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Imbichikoya P.K., v. the Authorized Officer, South Indian Bank Limited

Kerala HC4 Apr 2023WP(C)/1552/2022

Case brief

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What is this about?

In this writ petition regarding a housing loan default, the Court directed the respondent bank to accept repayment of the overdue amount in six equated monthly instalments and regularize the loan account upon full payment, while keeping coercive proceedings in abeyance.

What did the court decide?

Direction to the bank to accept repayment of Rs.16,86,082/- in 6 monthly installments, regularize the loan account, keep coercive proceedings in abeyance, and continue regular EMIs.

Imbichikoya P.K., Vs the Authorized Officer, South… — Banking and Recovery | Kerala HC (2023)

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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 BECHU KURIAN THOMAS TUESDAY, THE 4^TH DAY OF APRIL 2023 / 14TH CHAITHRA, 1945

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WP(C) NO. 1552 OF 2022

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PETITIONER :

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IMBICHIKOYA P.K., AGED 54 YEARS, S/O.MUHAMMED, PARAKANDI HOUSE, PERUMBALIL, ENGAPUZHA VILLAGE, PUTHUPPADI, KOZHIKODE DISTRICT, PIN-673 586.

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BY ADVS. BINU GEORGE HEMALATHA ANISHA E.

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RESPONDENTS :

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1 THE AUTHORIZED OFFICER, SOUTH INDIAN BANK LIMITED, REGIONAL OFFICE KOZHIKODE, FIRST FLOOR, HAPPY TOWERS, VAIKKOM MOHAMMED BASHEER ROAD, MANANCHIRA P.O., KOZHIKODE, PIN-673 001.

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2 THE BRANCH MANAGER, SOUTH INDIAN BANK LIMITED, MANANCHIRA BRANCH, FIRST FLOOR, HAPPY TOWERS, VAIKKOM MOHAMMED BASHEER ROAD, MANANCHIRA P.O., KOZHIKODE, PIN - 673 001.

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BY ADVS. SRI.K.K.JOHN, SC, SOUTH INDIAN BANK ASISH K.JOHN

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04.04.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING :

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W.P.(C) No.1552 of 2022

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BECHU KURIAN THOMAS, J.

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W.P.(C) No.1552 of 2022

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--------------------------------- Dated this the 4^th day of April, 2023

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JUDGMENT

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Petitioner as borrower from the respondent bank, has committed default in repayment. Consequently, proceedings have been initiated by the bank for recovery of the amounts due.

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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 under the housing loan account is Rs.16,86,082/-. 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 Adv.Binu George, learned counsel for the petitioner as well as Sri.K.K.John, the learned Standing Counsel for the respondents.

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W.P.(C) No.1552 of 2022

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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 '6' 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.16,86,082/- 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.16,86,082/- shall be repaid in '6' equated monthly instalments.

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ii. The first instalment shall be paid on or before 04.05.2023 and the remaining instalments shall be paid on or before the 4^th day of the succeeding months.

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iii. Petitioner shall continue to pay the regular EMI’s 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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W.P.(C) No.1552 of 2022

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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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vi. Under no circumstances shall any further extension of time being granted to the petitioner.

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The writ petition is disposed of as above.

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Sd/- BECHU KURIAN THOMAS, JUDGE

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RKM

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W.P.(C) No.1552 of 2022

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APPENDIX OF WP(C) 1552/2022

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PETITIONER'S EXHIBITS :

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Exhibit P1	A TRUE COPY OF ECHO CARDIOGRAPH REPORT DATED 15.10.2016.
Exhibit P2	A TRUE COPY OF NOTICE DATED 14.06.2021 UNDER SECTION 13(2) OF SARFAESI ACT.
Exhibit P3	A TRUE COPY OF POSSESSION NOTICE DATED 10.01.2022 ISSUED BY THE RESPONDENT BANK.

Imbichikoya P.K., v. the Authorized Officer, South Indian Bank Limited

Case brief

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Imbichikoya P.K., v. the Authorized Officer, South Indian Bank Limited

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