K P Rajesh vs The Authorised Officer

                    IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                        PRESENT
                     THE HONOURABLE MR. JUSTICE GOPINATH P.
            FRIDAY, THE 1ST DAY OF JULY 2022 / 10TH ASHADHA, 1944
                              WP(C) NO. 21608 OF 2022
PETITIONER:

                  K P RAJESH
                  AGED 43 YEARS
                  SO PAILAN KOONJAKARAN HOUSE POTTA PO CHALAKUDY TRISSUR
                  DISTRICT, PIN - 682689

                  BY ADVS.
                  P.DEEPAK
                  JOSEPH V. GREGORY
                  NAZRIN BANU



RESPONDENTS:

       1          THE AUTHORISED OFFICER
                  SUNDARAM HOME FINANCE LIMITED DOOR NO 5 508 11 SECOND
                  FLOOR FAIR TRADE CENTRE ASWANI JUNCTIION THIRUVAMPADI
                  POST TRISSUR , PIN - 680022

       2          SUNDARAM HOME FINANCE LIMITED
                  TRISSUR BRANCH DOOR NO 5 508 11 SECOND FLOOR FAIR TRADE
                  CENTRE ASWANI JUNCTION THIRUVAMPADI POST TRISSUR
                  DISTRICT, PIN - 680022

                  BY ADV S.AMBILY-SC




THIS       WRIT    PETITION   (CIVIL)   HAVING    COME   UP   FOR   ADMISSION   ON
01.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C)No.21608/2022                   2

                             JUDGMENT

Petitioner has approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as the SARFAESI Act) for recovery of the amounts due upon a loan availed by the petitioner.

2. During the course of hearing, petitioner has confined the relief to an opportunity for repaying the outstanding amount in instalments.

3. It was submitted on behalf of the respondents that the petitioner committed default in repayment and the outstanding amount is Rs.12,21,130/- as on 1.7.2022. It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the 1st respondent is willing to accept repayment of the outstanding amount in limited instalments.

4. I have heard the learned counsel for the petitioner as well as the learned Standing Counsel for the respondents.

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 outstanding amount in sixteen (16) instalments.

6. Accordingly, there will be a direction to the 1 st respondent to accept repayment of the entire outstanding amount of Rs.12,21,130/- along with bank charges from the petitioners on the following conditions:

(i) The outstanding amount of Rs.12,21,130/-together with any accrued interest/costs shall be repaid in sixteen (16) equated monthly instalments

(ii) The first instalment shall be paid on or before 15.07.2022 and subsequent instalments shall be paid on or before 15 th of every succeeding month.

(iii) In the event of default of any one instalment, the respondents shall be entitled to proceed in accordance with law.

(iv) 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 acd W.P.(C)No.21608/2022 4 APPENDIX OF WP(C) 21608/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE CERTIFICATE ISSUED BY THE 2ND RESPONDENT DATED 26 11 2019 Exhibit2 TRUE COPY OF STATEMENT OF ACCOUNTS DATED 16 06 2021 Exhibit P3 TRUE COPY OF THE NOTICCE DATED 28 06 2022 OF THE ADVOCATE COMMISSIIONER IN CRL MP NO1994 OF 2022 OF THE CJM COURT TRISSUR