Full Judgment
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. FRIDAY, THE 20TH DAY OF JANUARY 2023 / 30TH POUSHA, 1944 WP(C) NO. 1571 OF 2023 PETITIONER: EBRAYI AGED 52 YEARS S/O MOIDHI , PADINJARE KADANGANDI MEETHAL , HOUSE, CHERUVANNUR. P.O. KOZHIKODE., PIN - 673524 BY ADV ZUBAIR PULIKKOOL RESPONDENTS: 1 SECRETARY , KERALA STATE CO-OPERATIVE BANK.LTD ,THIRUVALLUR BRANCH,THIRUVALLUR P.O, KOZHIKODE, PIN - 673524 2 AUTHORISED OFFICER KERALA STATE CO-OPERATIVE BANK LTD,KALLAI ROAD KOZHIKODE, PIN - BY ADV SRI.P.C.SASIDHARAN, SC, KOZHIKODE DISTRICT CO-OPERATIVE BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20.01.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ..2..
JUDGMENT
The petitioner availed a housing loan from the respondent bank. On default being committed, proceedings have been initiated against the petitioner under the provisions of the SARFAESI Act to recover amounts due from the petitioner. The petitioner, therefore, filed this Writ Petition stating that the petitioner is willing to clear the liability in instalments and the petitioner may be permitted to regularize the loan account by paying the overdue amounts.
2. The learned counsel appearing for the respondent bank
submits that the loan account of the petitioner became a Non- Performing Asset in 24.06.2016. It is submitted that the sale of the property of the petitioner which was scheduled did not take place on account of the fact that there were no bidders. It is submitted that considering that the sale did not take place, the petitioner can be permitted a short time to clear the overdue amount in instalments. It is submitted that the
..3.. overdue amount as on 18.01.2023, after giving credit to the amount paid by the petitioner on 16.01.2023 is Rs.6,56,238/-.
3. I have heard the learned counsel for the petitioner as well as the learned Standing Counsel for the respondent Bank.
4. Having regard to the facts and circumstances of the
case and the situation now prevailing, apart from the submissions made as recorded above and considering the fact that this is a housing loan and also taking into account the fact that the petitioner has undertaken to clear off the overdue amount along with regular EMIs, I am of the view that the petitioner can be granted an opportunity to clear off the overdue amount in twelve (12) equal monthly instalments first of which shall be paid on or before 10.02.2023 and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised.
5. Accordingly, there will be a direction to the respondent ..4..
bank to accept repayment of the entire overdue amount of Rs.6,56,238/- along with bank charges from the petitioner and regularise the loan account of the petitioner on the following conditions:
(i) The overdue amount of Rs.6,56,238/- together with any accrued interest and charges shall be repaid in twelve (12) equated monthly instalments.
(ii) The first instalment shall be paid on or before 10.02.2023 and the subsequent instalments shall be paid on the last working day of every succeeding month.
(iii) Petitioner shall continue to pay the regular EMI’s along with the instalments directed above.
(iv) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law. ..5..
(v) In order to enable the petitioner to repay the
entire amounts, all coercive proceedings shall be kept in abeyance. The writ petition is disposed of as above. It is made clear that no further extension of time will be granted to the petitioner under any circumstances. Sd/- GOPINATH P. JUDGE RMV ..6.. APPENDIX OF WP(C) 1571/2023 PETITIONER EXHIBITS Exhibit1 NOTICE FOR SALE( DATED 12-12-2022) Exhibit2 REQUEST SUBMITTED BY THE PETITIONER BEFORE THE FIRST RESPONDENT RESPONDENTS' EXHIBITS:NIL TRUE COPY P.A.TO JUDGE