Kerala High Court
Muneer Aakukandi vs Federal Bank on 13 November, 2024
Author: D. K. Singh
Bench: D. K. Singh
WP(C) NO. 40073 OF 2024
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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. 40073 OF 2024
PETITIONER/S:
1 MUNEER AAKUKANDI,
AGED 55 YEARS
S/O KUTTIALI, AAKUKANDI HOUSE, PERAMBRA P.O, KOYILANDI THALUK, KOZHIKODE,
PIN - 673525
2 SHEREENA MUNEER,
AGED 50 YEARS
W/O MUNEER, W/O MUNEER KUTTIALI, AAKUKANDI HOUSE, PERAMBRA P.O,
KOYILANDI THALUK, KOZHIKODE, PIN - 673525
BY ADVS.
S.K.ADHITHYAN
CHRISTY THOMAS
REUBEN CHARLY
SHAHINA NOUSHAD
RESPONDENT/S:
1 FEDERAL BANK,
ALANKAR ARCADE, PERAMBRA BRANCH, KOZHIKODE DISTRICT, PIN - 673525
2 FEDERAL BANK, REPRESENTED BY ITS AUTHORISED OFFICER,
UNDER SARFAESI ACT, ALANKAR ARCADE, PERAMBRA BRANCH, KOZHIKODE DISTRICT,
PIN - 673525
WP(C) NO. 40073 OF 2024
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OTHER PRESENT:
SRI. SYRIAC JOSEPH-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 petitioners took a housing loan of Rs.40 lakhs from the
respondent Bank.
2. The petitioners committed default in repaying the loan
amount in terms of the loan agreement. Therefore, the Bank, after
classifying the petitioners' 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.2,55,000/- and the
outstanding amount comes to Rs.23 lakhs. If the petitioners make 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 petitioners for making further payment in terms
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of the loan agreement and the Bank shall not proceed against the
petitioners 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 petitioners 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 eight equal monthly instalments.
(iii) The first instalment is to be paid on or before 25.12.2024, and the
remaining seven instalments on or before the 20th day of each succeeding
month, along with regular instalments.
(iv) If the petitioners pay the entire overdue amount, the Bank shall
regularize the petitioners' 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 petitioners 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. 40073 OF 2024
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APPENDIX OF WP(C) 40073/2024
PETITIONER EXHIBITS
Exhibit P1 TRUE COPY OF THE NOTICE ISSUED TO THE PETITIONERS BY THE
ADVOCATE COMMISSIONER DATED 19.10.2024
