Sivanandan P vs Indusind Bank Ltd
2023 Latest Caselaw 6310 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
                 THE HONOURABLE MR.JUSTICE C.S.DIAS
    MONDAY, THE 12TH DAY OF JUNE 2023 / 22ND JYAISHTA, 1945
                       WP(C) NO. 17638 OF 2023
PETITIONER:

          SIVANANDAN P
          AGED 75 YEARS
          S/O PADMANABHAN, PUTHENVEETIL PADEETTATHIL,
          PALLICKAL, NADUVILEMURI P.O,
          BHARANIKAVU, ALAPPUZHA DISTRICT,
          PIN - 690503

          BY ADVS.      M.KIRANLAL
                        MANU RAMACHANDRAN
                        R.RAJESH (VARKALA)
                        SAMEER M NAIR
                        GEETHU KRISHNAN
                        SAILAKSHMI MENON


RESPONDENTS:

    1     INDUSIND BANK LTD
          HAVING ITS REGISTERED OFFICE AT 2401, GENERAL
          THIMMAYA ROAD, CONTONMENT, PUNE AND ITS VEHICLE
          FINANCIAL DIVISION AT 92, CHAMEIRS ROAD, CHENNAI
          600018, INDIA AND STATE OFFICE AT KOCHI, IS
          REPRESENTED BY THE AUTHORIZED OFFICER, BISIN K.S,
          INDUSIND BANK LTD, GOWRINARAYAN OPP TO, NEW
          JAYALAKSHMI SILKS, M.G ROAD, KOCHI,
          PIN - 682035

    2     SUJITH
          AGED 40 YEARS
          S/O SIVANADANPUTHENVEETIL PADEETTATHIL PALLICKAL,
          NADUVILEMURI P.O, BHARANIKAVU, ALAPPUZHA DISTRICT,
          PIN - 690503

          BY ADV VARGHESE C.KURIAKOSE

      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
12.06.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C)No.17638/2023

                                       -:2:-




                       Dated this the 12th day of June,2023

                              JUDGMENT

The writ petition is filed to direct the respondents

to permit the petitioner to pay off the overdue amount

in equated monthly instalments and regularise the loan

account.

2. The petitioner's case is that, he had stood as

a guarantor for a loan that was availed by his son - the

second respondent - for the purchase of a motor

vehicle. Due to reasons beyond the control of the

petitioner and the second respondent, the instalments

could not be paid on time. Now, the first respondent

has approached the Chief Judicial Magistrate Court,

Alappuzha, and is threatening to take possession of the

vehicle. The petitioner is ready to pay off the overdue

amount in instalments. Hence, the writ petition.

3. When the writ petition came up for

consideration on 01.06.2023, this Court had stayed W.P.(C)No.17638/2023

further coercive proceedings as against the petitioner on

condition that the petitioner deposits an amount of

Rs.50,000/- on or before 08.06.2023.

4. Heard; Sri. M.Kiranlal, the learned counsel

appearing for the petitioner and Sri. Varghese

C.Kuriakose,the learned standing counsel appearing

for the respondents.

5. Sri. Varghese C.Kuriakose, on instructions,

submitted that the petitioner has complied with the

interim order dated 01.06.2023 by depositing the

amount on 03.06.2023. The respondents are willing to

permit the petitioner to pay off the overdue amount of

Rs.1,31,785/-, as on today, in four equated monthly

instalments along with the regular EMIs. The said

submission is recorded.

5. Sri. M.Kiranlal submitted that, the petitioner

may be granted at least five instalments to pay off the W.P.(C)No.17638/2023

overdue amount.

6. Having considered the pleadings and

materials on record, and in the light of the submission

made by the learned counsel appearing for parties, to

provide the petitioner one last opportunity, I am

inclined to exercise the powers of this Court under

Article 226 of the Constitution of India and dispose of

the writ petition.

Resultantly, I dispose of the writ petition in the

following manner:

(i) The first respondent is directed to defer further proceedings pursuant to Ext P1 notice, to enable the petitioner to pay off the overdue amount in instalments.

(ii) The petitioner is permitted to pay the overdue amount as stated above with future interest and cost to the first respondent - Bank in five equated monthly instalments commencing from 12.07.2023 along with regular EMIs.

W.P.(C)No.17638/2023

(iii) Needless to mention, if the petitioner commits default in respect of any of the conditions ordered above, he will lose the benefit of this judgment and the respondents would be at liberty to proceed with recovery proceedings from the stage it presently stands.

(iv) It is made clear that, no further application for modification/extension of time shall be entertained.

Sd/-

                                      C.S.DIAS,JUDGE

DST/12.06.23                                         //True copy//

                                                     P.A.To Judge
 W.P.(C)No.17638/2023






                             APPENDIX




PETITIONER EXHIBITS
EXHIBIT P1          A TRUE COPY OF THE ORDER FROM THE CHIEF

JUDICIAL MAGISTRATE COURT ALAPPUZHA DATED 25.04.2023

RESPONDENT'S EXHIBITS: NIL