Shereef Abdul Khadar vs The Authorized Officer
2023 Latest Caselaw 385 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                 THE HONOURABLE MR. JUSTICE GOPINATH P.
    WEDNESDAY, THE 11TH DAY OF JANUARY 2023 / 21ST POUSHA, 1944
                         WP(C) NO. 156 OF 2023
PETITIONER/S:

          SHEREEF ABDUL KHADAR
          AGED 62 YEARS
          S/O ABDUL KHADAR, NEELISSERIL HOUSE
          CHILAVU, PIN - 685588
          BY ADV M.R.SASITH


RESPONDENT/S:

          THE AUTHORIZED OFFICER
          THE THODUPUZHA URBAN CO-OPERATIVE BANK LTD.
          NO 394, THODUPUZHA TALUK, IDUKKI, PIN - 685584



          ADV. SAJEEV KUMAR K GOPAL (SC)


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
11.01.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 156 OF 2023                2



                                JUDGMENT

Petitioner has approached this Court, challenging

proceedings initiated by the respondent Bank under the

provisions of the Securitisation and Reconstruction of

Financial Assets and Enforcement of Security Interest Act,

for recovery of the amounts due from 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 availed an overdraft facility from the

respondent bank and committed default in repayment. It is

submitted that the overdue amount, as of now, is

Rs.2,45,000/- (Rupees Two lakhs and forty five thousand

only). 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 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 eight instalments 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.2,45,000/- (Rupees Two lakhs and forty five

thousand only) along with bank charges from the petitioner

and regularise the loan account of the petitioner in the

following manner:-

(i) The overdue amount of Rs.2,45,000/- (Rupees Two lakhs and forty five thousand only) along with any accrued interest and charges shall be repaid in eight equated monthly instalments;

(ii)The first instalment shall be paid on or before 31.01.2023 and the subsequent instalments shall be paid on or before the last working day of each succeeding month;

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

APPENDIX OF WP(C) 156/2023

PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE RESPONDENT BANK DATED