Kasim Kallingal vs The Authorized Officer
2023 Latest Caselaw 1241 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. 1658 OF 2023
PETITIONER:

          KASIM KALLINGAL
          AGED 65 YEARS
          S/O. ABDU KALLINGAL,
          KALLINGAL HOUSE, PULLUR,
          MANJERY, KARUVAMBRAM P.O,
          MALAPPURAM, PIN - 676123

          BY ADV B.SABITHA (DESOM)



RESPONDENT:

          THE AUTHORIZED OFFICER
          SUNDARAM HOME FINANCE LIMITED
          2ND FLOOR, BMT CENTRE,
          MINI BYE PASS ROAD, PUTHIYARA P.O,
          NEAR COMTRUST EYE HOSPITAL,
          PUTHIYARA, KOZHIKODE, PIN - 673004


OTHER PRESENT:

          ADV. S AMBILY (SC)


     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.1658/2023                     -2-

                                 JUDGMENT

Petitioner is the co-borrower of two loans availed from the respondent bank

for purchase of residential apartments. The 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 the loans 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.20,00,927/-. 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 Adv. S.

Ambily, the learned 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 28-02-2023 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.20,00,927/- along with bank charges

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

following conditions:

(i) The petitioner shall pay an amount of Rs.2,00,000/- on or before 31-01-2023 and the balance overdue amount 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 28-02-2023 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) 1658/2023

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE ORDER IN CMP NO. 1024/2022 DATED 23.12.22 BEFORE THE CHIEF JUDICIAL MAGISTRATE COURT, KOZHIKODE

Exhibit P2 TRUE COPY OF THE POSSESSION NOTICE DATED 10.1.2023 ISSUED BY THE ADVOCATE COMMISSIONER