WP(C)/13474/2025 of SREEJITH V T, Vs CANARA BANK, on 8 April 2025

JUDGMENT

The petitioner has availed several credit facilities from the respondent bank. The present proceedings have been taken to recover amounts due under three housing loans and one MSME loan availed by the petitioner from the respondent bank.

2. During the course of hearing, petitioner has confined the relief to an opportunity for repaying the overdue amount in installments and to obtain regularization of the loan accounts.

3. The learned counsel appearing for the respondent bank submits that in respect of another loan availed by the petitioner, the petitioner had approached this Court by filing WP(C)No.33878/2024, which was dismissed, permitting the petitioner to seek reliefs from the Debts Recovery Tribunal. It is submitted that the present proceedings are to recover amounts due under four other loans availed by the petitioner. It is submitted that the total overdue in the four loans which were subject matter of the present proceedings is Rs.9,45,429/-. It is submitted that the bank has no objection in granting some reasonable instalments to the petitioner to clear the overdue amount, though the petitioner had undertaken before the bank that the entire overdue amount will be cleared by the first week of April, 2025. It is submitted that the property of the petitioner is scheduled to be sold on 30-04-2025.

4. Having regard to the circumstances of the case and the submissions made as recorded above, I am of the view that the petitioner can be granted an opportunity to repay the overdue amounts in 10 installments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan accounts regularized.

5. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.9,45,429/- along with any accrued interest, costs and charges from the petitioner and regularize the loan accounts of the petitioner in the following manner:

(i) The petitioner shall pay the overdue amount of Rs.9,45,429/- in 10 equated monthly installments along with any accrued interest, costs and charges;

(ii) The first installment shall be paid on or before 28-04-2025. The subsequent installments shall be paid on or before the last working day of the succeeding months;

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

(iv) In the event of default of any one installment, the respondent bank shall be entitled to proceed in accordance with the law;

(v) In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance. If the petitioner pays the amount as directed in this judgment, any sale held on 30-04-2025 shall not be confirmed. However, if the petitioner commits any default, it will be open to the respondent bank to either confirm the sale or conduct a fresh sale in accordance with the law. It is made clear that the directions in this judgment have no bearing on the loan availed by the petitioner, which was subject matter of the judgment in WP(C)No.33878/2024. The writ petition is disposed of as above.

Sd/- GOPINATH P. JUDGE ats

APPENDIX OF WP(C) 13474/2025 PETITIONER’S EXHIBITS Exhibit P1 THE TRUE COPIES OF THE PROOF OF PAYMENT OF RS 1 LAKH EACH IN HOUSING LOAN ACCOUNTS DATED 31/01/2025 Exhibit P2 THE TRUE COPY OF THE SALE NOTICE DATED 20/03/2025 WITH RESPECT TO LOAN OF RS.35,00,000/- Exhibit P3 THE TRUE COPY OF THE SALE NOTICE DATED 20/03/2025 WITH RESPECT TO LOAN OF RS.33,00,000/-