Kerala High Court
Resmi K Nair vs The Branch Manager on 13 November, 2024
Author: D. K. Singh
Bench: D. K. Singh
WP(C) NO. 40170 OF 2024
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2024:KER:84891
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE D. K. SINGH
WEDNESDAY, THE 13TH DAY OF NOVEMBER 2024 / 22ND KARTHIKA, 1946
WP(C) NO. 40170 OF 2024
PETITIONER/S:
RESMI K NAIR
AGED 33 YEARS
D/O THAMPI, MURIGOTHUPARAMBIL, PARAMPUZHA. P.O. VIJAYAPURAM,
MUTTAMPALAM, KOTTAYAM, PIN - 686004
BY ADVS.
BINDU SREEKUMAR
RANJAN SURESH
GOUTHAM SREEKUMAR
RESPONDENT/S:
THE BRANCH MANAGER
INDIAN BANK, KOTTAYAM BRANCH D. NO. 712A, GF , BENNIES INN TOWER, SHASTRI
ROAD, KOTTAYAM, PIN - 686001
OTHER PRESENT:
SRI. BINOY VASUDEVAN-SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13.11.2024, THE COURT ON
THE SAME DAY DELIVERED THE FOLLOWING:
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JUDGMENT
The petitioner took a housing loan of Rs.12,50,000/- from the
respondent Bank in 2018. The remaining tenure is 225 months.
2. The petitioner committed default in repaying the loan
amount in terms of the loan agreement. Therefore, the Bank, after
classifying the petitioner's loan account as NPA, proceeded against the
petitioners under the provisions of the SARFAESI Act and the Rules made
thereunder.
3. The learned Counsel for the respondent Bank, on
instructions, submits that the overdue amount is Rs.4,80,000/- and the
outstanding amount comes to around Rs.15 lakhs. If the petitioner
makes a substantial upfront payment along with one regular EMI and
the remaining overdue amount in a few instalments as this Court may
direct along with regular instalments, the Bank shall regularize the
loan account of the petitioner for making further payment in terms of
WP(C) NO. 40170 OF 2024
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the loan agreement and the Bank shall not proceed against the
petitioner under the provisions of the SARFAESI Act and the Rules
made thereunder.
4. Considering the said stand of the learned Counsel for the
respondent Bank, the present writ petition is disposed of on the
following terms:
(i) The petitioner shall pay an upfront amount of Rs.1 lakh, along with
one regular EMI on or before 30.11.2024.
(ii) The remaining overdue amount, along with regular instalments, is
to be paid in ten equal monthly instalments.
(iii) The first instalment is to be paid on or before 25.12.2024, and the
remaining nine instalments on or before the 20th day of each succeeding
month, along with regular instalments.
(iv) If the petitioner pays the entire overdue amount, the Bank shall
regularize the petitioner's loan account for making payments in terms
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of the loan agreement.
(v) After making payment of the entire overdue amount along with
regular instalments, the petitioner shall continue to pay the regular
instalments till the entire loan liability is discharged.
(vi) In case of failure to make payment of the upfront amount of Rs.1
lakh along with one regular EMI or any instalments as directed above,
the Bank shall be free to proceed against the petitioners in accordance
with the law.
The writ petition stands disposed of.
Sd/-
D. K. SINGH
JUDGE
jjj
WP(C) NO. 40170 OF 2024
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APPENDIX OF WP(C) 40170/2024
PETITIONER EXHIBITS
ExhibitP1 THE TRUE COPY OF THE STATEMENT OF ACCOUNT DATED 26.04.2018
ISSUED BY THE RESPONDENT BANK
ExhibitP2 THE TRUE COPY OF THE OP TICKET DATED 06.08.24 SHOWING THE
ILLNESS
ExhibitP3 THE TRUE COPY OF THE O P TICKET DATED 19.02.24 SHOWING THE
ILLNESS
ExhibitP4 TRUE COPY OF THE POSSESSION NOTICE DATED 04.09.24
ExhibitP5 TRUE COPY OF THE SALE NOTICE DATED 19.09.2024
