Vidhya. P vs Federal Bank Limited
2023 Latest Caselaw 5695 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. 15366 OF 2023
PETITIONER:

            VIDHYA. P.
            AGED 35 YEARS
            W/O SUBHASH SUKUMARAN, KANNANGATTIL HOUSE,
            CHERIYANAD P.O., ALAPPUZHA DISTRICT - 689511.,
            NOW RESIDING AT THAYYILPUTHUMANDIRAM, KADAKKAD,
            PANDALAM P.O., PATHANAMTHITTA DISTRICT,
            PIN - 689511
            BY ADV GODWIN JOSEPH


RESPONDENTS:

      1      FEDERAL BANK LIMITED
             REPRESENTED BY ITS AUTHORISED OFFICER,
             LCRD/KOTTAYAM DIVISION, THEKKUMKAL BUILDING,
             T.B. ROAD, KOTTAYAM, PIN - 686001
      2      THE BRANCH MANAGER
             FEDERAL BANK FINANCE LIMITED, GRACE PLAZA, SH-1,
             OPP. NSS HIGHER SECONDARY SCHOOL, PANDALAM,
             PATHANAMTHITTA DISTRICT, PIN - 689501
             BY ADV MOHAN JACOB GEORGE


       THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON   16.05.2023,   THE   COURT    ON   THE   SAME   DAY   DELIVERED   THE
FOLLOWING:
 WP(C) NO. 15366 OF 2023           2

                             JUDGMENT

The petitioner has availed a loan from the respondent financial

institution in the year 2018. Since the petitioner committed default

in repayment, the respondent initiated steps under the SARFAESI

Act and Ext.P4 is the notice issued by the Advocate Commissioner,

informing the petitioner that the secured assets will be taken

possession of within 15 days from the date of Ext.P4. 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.4,55,088/- and

the respondent is willing to regularise the account provided the

petitioner pays Rs.1 Lakh on or before 10.06.2023 and the balance

overdue amounts in 10 equal 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 within the time

as directed above, to have the loan account regularised.

4. Accordingly, there will be a direction to the petitioner to

clear off the entire overdue amount of Rs.Rs.4,55,088/-, by first

paying Rs.1 Lakh on or before 10.06.2023 and the balance overdue

amounts in 10 equal monthly instalments, along with regular EMIs.

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.

The writ petition is disposed of as above.

Sd/-

SHOBA ANNAMMA EAPEN JUDGE MC

APPENDIX OF WP(C) 15366/2023

PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE LETTER NO.

PLM/C533/14177300002458//2020 DATED 17.11.2020 ISSUED BY THE 2ND RESPONDENT TO THE HUSBAND OF THE PETITIONER.

Exhibit P2 A TRUE COPY OF THE LETTER NO.

PLM/AL2/14177300002458//2021 DATED 22.02.2021 ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER HEREIN.

Exhibit P3 A TRUE COPY OF THE LETTER NO. KTMB/SEPF 1850//2021 DATED 13.12.2021 ISSUED BY THE 1ST RESPONDENT.

Exhibit P4 A TRUE COPY OF THE NOTICE DATED 26.04.2023 ISSUED TO THIS PETITIONER BY THE ADVOCATE COMMISSIONER ADV. SHANI VARGHESE.