the respondents.

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 total overdue

amount on condition that Rs.4,00,000/- shall be paid on or

before 16.02.2023 and the balance amount shall be paid in

six equal monthly instalments, the first of which shall be paid

on or before 15.03.2023 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.8,15,453/- (Rupees eight lakhs fifteen thousand

four hundred and fifty three only) along with any accrued WP(C) NO. 39630 OF 2022

interest, costs and charges from the petitioner and regularise

the loan account of the petitioner on the following conditions:

i. The petitioner shall pay a sum of Rs.4,00,000/- (Rupees four lakhs only) on or before 16.02.2023; balance overdue amount along with any accrued interest, costs and charges shall be repaid in six equal monthly instalments.

ii. The first instalment shall be paid on or before 15.03.2023 and the subsequent instalments shall be paid on or before the 15th of every succeeding month.

iii. Petitioner shall continue to pay the regular EMI's 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.

vi. On the 1st instalment being paid in the manner permitted, vehicle of the petitioner shall be released to the petitioner.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE DK WP(C) NO. 39630 OF 2022

APPENDIX OF WP(C) 39630/2022

PETITIONER EXHIBITS

Exhibit-P1 TRUE COPY OF NOTICE UNDER SECTION 13(2) OF SARFAESI ACT ISSUED BY THE RESPONDENT DATED 12/9/2022