Aji Peter vs Authorised Officer, Indusind ...
2023 Latest Caselaw 5693 Ker

           IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
     THE HONOURABLE MRS. JUSTICE SHOBA ANNAMMA EAPEN
 TUESDAY, THE 16TH DAY OF MAY 2023 / 26TH VAISAKHA, 1945
                       WP(C) NO. 14504 OF 2023
PETITIONER:

               AJI PETER
               AGED 47 YEARS, S/O PETER,
               RESIDING AT 10C, SAPHIRE HEIGHTS, VENNALA,
               ERNAKULAM, PIN - 682028
               BY ADV BLOSSOM MATHEW


RESPONDENTS:

    1       AUTHORISED OFFICER, INDUSIND BANK,
            (VEHICLE FINANCE DIVISION)
            CFD, JAIN TOWER II, VARAPPUZHA ROAD, NEAR
            RAILWAY OVERBRIDGE, EDAPPALLY,
            KOCHIN, PIN - 682024
    2       THE BRANCH MANAGER
            INDUSIND BANK, EDAPPALLY BRANCH,
            KOCHI, PIN - 682024
            BY ADV VARGHESE C.KURIAKOSE


        THIS    WRIT   PETITION    (CIVIL)   HAVING   COME    UP    FOR
ADMISSION       ON   16.05.2023,   THE   COURT   ON   THE    SAME   DAY
DELIVERED THE FOLLOWING:
 WPC NO. 14504/2023
                                ..2..




                           JUDGMENT

The petitioner has availed a loan from the respondent

financial institution in the year 2019. Since the petitioner

committed default in repayment, the respondent initiated

steps under the SARFAESI Act and Ext.P1 is the notice issued

by the Bank, informing the petitioner that the secured assets

will be taken possession of. On 04.03.2023, the vehicle was

seized and taken into possession by the respondent. Aggrieved

by the same, the petitioner has filed this writ petition.

2. When the matter is taken up for consideration, the

learned Standing Counsel for the respondent bank submits, on

instructions, that the overdue amount as on today comes to

Rs.2,78,502/- and the respondent is willing to regularise the

account provided the petitioner clears off the overdue amount

in two equated monthly instalments along with regular EMIs.

3. On the basis of the submission made by the learned

Standing Counsel for the respondent bank as well as the

learned counsel for the petitioner, 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 is repaid WPC NO. 14504/2023 ..3..

within the time as directed above, to have the loan account

regularised.

Accordingly, there will be a direction to the petitioner to

clear off the entire overdue amount of Rs.2,78,502/- in two

equated monthly installments, commencing from 10.06.2023,

along with regular EMI. In case the petitioner defaults payment

of any one of the installments as aforesaid, the respondent will

be free to proceed with, in accordance with law. In order to

enable the petitioner to repay the amounts as above, coercive

steps shall be kept in abeyance. Once the overdue amount is

cleared by the petitioner, the respondent shall deliver the

vehicle to the petitioner.

The writ petition is disposed of as above.

Sd/-

SHOBA ANNAMMA EAPEN

JUDGE ACR WPC NO. 14504/2023 ..4..

APPENDIX OF WP(C) 14504/2023

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE DATED 06.03.2023, RECEIVED BY THE PETITIONER