JIBY THOMAS Vs. AUTHORISED OFFICER

JUDGEMENT

(1.) The petitioner has approached this Court being aggrieved by proceedings initiated against the petitioner for recovery of amounts due under a vehicle loan availed by the petitioner from the respondent Bank.

(2.) The learned counsel appearing for the petitioner states that pursuant to proceedings initiated under sec. 14 of the SARFAESI Act, the vehicle of the petitioner bearing registration No.KL07-CT-9569 has been taken possession of by the Advocate Commissioner appointed by the Additional Chief Judicial Magistrate Court, Ernakulam. It is submitted that the vehicle was purchased just before the Covid-19 pandemic and since the vehicle was idling for substantially long period, the petitioner could not remit the instalments in time. It is submitted that if reasonable opportunity is granted, the petitioner will be able to clear the liability.

(3.) The learned counsel appearing for the respondent Bank vehemently opposes the grant of any relief. It is submitted that the petitioner remitted only two instalments after availing the loan and if the EMI payable on 6/11/2022 is also taken intoconsideration, the over due amount in respect of the loan will be Rs.6,00,816.00. It is submitted that the monthly EMI is about Rs.72,000.00. It is submitted that unless the overdue amounts are cleared, the possession of the vehicle cannot be restored to the petitioner.