M.K.Joseph vs The Authorized Officer
2023 Latest Caselaw 1477 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. 1075 OF 2023
PETITIONER:

          M.K.JOSEPH
          AGED 60 YEARS, S/O KURIAN,
          MANIMLATHARAPPEL (H), AYYANKUNNU AMSOM DESOM,
          AGGADIKKADAVU. P.O,IRITTY TALUK,
          KANNUR DISTRICT., PIN - 670 706.

          BY ADVS.
                    JIJI THOMAS
                    SMITHA MATHEW


RESPONDENTS:

    1     THE AUTHORIZED OFFICER
          HDFC LTD,HDFC HOUSE,PB NO 1667,RAVIPURAM JN,
          MG ROAD, KOCHI., PIN - 682 015.

    2     THE REGIONAL MANAGER
          HDFC BANK BUILDING NO:32,KESAVEEYAM,
          PALARIVATTOM,KOCHI., PIN - 682 025.

          BY ADVS.
                    AMBILY S
                    K.K.CHANDRAN PILLAI (SR.)(C-41)


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
20.01.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 1075 OF 2023                     2


                             JUDGMENT

Petitioner has approached this Court challenging

proceedings initiated under the Securitisation and

Reconstruction of Financial Assets and Enforcement of

Security Interest Act (SARFAESI Act) for recovery of the

amounts due under an 'equity 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 installments and to obtain regularization

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.2,96,287/- (Rupees Two Lakh Ninety

Six Thousand Two Hundred and Eighty Seven only) (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 willing to accept

repayment of the overdue amount in limited installments and

regularize the loan account.

4. I have heard Adv. Jiji Thomas, learned counsel for

the petitioner as well as Adv. Ambily S ., the learned counsel

for the respondent.

5. Having regard to the circumstances of the case and

the situation now prevailing, apart from the submissions

made as recorded above, I am of the view that the petitioner

can be granted an opportunity to repay the overdue amount

in 10 installments and thereafter, if the amount so directed

is repaid within the time as directed above, to have the loan

account regularized.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire overdue

amount of Rs.2,96,287/- (Rupees Two Lakh Ninety Six

Thousand Two Hundred and Eighty Seven only) along with

bank charges from the petitioner and regularize the loan

account of the petitioner on the following conditions:

(i) The overdue amount of Rs.2,96,287/- (Rupees Two

Lakh Ninety Six Thousand Two Hundred and Eighty Seven

only) shall be repaid in 10 equated monthly installments

along with any accrued interest and costs;

(ii) The first installment shall be paid on or before

10-02-2023. The subsequent installments shall be paid on or

before the 10th day of the succeeding months;

(iii) Petitioner shall continue to pay the regular EMI's

along with the installments as directed above;

(iv) In the event of default of any one installment, 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 ats

APPENDIX OF WP(C) 1075/2023

PETITIONER EXHIBITS

Exhibit P1 DEMAND NOTICE DATED 27/07/2022 ISSUED BY THE 1ST RESPONDENT

Exhibit P 2 LETTER DATED 30/09/2022 ISSUED BY THE 1ST RESPONDENT

Exhibit P 3 NOTICE ISSUED BY THE ADVOCATE COMMISSIONER IN MC NO.437/2022 DATED 22/12/2022