Subin vs Kerala Bank
2024 Latest Caselaw 12167 Ker

Citation : 2024 Latest Caselaw 12167 Ker
Judgement Date : 14 May, 2024

Kerala High Court

Subin vs Kerala Bank on 14 May, 2024

             IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                 PRESENT
              THE HONOURABLE MR.JUSTICE VIJU ABRAHAM
     TUESDAY, THE 14TH DAY OF MAY 2024 / 24TH VAISAKHA, 1946
                      WP(C) NO. 17743 OF 2024
PETITIONERS:

      1      SUBIN
             AGED 39 YEARS
             S/O SASIDHARAN,SUBISH BHAVAN, CHAKKUVARAKKAL P.O,
             PUNALUR, KOLLAM DISTRICT, PIN - 691508
      2      SARASAMMA
             AGED 62 YEARS
             W/O SASIDHARAN, SUBISH BHAVAN, CHAKKUVARAKKAL P.O,
             PUNALUR, KOLLAM DISTRICT, PIN - 691508
             BY ADVS.
             P.T.MANOJ
             JESTINA MARIAM JOSEPH
             LITISHYA FRANCIS


RESPONDENTS:

      1      KERALA BANK
             REPRESENTED BY ITS MANAGER KUNNICODE BRANCH AT
             MEDAYIL BUILDINGS,KUNNICODE,KOLLAM DISTRICT,
             PIN - 691508
      2      AUTHORIZED OFFICER
             UNDER SARFAESI ACT,KERALA BANK, ITS KUNNICODE
             BRANCH AT MEDAYIL BUILDINGS,KUNNICODE,KOLLAM
             DISTRICT REPRESENTED BY ITS MANAGER, PIN - 691508

             SC - ADV. P.C.SASIDHARAN
      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON   14.05.2024,   THE   COURT    ON   THE   SAME   DAY   DELIVERED   THE
FOLLOWING:
 W.P.(C). No.17743 of 2024           :2:



                           VIJU ABRAHAM, J.
         --     -- -- -- -- -- -- -- -- -- -- -- --
                       W.P.(C) No.17743 of 2024
         --     -- -- -- -- -- -- -- -- -- -- -- --
                   Dated this the 14th day of May, 2024

                                   JUDGMENT

The above writ petition is filed seeking a direction to permit

the petitioners to pay the dues to the bank in equal 20 monthly

instalments.

2. The petitioners have availed a term loan for an amount of

Rs.18,00,000/- from the respondent bank for the purpose of

constructing a house and thereafter defaulted in repayment and

proceedings have been initiated by the bank under the

Securitization and Reconstruction of Financial Assets and

Enforcement of Security Interest Act (SARFAESI) Act.

3. Heard the learned counsel for the petitioners and the

learned counsel for the respondent bank.

4. The learned counsel for the respondent bank would submit

that the total overdue amount as on 14.05.2024 is Rs.10,06,357/-

and that the loan can be regularised if the petitioners pay the total

overdue amount in instalments and also continue to pay the regular

EMIs.

5. Considering the facts and circumstances of the case and

submissions made across the bar, I dispose of the writ petition

directing to regularise the loan amount on the following conditions:

i) The petitioners shall pay the total overdue

amount of Rs.10,06,357/-(Rupees ten lakhs six

thousand three hundred and fifty seven only) along

with the accrued interest and other charges in 15

equated monthly installments, commencing from

01.06.2024 and shall continue to pay the regular

instalments as per the original loan schedule.

ii) In the event of any single default in payment

as directed above, the respondent bank shall be

free to continue the recovery proceedings from the

stage at which they presently stand.

iii) It is made clear that if the petitioners comply

with the aforesaid directions, further proceedings

for recovery shall be kept in abeyance.

With the above said directions, this writ petition is disposed

of.

Sd/-

VIJU ABRAHAM JUDGE sm/

APPENDIX OF WP(C) 17743/2024