Partly allowed

Kiranram M. v. the Icici Bank Ltd.

Kerala HC21 Jun 2022WP(C)/8174/2022

Case brief

AI extract

What is this about?

The High Court of Kerala allowed a writ petition allowing a defaulting loan applicant to repay overdue dues in twelve instalments, regularize the account upon timely repayment, and keep coercive proceedings in abeyance.

What did the court decide?

Petitioner granted opportunity to repay Rs.4,68,128/- in twelve instalments with regularisation of account pending; coercive proceedings kept in abeyance.

Kiranram M. Vs the Icici Bank Ltd. — Contract and Commercial Disputes | 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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TUESDAY, THE 21ST DAY OF JUNE 2022 / 31ST JYAISHTA, 1944
WP(C) NO. 8174 OF 2022

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PETITIONER/S:

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KIRANRAM M.
AGED 30 YEARS
S/O.MOHANDAS, 317 RA, BHAVAN, MAHADEVASWARAM,
KILLIMANOOR P.O., THIRUVANANTHAPURAM - 695 601.
BY ADVS.
K.SIJU
ANJANA KANNATH

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RESPONDENT/S:

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1THE ICICI BANK LTD.
PUSHPAMANGALAM ESTATE, NH BYPASS ROAD, NEAR KOCHI SPINE
HOSPITAL, ERNAKULAM - 682 024 REPRESENTED BY ITS
AUTHORISED OFFICER.
2THE BRANCH MANAGER
ICICI BANK LTD., ATTINGAL BRANCH, INDIRA TOWER,
CHIRAYINKEEZHU ROAD, ATTINGAL, THIRUVANANTHAPURAM - 695
101.
BY ADVS.
LAL K.JOSEPH- SC
ANZIL SALIM

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
21.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C) NO. 8174 OF 2022 2

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JUDGMENT

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Petitioner has approached this Court challenging proceedings initiated by the respondent Bank under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, for recovery of the amounts due from 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.4,68,128/- (Rupees four lakhs sixty eight thousand one hundred and twenty eight only) as on 08.06.2022. 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

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as well as the learned counsel for the respondent bank.

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WP(C) NO. 8174 OF 2022 3

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Having regard to the circumstances of the case and the situation now prevailing, apart from the submissions made as recorded above, I am of the view that the petitioner can be granted an opportunity to repay the overdue amount in twelve instalments 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.4,68,128/- (Rupees four lakhs sixty eight thousand one hundred and twenty eight only) 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 overdue amount of Rs.4,68,128/- (Rupees four lakhs sixty eight thousand one hundred and twenty eight only) along with any accrued interest and charges shall be repaid in twelve equated monthly instalments;

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(ii)The first instalment shall be paid on or before 30.06.2022 and the subsequent instalments shall be paid on or before the 20^th day of each succeeding month;

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(iii)Petitioner shall continue to pay the regular EMI’s/instalments along with the instalments directed above;

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(v) 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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WP(C) NO. 8174 OF 2022 4

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(vi) 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.

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JUDGE

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ajt

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WP(C) NO. 8174 OF 2022 5

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APPENDIX OF WP(C) 8174/2022

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`PETITIONER EXHIBITS`
`Exhibit P1`	`THE TRUE COPY OF NOTICE AFFIXED REGARDING` `SYMBOLIC POSSESSION OF THE RESIDENTIAL HOUSE` `OF THE PETITIONER.`
`Exhibit P2`	`THE TRUE COPY OF NOTICE DATED 21/2/2022` `ISSUED BY THE 1ST RESPONDENT REGARDING` `SYMBOLIC POSSESSION OF THE SECURED ASSETS.`
`Exhibit P3`	`THE COPY OF NOTICE DEMANDING VACATING OF` `SECURED ASSETS ISSUED BY THE 1ST RESPONDENT` `DATED 8/3/2022.`
`RESPONDENT EXHIBITS`
`Exhibit R1(A)`	`TRUE COPY OF THE LOAN ACCOUNT STATEMENT IN` `WHICH PETITIONER IS THE CO-APPLICANT FOR THE` `LOAN ACCOUNT NO. LBTVM00005167681 AS ON` `08.06.2022.`
`Exhibit R1(B)`	`TRUE COPY OF THE NOTICE ISSUED UNDER SECTION` `13(2) OF THE SARFAESI ACT, 2002 DATED` `11.08.2021.`

Kiranram M. v. the Icici Bank Ltd.

Case brief

What is this about?

What did the court decide?

Kiranram M. v. the Icici Bank Ltd.

Case brief

What is this about?

What did the court decide?

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