Aziz vs The Kerala State Co-Operative ...
2023 Latest Caselaw 1011 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. 35805 OF 2022
PETITIONER:

          AZIZ,
          AGED 61 YEARS
          S/O. KUNJIMAYAN, CHALLINTAKATH HOUSE, IRITTY P O,
          KALLUMUTTY, PAYAM, KANNUR DISTRICT, PIN - 670703

          BY ADVS.
          M.B.SHYNI
          V.R.ANILKUMAR
          RAJESH KUMAR R.
          RAMEES P.K.
          ERFANA PARAMBADAN
          SARAFUDHEEN T.



RESPONDENTS:

    1     THE KERALA STATE CO-OPERATIVE BANK LIMITED,
          IRITTY EVENING BRANCH, IRITTY P O, KANNUR DISTRICT,
          REPRESENTED BY ITS SENIOR MANAGER., PIN - 670703

    2     THE AUTHORIZED OFFICER
          KERALA STATE CO - OPERATIVE BANK LIMITED, KANNUR
          REGIONAL OFFICE, KANNUR., PIN - 670000

    3     THE GENERAL MANAGER
          KERALA STATE CO-OPERATIVE BANK LIMITED,KANNUR REGIONAL
          OFFICE, P B NO: 35, KANNUR, PIN - 670001

    4     THE DEPUTY TAHSILDAR
          IRITTY TALUK, IRITTY PO, KANNUR DISTRICT, PIN - 670703

          BY ADV M.SASINDRAN


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
17.01.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P (C) No.35805/2022                    -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 SARFAESI Act) for recovery of

the amounts due upon a housing loan availed by 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

committed default in repayment and the overdue amount is Rs.4,94,386/- as on

13-12-2022. 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 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 this is a housing loan and also taking into account the fact

that the petitioner has undertaken to clear off the overdue amount along with

regular EMIs, I am of the view that the petitioner can be granted an opportunity to

clear off the overdue amount in fifteen (15) equal monthly instalments first of which

shall be paid on or before 31-01-2023 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.4,94,386/- along with bank charges

from the petitioner and regularise the loan account of the petitioner on the

following conditions:

(i) The overdue amount of Rs.4,94,386/- together with any accrued

interest and charges shall be repaid in fifteen equated monthly

instalments.

(ii) The first instalment shall be paid on or before 31-01-2023 and the

subsequent instalments shall be paid on the last working day 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.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE AMG

APPENDIX OF WP(C) 35805/2022

PETITIONER EXHIBITS

Exhibit P1 A TRUE COPY OF THE DEMAND NOTICE ISSUED BY THE SECOND RESPONDENT DATED 30/12/2020

Exhibit P2 A TRUE COPY OF THE COMMUNICATION ISSUED BY THE 3RD RESPONDENT DATED 22/02/2021

Exhibit P3 A TRUE COPY OF THE DEMAND NOTICE ISSUED BY THE 4TH RESPONDENT DATED 25/10/2022