Udayakumar. T vs The Authorized Officer
2023 Latest Caselaw 1204 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                              PRESENT
               THE HONOURABLE MR. JUSTICE GOPINATH P.
    WEDNESDAY, THE 18TH DAY OF JANUARY 2023 / 28TH POUSHA, 1944
                       WP(C) NO. 402 OF 2023
PETITIONER:

          UDAYAKUMAR. T
          AGED 38 YEARS, S/O THULASEEDHARAN,
          UDAYABHAVANAM, KADOIKODU
          EZHUKONE, KOLLAM, PIN - 691 505.

          BY ADV M.R.SASITH


RESPONDENT:

          THE AUTHORIZED OFFICER
          THE KERALA STATE CO-OPERATIVE BANK
          KAREEPRA, KOLLAM, PIN - 691 509.

          BY ADV P.C.SASIDHARAN


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
18.01.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 402 OF 2023                        2




                              JUDGMENT

Petitioner has approached this Court challenging

proceedings initiated under the Securitisation and

Reconstruction of Financial Assets and Enforcement of

Security Interest Act (SARFAESI Act) for recovery of the

amounts due under a mortgage 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 installments and to obtain regularization

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, as on 11-01-2023, is Rs.3,66,979/- (Rupees

Three Lakh Sixty Six Thousand Nine Hundred and Seventy

Nine 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 installments and

regularize the loan account.

4. I have heard Adv. M.R.Sasith, learned counsel for

the petitioner as well as Adv. P.C.Sasidharan, 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 petitioner

can be granted an opportunity to repay the overdue amount

in 12 installments and thereafter, if the amount so directed

is repaid within the time as directed above, to have the loan

account regularized.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire overdue

amount of Rs.3,66,979/- (Rupees Three Lakh Sixty Six

Thousand Nine Hundred and Seventy Nine only) along with

bank charges from the petitioner and regularize the loan

account of the petitioner on the following conditions:

(i) The overdue amount of Rs.3,66,979/- (Rupees Three

Lakh Sixty Six Thousand Nine Hundred and Seventy Nine

only) shall be repaid in 12 equated monthly installments

along with any accrued interest and costs;

(ii) The first installment shall be paid on or before

10-02-2023. The subsequent installments shall be paid on or

before the 10th day of the succeeding months;

(iii) Petitioner shall continue to pay the regular EMI's

along with the installments as directed above;

(iv) In the event of default of any one installment, 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 ats

APPENDIX OF WP(C) 402/2023

PETITIONER EXHIBITS

Exhibit P1 THE TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE RESPONDENT BANK 2/2/2022