Shajahan Abdulla vs The Federal Bank Ltd
2024 Latest Caselaw 12218 Ker

Citation : 2024 Latest Caselaw 12218 Ker
Judgement Date : 14 May, 2024

Kerala High Court

Shajahan Abdulla vs The Federal Bank Ltd 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. 16112 OF 2024
PETITIONERS:

    1       SHAJAHAN ABDULLA,
            AGED 46 YEARS
            S/O ABDULLA RAWTHER, SHIJU MANZIL, KOLLAKADAVU P.O,
            ALAPPUZHA, PIN - 690505

    2       SEENA SHAJAHAN,
            AGED 39 YEARS
            W/O SHAJAHAN, SHIJU MANZIL, KOLLAKADAVU P.O, ALAPPUZHA,
            PIN - 690505

            BY ADV RENI JAMES



RESPONDENTS:

    1       THE FEDERAL BANK LTD,
            REPRESENTED BY ITS AUTHORIZED OFFICER KOLLAKADAVU
            BRANCH,ALAPPUZHA, PIN - 690509

    2       THE AUTHORIZED OFFICER,
            THE FEDERAL BANK LTD, KOLLAKADAVU BRANCH, ALAPPUZHA,
            PIN - 690509


OTHER PRESENT:

            SC-PAULOCHAN ANTONY




     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.16112 of 2024                2



                        VIJU ABRAHAM,J
                     -------------------
                  W.P.(C).No.16112 of 2024
              ---------------------------------
             Dated this the 14th day of May, 2024

                              JUDGMENT

The petitioners have approached this Court

seeking a direction to permit the petitioners to

pay the dues in equal monthly instalments and

regularise the loan.

2. The petitioners have availed a housing loan

from the respondent bank and since there was a

default in paying the loan amount, proceedings

have been initiated by the bank under the

Securitization and Reconstruction of Financial

Assets and Enforcement of Security Interest Act

(SARFAESI) Act, as is evident from Ext.P1.

3. The learned counsel for the respondent bank

submitted that the total amount now outstanding is

Rs.9,06,617/- and that the loan can be regularised

if the petitioners pay a substantial amount within

a period of one month and pay balance amount in

reasonable installments.

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 an amount of

Rs.1,00,000/-(Rupees one lakh only) within a

period of one month from today.

ii) The balance amount along with the accrued

interest and other charges shall be paid by the

petitioners in ten equated monthly installments,

commencing from 15.06.2024 onwards and shall also

continue to pay the regular instalments as per the

original loan schedule.

iii) 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.