Jayarajan E vs Canara Bank
2023 Latest Caselaw 5848 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                              PRESENT
                 THE HONOURABLE MR.JUSTICE C.S.DIAS
     WEDNESDAY, THE 24TH DAY OF MAY 2023 / 3RD JYAISHTA, 1945
                      WP(C) NO. 15885 OF 2023
PETITIONER:

          JAYARAJAN E
          AGED 57 YEARS, S/O ELISHA D,
          ANJU BHAVAN, URIACODE P.O,
          THIRUVANANTHAPURAM, PIN - 695543

          BY ADV S.NIKHIL SANKAR



RESPONDENT:

          CANARA BANK
          NEDUMANGAD BRANCH,
          REPRESENTED BY ITS AUTHORIZED OFFICER,
          AASHIYANA COMPLEX,OPPOSITE GREEN LAND AUDITORIUM,
          NEDUMANGAD P.O,THIRUVANANTHAPURAM, PIN - 695541

          BY SRI.M.GOPIKRISHNAN NAMBIAR (SC-CANARA BANK)


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
24.05.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 15885 OF 2023
                                2


             Dated this the 24th day of May, 2023

                          JUDGMENT

The writ petition is filed to direct the respondent-

Bank to permit the petitioner to pay off the overdue loan

amounts in equated monthly installments.

2. The petitioner's case is that, he had availed a

housing loan and an educational loan from the

respondent - Bank. However, due to the reasons beyond

his control, he could not repay the installments in time.

The respondent has issued Exts.P1 and P2 to the

petitioner under the Securitisation and Reconstruction

of Financial Assets and Enforcement of Security Interest

Act,2002 (in short, SARFAESI Act). The petitioner is

prepared to pay off the loan amounts in equated monthly

installments. Hence, the writ petition.

3.Heard; Sri. Nikhil Sankar S., the learned counsel

appearing for the petitioner and Sri. M. Gopikrishnan

Nambiar, the learned Standing Counsel appearing for WP(C) NO. 15885 OF 2023

the respondent.

4. Sri.Gopikrishnan Nambiar, on instructions,

submitted that as on 19.05.2023 an amount of

Rs.1,07,000/- and an amount of Rs.1,70,000/- is due from

the petitioner towards an educational loan and the

housing loan, respectively. The respondent - Bank is

prepared to accept the overdue amounts in installments

along with regular EMIs, in six equated monthly

installments. The said submission is recorded.

5. The learned counsel appearing for the petitioner

submitted that the petitioner is ready to accept the offer

and may be granted ten equated monthly installment to

repay the overdue amount.

6. Having considered the pleadings and materials

on record, and in the light of the submissions made by

the learned counsel appearing for both sides, I am

inclined to allow the writ petition, to provide the

petitioner one last opportunity.

WP(C) NO. 15885 OF 2023

Resultantly, the writ petition is disposed of in the

following manner:-

(i) The respondent is directed to defer further

coercive proceedings pursuant to Exts.P1 and P2, to

enable the petitioner to discharge the loan amount.

(ii) The petitioner is permitted to pay off the

overdue amounts as stated above, in ten equated

monthly installments commencing from 1.7.2023 along

with the regular EMIs.

(iii) Needless to mention, if the petitioner commits

defaults in any one of the installments, the petitioner

would loose the benefit of this judgment and the

respondent would be at liberty to proceed with the

recovery proceedings from the stage presently stands.

The writ petition is ordered accordingly.

Sd/-

C.S.DIAS, JUDGE rmm25/5/2023 WP(C) NO. 15885 OF 2023

APPENDIX OF WP(C) 15885/2023

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE ISSUED BY THE BANK U/S 13(4) TO THE PETITIONER DATED 03/05/2023(AMOUNT SHOWING RS.515665/-)

Exhibit P2 TRUE COPY OF THE NOTICE ISSUED BY THE BANK U/S 13(4)TO THE PETITIONER DATED 03/05/2023(AMOUNT SHOWING RS.741059/-)