Jayasree. S vs Bank Of Baroda

C.S Dias, J

The writ petition is filed to direct the respondents to permit the petitioner to pay off the overdue amount in equated monthly instalments and regularise the loan account.

The petitioner’s case is that she had availed a housing loan from the first respondent – Bank – in the year 2014. Subsequently, she had also availed a top up loan. Due to the COVID-19 pandemic and the reasons beyond her control, she could not pay the instalments on time. Now, the Bank has initiated proceedings against the secured asset under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ( in short, ‘Act’) and threatening to take possession of the same. The petitioner is willing to pay the overdue amount in equated monthly instalments. Hence, the writ petition.

Heard; Sri.P.K Muraleedharan, the learned counsel appearing for the petitioner and Sri.Rojo Joseph, the learned counsel appearing for the respondents.

Sri.Rojo Joseph, on instructions, submitted that the overdue amount as on today is Rs.4,42,500/-. The respondents are willing to permit the petitioner to pay the overdue amount in twelve equated monthly instalments. The said submission is recorded.

The learned counsel appearing for the petitioner submitted that the petitioner is ready to accept the above offer.

Having considered the pleadings and materials on record, the submissions made by the learned counsel appearing for the parties, the consensus arrived at between the parties and to provide the petitioner one last opportunity to clear off the liability, I am inclined to exercise the powers of this Court under Article 226 of the Constitution of India and entertain the writ petition.

Resultantly, I dispose of the writ petition in the following manner:

(i) The respondents are directed to defer further coercive proceedings pursuant to Exts P5 and P6, to enable the  petitioner  to  pay  the  liability  in  equated  monthly instalments as stated below.

(ii) The petitioner is permitted to pay the overdue amount as stated above with future interest and cost to the first respondent – Bank – in twelve equated monthly instalments commencing from 26.8.2023 along with regular EMIs.

(iii) Needless to mention, if the petitioner commits default in any of the conditions ordered above, the petitioner would lose the benefit of this judgment and the respondents would be at liberty to proceed with recovery proceedings from the stage it presently stands.

(iv) It is made clear that, no further application for modification/extension of time shall be entertained.