Full Judgment
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. WEDNESDAY, THE 22ND DAY OF JUNE 2022 / 1ST ASHADHA, 1944 WP(C) NO. 1345 OF 2022 PETITIONER: GEETHUSREE G. AGED 29 YEARS, W/O.MAHESH MADHAVAN, KANCHANAM, KANNIMELCHERRY, KAVANAD P.O., KOLLAM - 691 003. BY ADVS. C.RAJENDRAN B.N.HASKAR RESPONDENTS: 1 THE QUILON CO-OPERATIVE URBAN BANK LTD NO.960 SAKTHIKULANGARA BRANCH, KOLLAM - 691 003 REPRESENTED BY ITS SECRETARY. 2 THE QUILON CO-OPERATIVE URBAN BANK LTD.NO.960. HEAD OFFICE, Y M C A ROAD, CHINNAKKADA, KOLLAM - 691 001 REPRESENTED BY ITS AUTHORIZED OFFICER. BY ADV D.P.RENU THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P (C) No.1345/2022 -2-
JUDGMENT
Petitioner has approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as the Securitisation Act) for recovery of the amounts due upon a loan availed by the petitioner.
2. During the course of hearing, petitioner has confined the relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation of the loan account.
3. It was submitted on behalf of the respondent bank that the petitioner
committed default in repayment and the overdue amount is Rs.11,99,831/-. It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent bank is willing to accept repayment of the overdue amount in limited instalments and regularise the loan account.
4. I have heard the learned counsel for the petitioner as well as the learned Standing Counsel for the respondent Bank.
5. Having regard to the facts and circumstances of the case and the
situation now prevailing, apart from the submissions made as recorded above 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 fifteen (15) equal instalments first of which shall be paid on or before 30-07-2022 and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised.
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6. Accordingly, there will be a direction to the respondent bank to accept
repayment of the entire overdue amount of Rs.11,99,831/- along with bank charges from the petitioner and regularise the loan account of the petitioner on the following conditions:
(i) The petitioner shall pay an amount of Rs.1,00,000/- on or before
30-06-2022 and the balance overdue amount of Rs.10,99,831/- together with any accrued interest and charges shall be repaid in fifteen (15) equated monthly instalments.
(ii) The first instalment shall be paid on or before 30-07-2022 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.
(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. Sd/- GOPINATH P. JUDGE AMG W.P (C) No.1345/2022 -4- APPENDIX OF WP(C) 1345/2022 PETITIONER EXHIBITS Exhibit P1 A TRUE PHOTOCOPY OF THE DEMAND NOTICE ISSUED BY THE 2ND RESPONDENT BANK DATED 18/08/2020.