Lolitha vs The Kerala State Co-Operative ...
2023 Latest Caselaw 951 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                              PRESENT
               THE HONOURABLE MR. JUSTICE GOPINATH P.
     TUESDAY, THE 17TH DAY OF JANUARY 2023 / 27TH POUSHA, 1944
                       WP(C) NO. 1394 OF 2023
PETITIONER:

          LOLITHA
          AGED 58 YEARS, D/O. PRABHAKARAN,
          KALATHIL HOUSE, PUNNA DESOM,
          MANATHALA VILLAGE, CHAVAKKAD TALUK,
          TRICHUR DISTRICT, PIN - 680 506.

          BY ADVS.
                   T.G.RAJENDRAN
                   T.R.TARIN


RESPONDENT:

          THE KERALA STATE CO-OPERATIVE BANK KLTD
          REPRESENTED BY ITS AUTHORIZED OFFICER,
          SAHAKARANA SATHABTHI MANDIRAM,
          KOVILAKATHUMPADAM, THIRUVAMBADY P.O.,
          TRICHUR, PIN - 680 022.

          BY ADV P.C.SASIDHARAN


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
17.01.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 1394 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 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 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 as on 31-12-2022 is Rs.2,43,365/- (Rupees

Two Lakh Forty Three Thousand Three Hundred and Sixty

Five 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 installments and

regularize the loan account.

4. I have heard Adv. T.G.Rajendran, learned counsel

for the petitioner as well as Adv. P.C.Sasidharan, 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 15 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.2,43,365/- (Rupees Two Lakh Forty Three

Thousand Three Hundred and Sixty Five 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.2,43,365/- (Rupees Two

Lakh Forty Three Thousand Three Hundred and Sixty Five

only) shall be repaid in 15 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) 1394/2023

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE DATED 27.12.2022 ISSUED BY THE RESPONDENT BANK