Kerala High Court
Padmavathy K vs Bajaj Finance Ltd on 2 March, 2022
Author: Bechu Kurian Thomas
Bench: Bechu Kurian Thomas
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
WEDNESDAY, THE 2ND DAY OF MARCH 2022 / 11TH PHALGUNA, 1943
WP(C) NO. 29193 OF 2021
PETITIONER:
PADMAVATHY K.
AGED 62 YEARS
W/O. HARINDRAN NAIR,
SREEPADAM KALLIYOOR, KALLIYOOR P. O.,
THIRUVANANTHAPURAM, PIN - 695 042.
BY ADVS.
BIJU BALAKRISHNAN
V.S.RAAKHEE
K.J.GISHA
AJMAL P.
PARVATHY S.R.
RESPONDENTS:
1 BAJAJ FINANCE LTD.
4TH AND 6TH FLOOR, DD TRADE TOWER,
KALOOR - KADAVANTHRA ROAD, COCHIN - 682017,
REPRESENTED BY ITS MANAGER.
2 THE AUTHORISED OFFICER
ENCORE ASSET RECONSTRUCTION COMPANY PRIVATE LTD.,
CADDIE COMMERCIAL TOWER, REGUS BUSINESS CENTRE,
5TH FLOOR, AEROCITY (DIAL), NEW DELHI - 110 037.
BY ADVS.
B.S.SURESH KUMAR
SABU S.KALLARAMOOLA
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
02.03.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 29193 OF 2021
2
BECHU KURIAN THOMAS, J
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W.P.(C) No.29193 of 2021
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Dated this the 2 nd day of March, 2022
JUDGMENT
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.
2. During the course of the 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 petitioner committed default in repayment and the overdue amount as on 15.02.2022 is Rs.19,81,419/-. 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 WP(C) NO. 29193 OF 2021 3 the loan account.
4. I have heard Sri.Biju Balakrishnan, the learned counsel for the petitioner, Sri.B.S.Suresh Kumar, the learned Standing Counsel for the 1 st respondent and Sri.Sabu S.Kallaramoola, the learned Standing counsel for the 2 nd respondent.
5. 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 '15' instalments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised.
6. Accordingly, there will be a direction to the respondent- Bank to accept repayment of the entire overdue amount of Rs.19,81,419/- along with bank charges from the petitioner and to regularise the loan account of the petitioner on the following conditions:
(i). The overdue amount of Rs.19,81,419/- shall be repaid in '15' equated monthly instalments.
WP(C) NO. 29193 OF 2021 4
(ii). The first instalment shall be paid on or before 30.03.2022.
(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 initiated against the petitioner shall be kept in abeyance. The writ petition is disposed of.
sd/-
BECHU KURIAN THOMAS JUDGE AMV/02/03//2022 WP(C) NO. 29193 OF 2021 5 APPENDIX OF WP(C) 29193/2021 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE STATEMENT OF ACCOUNT PERTAINS TO THE LOAN OF THE PETITIONER'S SON.
Exhibit P2 TRUE COPY OF THE NOTICE DATED 02.08.2021 ISSUED BY THE SOLE ARBITRATOR TO THE PETITIONER'S SON.
Exhibit P3 TRUE COPY OF THE WRITTEN STATEMENT FILED
BY THE PETITIONER'S SON IN THE
ARBITRATION CASE.
Exhibit P4 TRUE COPY OF THE REQUEST LETTER SUBMITTED
BY THE PETITIONER BEFORE THE CHAIRMAN/ MANAGING DIRECTOR OF THE 1ST RESPONDENT. Exhibit P5 TRUE COPY OF THE POSSESSION NOTICE DATED 08.12.2021 AFFIXED BY THE 2ND RESPONDENT. RESPONDENTS EXHIBITS : NIL TRUE COPY