Sainaba vs Cherpalcheri Co-Operative Urban ...
2023 Latest Caselaw 1208 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. 42115 OF 2022
PETITIONER:

          SAINABA
          AGED 43 YEARS
          SAINABA, AGED 43, W/O MOHAMMED SHA, PALATHINGAL HOUSE,
          KUTTIKKODE,THRIKKADEERI,OTTAPPALAM TALUK, PALAKKAD
          DISTRICT, PIN-679502, PIN - 679502

          BY ADVS.
          JACOB E SIMON
          SRINATH C.V.



RESPONDENTS:

    1     CHERPALCHERI CO-OPERATIVE URBAN BANK, HEAD OFFICE, MAIN
          ROAD, CHERPPULASSERY PO, PIN-679503 REPRESENTED BY ITS
          SECRETARY., PIN - 679503

    2     THE AUTHORIZED OFFICER/ GENERAL MANAGER, CHERPALCHERI
          CO-OPERATIVE URBAN BANK, HEAD OFFICE, MAIN ROAD,
          CHERPPULASSERY PO, PIN-679503., PIN - 679503

          BY ADV JAYARAJ M




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
18.01.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P (C) No.42115/2022                    -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. The learned counsel for the respondent bank submits that the

proceedings are only at the stage of notice under sub-section (2) of Section 13 of the

SARFAESI Act and there is no cause of action to approach this court.

3. The learned counsel appearing for the petitioner submits that the

petitioner may be permitted to regularise the loan account by paying the overdue

amount in installments. Learned counsel for the respondent bank submits that the

overdue amount as on 03-01-2023 is Rs.4,03,566/- and the bank has no objection

in permitting the petitioner to clear the overdue amount in some installments.

4. 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 ten (10) equal monthly instalments, first of which

shall be paid on or before 10-02-2023 and thereafter, if the amount so directed is

repaid within the time as directed above, to have the loan account regularised.

5. Accordingly, there will be a direction to the respondent bank to accept

repayment of the entire overdue amount of Rs.4,03,566/- 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.4,03,566/- together with any accrued interest and charges shall be repaid in ten equated monthly instalments.

(ii) The first instalment shall be paid on or before 10-02-2023 and the subsequent instalments shall be paid on or before 10 th 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) 42115/2022

PETITIONER EXHIBITS

Exhibit P1      DEMAND NOTICE