Ashwin Pavithran vs Idbi Bank, Rep. By Its Authorized ...
2023 Latest Caselaw 1440 Ker

W.P. (C) No. 2006 of 2023
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                     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. 2006 OF 2023

PETITIONER:

               ASHWIN PAVITHRAN
               AGED 25 YEARS
               S/O PAVITHRAN K.M., "PRATHEEKSHA", KURICHIYIL P.O., PUNNOL,
               THALASSERY, KANNUR , PIN - 670102
               BY ADVS.
               RIA ELIZABETH JOSEPH
               K.P.BALASUBRAMANYAN
               IRENE ELZA SOJI


RESPONDENT:

               IDBI BANK, REP. BY ITS AUTHORIZED OFFICER
               MUKHYA PRANA COMPLEX, NCC ROAD, THALASSERY, KERALA, PIN - 670101

OTHER PRESENT:

               ADV. M S KIRAN (SC)



      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. 2006 of 2023
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                              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 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 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.4,98,318.71/-. 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. 2006 of 2023 ..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 six (6) 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.

W.P. (C) No. 2006 of 2023 ..4..

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire

overdue amount of Rs.4,98,318.71/- 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.4,98,318.71/-

together with any accrued interest and

charges shall be repaid in six (6) 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 W.P. (C) No. 2006 of 2023 ..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. 2006 of 2023 ..6..

APPENDIX OF WP(C) 2006/2023

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE ISSUED UNDER SECTION 13(2) OF THE SECURITIZATION AND RE-CONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT 2002 DATED 28/06/2022 Exhibit P2 TRUE COPY OF THE POSSESSION NOTICE PUBLISHED IN THE INDIAN EXPRESS DAILY DATED 21/09/2022 Exhibit P3 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER IN M.C.463/2022 DATED 22/12/2022 Exhibit P4 TRUE COPY OF THE APPOINTMENT LETTER DATED 04/11/2022

RESPONDENTS' EXHIBITS:NIL

TRUE COPY

P.A.TO JUDGE