Kerala High Court
Arun N R vs Indus Ind Bank Limited 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. 17464 OF 2024
PETITIONER/S:
ARUN N R
AGED 27 YEARS
S/O RAJENDRAN, NEELAPRAMBIL, NETHAJI, ARYAD NORTH.P.O.,
MANNANCHERRY, ALAPPUZHA, PIN - 688538
BY ADV ARAVIND GHOSH
RESPONDENT/S:
INDUS IND BANK LIMITED
CSN BUILDING, DISTRICT COURT WARD, DISTRICT COURT ROAD,
THATHAMPALLY.P.O., ALAPPUZHA REPRESENTED BY ITS
AUTHORIZED OFFICER, PIN - 688013
OTHER PRESENT:
SRI VARGHESE C KURIAKOSE
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.17464/2024
2
JUDGMENT
Dated this the 10th day of May, 2024
The petitioner has availed a vehicle loan from the
respondent Bank. Since the petitioner defaulted
payment of the installments, the Bank has initiated
proceedings under the SARFAESI Act. The petitioner
has filed this Writ Petition for direction to the
respondent to provide installment facility to the
petitioner to pay the overdue amounts.
2. The learned counsel for the respondent
Bank, on instructions submits that the overdue
amount as on today (10.05.2024) is Rs.3,53,381/- and
if the petitioner deposits 50% of the said amount
within one month and the balance amount in equal
monthly installments, the account can be regularized.
3. The learned counsel for the petitioner
submits that the petitioner will deposit an amount of
Rs.1,00,000/- within a period of one month from today
and the balance amount in 8 equal monthly
installments commencing from 01.07.2024 alongwith
regular EMIs.
4. In view of the submissions made by the
learned counsel for the petitioner and the learned
counsel for the Bank, 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, petitioner will have the loan account
regularized.
Accordingly, there will be a direction to the
petitioner to pay an amount of Rs.1,00,000/- within a
period of one month from today. The petitioner shall
pay the balance overdue amount along with regular
EMIs in 8 equal monthly installments commencing
from 01.07.2024. In case the petitioner defaults any
of the installments as above, the petitioner shall
surrender the vehicle to the respondent Bank. To
enable the petitioner to remit the installments as
above, all coercive proceedings against the petitioner
shall be kept in abeyance.
This Writ Petition is disposed of.
sd/-
MURALI PURUSHOTHAMAN
JUDGE
Nsd
APPENDIX OF WP(C) 17464/2024
PETITIONER EXHIBITS
Exhibit-P1 THE TRUE COPY OF THE REGISTRATION
CERTIFICATE OF THE VEHICLE BEARING
REG.NO.KL-64J 9351 DATED 8/12/2022
ISSUED BY REGIONAL TRANSPORT
AUTHORITY, ALAPPUZHA
Exhibit-P2 THE TRUE COPY OF THE E-COURTS STATUS
OF THE MC NO.277/2024 OF CHIEF
JUDICIAL MAGISTRATE COURT, ALAPPUZHA
Exhibit-P3 THE TRUE COPY OF THE DRIVING LICENCE
OF THE PETITIONER
