K.V Shibu vs The Kerala State Co-Operative ...
2023 Latest Caselaw 1243 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. 1391 OF 2023
PETITIONER:

          K.V SHIBU
          AGED 52 YEARS
          S/O.VARUTHAPPAN,KUNNATHOOR
          HOUSE,PUTHENVELIKKARA,THURUTHOOR,PUTHENVELIKKARA .P.O,
          PIN - 683594

          BY ADVS.
          K.S.RAJESH
          M.SHAJU PURUSHOTHAMAN



RESPONDENTS:

    1     THE KERALA STATE CO-OPERATIVE BANK LTD
          PUTHENVELIKKARA BRANCH,12/192,VIVEK CHANDRIKA SABA
          COMPLEX,P.O.PUTHENVELIKKARA
          ERNAKULAM DISTRICT,. REP:BY IT'S BRANCH MANAGER.
          PIN - 683504

    2     THE AUTHORIZED OFFICER
          THE KERALA STATE CO-OPERATIVE BANK LTD,
          NORTH PARAVUR MAIN BRANCH,MAIN ROAD,ERNAKULAM
          DISTRICT., PIN - 683513

          BY ADV N. RAGHURAJ



          ADV. N RAGUHRAJ STANDING COUNSEL




     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.1391/2023                   -2-



                               JUDGMENT

Dated this the 18th day of January, 2023

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 two

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.5,81,100/-. 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 twelve (12) 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.5,81,100/- 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.5,81,100/- together

with any accrued interest and charges shall be

repaid in twelve (12) 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 AP

APPENDIX OF WP(C) 1391/2023

PETITIONER EXHIBITS

Exhibit1 TRUE COPY THE POSSESSION NOTICE DATED 7.12.2022 ISSUED TO THE PETITIONER UNDER SECTION 13[4] OF THE SECURITIZATION ACT