Kerala High Court
WP(C)/14602/2025 of JOSE P.M, Vs PUNJAB NATIONAL BANK, on 8 April 2025
WP(C) NO. 14602 OF 2025 1 IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. TUESDAY, THE 8TH DAY OF APRIL 2025 / 18TH CHAITHRA, 1947 WP(C) NO. 14602 OF 2025 PETITIONER/S: JOSE P.M, AGED 63 YEARS S/O MANUEL PAPU, PARAPPILLY HOUSE, EDAKUNNAM , SOUTH
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
TUESDAY, THE 8TH DAY OF APRIL 2025 / 18TH CHAITHRA, 1947
WP(C) NO. 14602 OF 2025
PETITIONER/S:
JOSE P.M, AGED 63 YEARS
S/O MANUEL PAPU, PARAPPILLY HOUSE, EDAKUNNAM , SOUTH CHITTOR P.O, REPRESTENDED BY ITS POWER OF
ATTORNEY HOLDER JOHNSON S/O VARGHESE
RESIDING AT VALIYA VEETTIL MUNAMBAM MURI, KUZHUPPILY ERNAKULAM, PIN - 683515
BY ADVS.
PRADEESH CHACKO
ANIL MADATHIMALIL
RESPONDENT/S:
PUNJAB NATIONAL BANK,
REPRESTENDED BY ITS MANGER EDAPPALLY BRANCH ERNAKULAM
DISTRICT, PIN - 682021
CHIEF MANAGER,
CIRCLE SASHTRA 1 ST FLOOR PNB HOUSE MARKET ROAD
ERNAKULAM, PIN - 682011
SRI. SANTHEEP ANKARATH, SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
08.04.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
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JUDGMENT
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, 2002 for recovery of the amounts due from the petitioner.
2. 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.
3. It is submitted on behalf of the respondent bank that the petitioner availed a home loan from the respondent bank and committed default in repayment and the overdue amount, as on 08.04.2025, would come to Rs.3,68,547.97 (Rupees Three lakh sixty eight thousand five hundred forty seven and paise ninety seven only). It is 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 provided a substantial amount is paid as expeditiously as possible.
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 amount of Rs.3,68,547.97 (Rupees Three lakh sixty eight thousand five hundred forty seven and paise ninety seven only) on condition that the petitioner pays an amount of Rs.2,00,000/- (Rupees Two lakh only) on or before 30.04.2025 and the balance amount along with any accrued interest, cost and charges in six instalments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised.
5. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.3,68,547.97 (Rupees Three lakh sixty eight thousand five hundred forty seven and paise ninety seven only) along with accrued interest, cost and bank charges from the petitioner and regularise the loan account of the petitioner in the following manner:-
(i) Petitioner pays an amount of Rs.2,00,000/- (Rupees Two lakh only) on or before 30.04.2025;
(ii) The balance overdue amount of Rs.1,68,547.97 (Rupees One lakh sixty eight thousand five hundred forty seven and paise ninety seven only) along with any accrued interest, cost and charges shall be paid in six equated monthly instalments;
(iii) The first instalment shall be paid on or before 31.05.2025 and the subsequent instalments shall be paid on or before the last working day of each succeeding months;
(iv) Petitioner shall continue to pay the regular EMI’s/instalments along with the instalments directed above;
(v) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with the law;
(vi) In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance. The writ petition is disposed of as above. Sd/- GOPINATH P. JUDGE ajt
APPENDIX OF WP(C) 14602/2025 PETITIONER EXHIBITS Exhibit P 1 TRUE COPY OF THE POWER OF ATTORNEY Exhibit P 2 TRUE COPY OF THE 13 (2) NOTICE DATED 25.10.2023 Exhibit P 3 TRUE COPY OF THE ORDER PASSED IN CJM COURT ERNAKULAM DATED 7-12-2024