Allowed

Manoj K.C., v. Authorised Officer, the Thellicherry Co. Operative Urban Bank LTD.NO.F.1005

Kerala HC29 Aug 2022WP(C)/9129/2022

Case brief

AI extract

What is this about?

High Court allowed a writ petition challenging Securitisation Act proceedings for recovery of a housing loan. The Court directed the bank to accept repayment of the entire overdue amount in fifteen instalments, pay regular EMIs, and keep coercive proceedings in abeyance pending compliance, subject to default consequences.

What did the court decide?

Direction to respondent bank to accept overdue amount plus interest in fifteen repayable instalments, regularize account upon compliance, keep coercive proceedings in abeyance, and continue regular EM

Manoj K.C., Vs Authorised Officer, the Thellicherry Co… — Banking and Recovery | Kerala HC (2022)

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W.P(C).9129/22

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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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MONDAY, THE 29TH DAY OF AUGUST 2022 / 7TH BHADRA, 1944
WP(C) NO. 9129 OF 2022

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PETITIONER/S:

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MANOJ K.C.,
AGED 51 YEARS
S/O.SREEDHARAN, SWAPNAKKOOD, KAVUMBHAGAM, KOLASSERY,
UMMANCHIRA P.O., KANNUR-670 649.
BY ADVS.
ZAKEER HUSSAIN
K.A.SANJEETHA

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RESPONDENT/S:

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1 AUTHORISED OFFICER, THE THELLICHERRY CO OPERATIVE URBAN BANK LTD.NO.F.1005,

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HEAD OFFICE, MANHODI, THIRUVANGAD, THALASSERY,KANNUR-
670 103.

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2THE THELLICHERRY CO OPERATIVE URBAN BANK LTD.NO.F.1005,
HEAD OFFICE,MANHODI,THIRUVANGAD, THALASSERY, KANNUR-670
103, REPRESENTED BY ITS AUTHORISED OFFICER.
BY ADV Lijin Thamban

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OTHER PRESENT:

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ADV.LIJIN THAMPAN,(SC)

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
29.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

W.P(C).9129/22

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 housing 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 amounts 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 total overdue amount is Rs.6,84,898/- as on date. 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 the loan is a housing loan and also taking into account the fact that the petitioner has undertaken to clear off the overdue amount including any accrued interests and costs along with regular EMIs, I

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W.P(C).9129/22

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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 16.9.2022 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.6,84,898/- along with accrued interest and costs 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.6,84,898/- together with any accrued interest and charges shall be repaid in fifteen (15) equated monthly instalments.

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(ii) The first instalment shall be paid on or before 16.9.2022 and the subsequent instalments shall be paid on or before the 16^th of every succeeding month.

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(iii) Petitioner shall continue to pay the regular EMIs along with the instalments directed above.

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(iv) 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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(v) 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/

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//True copy// P.S. to Judge

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W.P(C).9129/22

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APPENDIX OF WP(C) 9129/2022

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PETITIONER EXHIBITS
Exhibit P1TRUE COPY OF THE MEDICAL REPORTS OF THE
PETITIONER DATED 22.12.2020 OF INDIRA GANDHI
METRO CARDIAT CENTRE, INDIRA GANDHI CO
OPERATIVE HOSPITAL, THALSSERY.
Exhibit P2TRUE COPY OF THE DEMAND NOTICE DATED
22.10.2021 ISSUED BY THE 1ST RESPONDENT.
Exhibit P3TRUE COPY OF THE POSSESSION NOTICE DATED
29.01.2022 ISSUED BY THE 1ST RESPONDENT.

Manoj K.C., v. Authorised Officer, the Thellicherry Co. Operative Urban Bank LTD.NO.F.1005

Case brief

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Manoj K.C., v. Authorised Officer, the Thellicherry Co. Operative Urban Bank LTD.NO.F.1005

Case brief

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