Disposed

Sredhevi v. the Kerala State Co-Operative Bank

Kerala HC9 Jun 2022WP(C)/5716/2021

Case brief

AI extract

What is this about?

Housing loan default writ petition where petitioner sought instalment relief. Court directed bank to accept repayment in six equal instalments, regularise account, and keep coercive proceedings in abeyance pending clearances.

What did the court decide?

Bank directed to accept overdue amount repayment in six equal instalments, regularise loan account, and keep coercive proceedings in abeyance.

Sredhevi Vs the Kerala State Co-Operative Bank — Banking and Recovery | Kerala HC (2022)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT

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THE HONOURABLE MR. JUSTICE GOPINATH P.

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THURSDAY, THE 9^TH DAY OF JUNE 2022 / 19TH JYAISHTA, 1944

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WP(C) NO. 5716 OF 2021

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PETITIONER/S:

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SREDHEVI

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AGED 46 YEARS W/O. SANTHOSH KUMAR, CHERAKALAM HOUSE, GANDHIGRAM, IRINGALAKUDA VILLAGE, IRINGALAKUDA P.O. THRISSUR DISTRICT, 680 121.

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BY ADV SRI. P.V.JEEVESH

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RESPONDENT/S:

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1 THE KERALA STATE CO-OPERATIVE BANK, IRINGALAKUDA BRANCH, IRINGALAKUDA , THRISSUR DISTRICT, 680 121, REPRESENTED BY ITS AUTHORISED OFFICER.

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2 THE AUTHORIZED OFFICER, THE KERALA STATE CO-OPERATIVE BANK,IRINGALAKUDA BRANCH, IRINGALAKUDA, THRISSUR DISTRICT 680 121.

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SRI. P.C. SASIDHARAN (SC)

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

W.P(C).5716/21

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.

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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.

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It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the overdue amount is Rs.4,98,281/- as on 31.05.2022. 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.

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I have heard the learned counsel for the petitioner as well as the learned Standing Counsel for the respondent Bank.

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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 six (6) equal instalments of which Rs.50,000/-

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W.P(C).5716/21

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shall be paid on or before 30.6.2022 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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Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.4,98,281/- along with bank charges from the petitioner and regularise the loan account of the petitioner on the following conditions:

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(i) The petitioner shall pay an amount of Rs.50,000/- on or before 30.06.2022 and thereafter the balance overdue amount together with any accrued interest and charges shall be repaid in six (6) equated monthly instalments starting from 30.7.2022.

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(ii) Petitioner shall continue to pay the regular EMI’s along with the instalments directed above.

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(iii) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law.

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(iv) In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance.

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The writ petition is disposed of as above.

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Sd/-

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GOPINATH P. JUDGE

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okb/9.6.22

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//True copy// PS to Judge

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W.P(C).5716/21

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APPENDIX OF WP(C) 5716/2021

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PETITIONER EXHIBITS EXHIBIT P1 THE TRUE COPY OF THE NOTICE, DATED 16/12/2020 BY THE RESPONDENT BANK.

Sredhevi v. the Kerala State Co-Operative Bank

Case brief

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Sredhevi v. the Kerala State Co-Operative Bank

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