Sivadas vs The Trichur Urban Co-Operative ...
2023 Latest Caselaw 1422 Ker

                      IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                       PRESENT

                       THE HONOURABLE MR. JUSTICE GOPINATH P.

               FRIDAY, THE 20TH DAY OF JANUARY 2023 / 30TH POUSHA, 1944

                               WP(C) NO. 10879 OF 2022

PETITIONER:

               SIVADAS,
               AGED 40 YEARS
               S/O.SANKARAN, PACHAMBILLY HOUSE, INDIRA NAGAR, MANKKODI P.O.,
               THRISSUR-680 012.
               BY ADVS.
               E.VIJIN KARTHIK
               R.ROHITH
               VINAY VIJAY SHANKER
               HARISHMA P. THAMPI


RESPONDENTS:

     1         THE TRICHUR URBAN CO-OPERATIVE BANK LTD.NO.3522,
               NO.87, MISSION QUARTERS, THRISSUR DISTRICT, KERALA-680 001.
     2         AUTHORIZED OFFICER,
               TRICHUR URBAN CO-OPERATIVE BANK LTD.NO.3522, NO.87, MISSION
               QUARTERS, THRISSUR DISTRICT, KERALA-680 001.
               BY ADV DEVAPRASANTH.P.J.



      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
20.01.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P. (C) No. 10879 of 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

two term 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.4,75,086/-

as on 20.01.2023. It was further submitted that

though proceedings for recovery have been initiated,

as a matter of indulgence, the respondent bank is W.P. (C) No. 10879 of 2022 ..3..

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

10.02.2023 and thereafter, if the amount so directed

is repaid within the time as directed above, to have

the loan account regularised.

W.P. (C) No. 10879 of 2022 ..4..

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire

overdue amount of Rs.4,75,086/- 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.4,75,086/-

together with any accrued interest and

charges shall be repaid in fifteen (15)

equated monthly instalments.

(ii) The first instalment shall be paid on or

before 10.02.2023 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 W.P. (C) No. 10879 of 2022 ..5..

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 RMV W.P. (C) No. 10879 of 2022 ..6..

APPENDIX OF WP(C) 10879/2022

PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE NOTICE ISSUED BY THE 1ST RESPONDENT UNDER SECTION 13(2) OF SARFAESI ACT ON 09.07.2019.

Exhibit P2 A TRUE COPY OF THE POSSESSION NOTICE DATED 26.07.2021 ISSUED BY THE 1ST RESPONDENT.

RESPONDENTS' EXHIBITS:NIL

TRUE COPY

P.A.TO JUDGE