Baiju Balan vs Induslnd Bank Limited
2023 Latest Caselaw 5509 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
          THE HONOURABLE MR.JUSTICE MURALI PURUSHOTHAMAN
      TUESDAY, THE 2ND DAY OF MAY 2023 / 12TH VAISAKHA, 1945
                        WP(C) NO. 13594 OF 2023
PETITIONER/S:

          BAIJU BALAN, AGED 45 YEARS
          S/O BALAN KUNIYIL, P RASANTHI HOUSE, NADAKKUTHAZHA
          POST, VADAKARA KOZHIKKODE ,, PIN - 673104
          BY ADV AJITH M. JIJI


RESPONDENT/S:

          INDUSLND BANK LIMITED
          REP. BY THE AUTHORIZED OFFICER, 1ST FLOOR,
          JAIN TOWER - II, EDAPALLY , KOCHI -, PIN - 682024
          BY ADV VARGHESE C.KURIAKOSE


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
02.05.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 13594 OF 2023              2



                               JUDGMENT

Petitioner had availed a loan from the respondent bank

for the purchase of a vehicle. Since the petitioner defaulted

repayment of the instalments, the bank initiated proceedings

under the provisions of the SARFAESI Act. Ext.P1 is the

notice issued under the SARFAESI Act. Challenging the

proceedings initiated by the respondent bank, the petitioner

has approached this Court.

2. Learned counsel appearing for the respondent

bank submits that the total overdue amount, as on today

(02.05.2023), is Rs.7,10,500/- (Rupees Seven lakhs ten

thousand and five hundred only) and that if the petitioner is

willing to pay an amount of Rs.3,00,000/- within a period of

one month and the balance overdue amount in five equated

monthly instalments, the loan account can be regularised

and that only on payment of an amount of Rs.3,00,000/-

within the prescribed period, the vehicle can be released.

3. Learned counsel appearing for the petitioner

agrees to the said suggestion made by the learned counsel

appearing for the respondent.

4. Having regard to the facts and circumstances of

the case and in the light of the submission made by the

learned counsel appearing for the petitioner as well as the

learned counsel appearing for the respondent bank, I am of

the view that the petitioner can be granted an opportunity to

repay the overdue amount in instalments and thereafter, if

the amount so directed is repaid within the time as directed,

to have the loan account regularised.

5. Accordingly, the writ petition is disposed of with

the following directions:-

(i) Petitioner shall pay a sum of Rs.3,00,000/ - (Rupees Three lakhs only) within a period of one month from today. On payment of the said amount, the bank shall release the vehicle as expeditiously as possible;

(ii) The balance overdue amount of Rs.4,10,500/- (Rupees Four lakhs ten thousand and five hundred only) along with any accrued interest and charges shall be repaid in five equated monthly instalments and the first instalment shall be paid on or before 01.07.2023 and the subsequent instalments shall be paid on the 1st day of each 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 entitled to proceed in accordance with law;

(v) To facilitate the petitioner to pay the amounts as aforesaid, the proceedings initiated by the bank under the provisions of the SARFAESI shall be kept in abeyance.

Sd/-

MURALI PURUSHOTHAMAN, JUDGE ajt

APPENDIX OF WP(C) 13594/2023

PETITIONER EXHIBITS Exhibit -P1 TRUE COPY OF THE NOTICE DATED 17.03.2023 ISSUED BY THE RESPONDENT BANK Exhibit -P2 TRUE COPY OF NOTICE OF PAPER PUBLICATION OF THE SALE Exhibit -P3 TRUE COPY OF THE REQUEST LETTER DATED 06.04.2023 SUBMITTED BY THE PETITIONER TO THE RESPONDENT