Joji M Cherian vs Bank Of Baroda
2024 Latest Caselaw 12066 Ker

Kerala High Court

Joji M Cherian vs Bank Of Baroda on 10 May, 2024

Author: Murali Purushothaman

Bench: Murali Purushothaman

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                 PRESENT
           THE HONOURABLE MR.JUSTICE MURALI PURUSHOTHAMAN
          FRIDAY, THE 10TH DAY OF MAY 2024 / 20TH VAISAKHA, 1946
                         WP(C) NO. 17208 OF 2024
PETITIONER/S:

             JOJI M CHERIAN
             AGED 43 YEARS
             S/O CHERIAN KOSHY, MANTHANATHU HOUSE, EDAMON P.O,
             CHETHAKAL VILLAGE, RANNI TALUK, PATHANAMTHITTA
             DISTRICT, PIN - 689 691.

             BY ADVS.
                ARUN ASHOK
                NEENA JAMES


RESPONDENTS:

     1       BANK OF BARODA
             RANNI BRANCH, GROUND FLOOR, PUNNAMOOTTIL BUILDING,
             PAZHAVANGADI P.O, RANNI TALUK, PATHANAMTHITTA
             DISTRICT, PIN 689673, REPRESENTED BY ITS BRANCH MANAGER.,
             PIN - 689 673.

     2       THE AUTHORISED OFFICER
             BANK OF BARODA, RANNI BRANCH, GROUND FLOOR,
             PUNNAMOOTTIL BUILDING, PAZHAVANGADI P.O, RANNI TALUK,
             PATHANAMTHITTA DISTRICT, PIN - 689 673.

             BY ADV LEO GEORGE, STANDING COUNSEL



         THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
10.05.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) No. 17208 of 2024

                                2



                          JUDGMENT

The petitioner had availed a housing loan from the

respondent Bank. Since the petitioner defaulted payment

of installments, the respondentS initiated proceedings

under the Securitization and Reconstruction of Financial

Assets and Enforcement of Security Interest Act

(hereinafter referred to as SARFAESI Act). Ext.P1 is the

notice issued under Section 13 (2) of the SARFAESI

Act. The petitioner submits that he is willing to clear

off the overdue amounts if easy installment facilities are

granted.

2. Heard the learned Counsel for the petitioner

and Sri.Leo George, the learned Standing Counsel for

the Bank.

3. The learned Standing Counsel for the

Bank submits that the Bank is willing to regularize the

account provided the petitioner clear off the overdue

amount of Rs.7,11,000/- (Rupees Seven lakh eleven

thousand only) in six equal monthly installments.

4. The learned Counsel for the petitioner submits

that the petitioner is willing to clear off the overdue

amount in 12 equal monthly installments.

5. In view of the submission made by the learned

Counsel on both sides, I am of the view that the

petitioner can be granted an opportunity to repay the

overdue amount in installments, and thereafter, if the

amount so directed is repaid within the stipulated time,

to have the loan account regularized.

Accordingly, there will be a direction to the

petitioner to pay the amount of Rs.7,11,000/- in ten

equal monthly installments commencing from 01.06.2024

along with regular EMIs. In case the petitioner defaults

payment of any of the installments as aforesaid, the

respondents will be free to proceed against the

petitioner in accordance with law. To enable the

petitioner to remit the amount as above, all coercive

proceedings against the petitioner shall be kept in

abeyance.

The writ petition is disposed of with the above

directions.

Sd/-

MURALI PURUSHOTHAMAN, JUDGE

S.M.K.

APPENDIX OF WP(C) 17208/2024

PETITIONER EXHIBITS Exhibit-P1 A TRUE COPY OF A NOTICE U/S 13(2) OF SARFAESI ACT ISSUED BY THE 2ND RESPONDENT DATED 30-08- 2023.

Exhibit-P2 A TRUE COPY OF NOTICE ISSUED BY THE 2ND RESPONDENT DATED 27-11-2023.

Exhibit-P3 A TRUE COPY OF NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 08-04-2024.