W.P.(C)No.21509/2022 1
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. 21509 OF 2022
PETITIONERS:
1 UPESH S.L.,AGED 37 YEARS
S/O SUGATHAN, RESIDING AT SUGATH, SEAROCK ROAD, KOVALAM
P.O, THIRUVANANTHAPURAM 695 527
2 LINCHU S.L, AGED 40 YEARS, D/O SUGATHAN, RESIDING AT
SUGATH, SEAROCK ROAD, KOVALAM P.O, THIRUVANANTHAPURAM 695
527
BY ADV A.JANI(KOLLAM)
RESPONDENTS:
1 THE MANAGER
SARFAESI, THE MANAGER, INDIA BULLS HOUSING FINANCE LTD,
THIRUVANANTHAPURAM BRANCH, TC/11, SAI KRISHNA BUILDING,
POST MASTER GENERAL, PATTOM, THIRUVANANTHAPURAM, KERALA
PIN 695 004
2 INDIA BULLS HOUSING FINANCE LTD
REPRESENTED BY ITS MANAGING DIRECTOR, M-62 & 63, FIRST
FLOOR, CONNAUGHT PLACE, NEW DELHI- 110 001
3 CHIEF FINANCIAL OFFICER, INDIA BULLS HOUSING FINANCE LTD,
M-62 & 63, FIRST FLOOR, CONNAUGHT PLACE, NEW DELHI- 110
001
4 THE BRANCH MANAGER, DHANI LOANS AND SERVICES, M/S INDIA
BULLS CONSUMER FINANCE LTD, THIRUVANANTHAPURAM BRANCH,
SAI KRISHNA BUILDING, POST MASTER GENERAL, PATTOM,
THIRUVANANTHAPURAM, KERALA PIN 695 004
ADV. MADHU RADHAKRISHNAN
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.21509/2022 2
JUDGMENT
The petitioners have approached this Court being aggrieved by the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as the SARFAESI Act) to recover amounts allegedly due from them in respect of loan availed by them from the 1st respondent.
2. When this matter is taken up for consideration today, the learend counsel appearing for the petitioners would submit that the petitioners had submitted proposal for One Time Settlement as can be seen from Ext.P10.
3. The learned counsel appearing for the 1 st respondent states that Ext.P10 proposal is not acceptable and that the petitioner may make a fresh proposal for One Time Settlement which can be considered by the 1st respondent. He states that the sale of the secured asset is scheduled to be held on 18.7.2022.
4. Having regard to the submissions made by the learned counsel for the petitioners and the learned counsel appearing for the 1 st respondent, it is directed that, if the petitioners make a proposal for One Time Settlement within a period of one week from today, the same shall be considered and a decision thereon shall be taken and communicted to W.P.(C)No.21509/2022 3 the petitioner within the shortest possible time. In the meantime, if the petitioners remit Rs.4 lakhs on or before 15.7.2022, the sale scheduled to be held on 18.7.2022 shall be deferred till a decision is taken on the proposal for One Time Settlement to be submitted by the petitioners as above.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE acd W.P.(C)No.21509/2022 4 APPENDIX OF WP(C) 21509/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF LOAN SANCTION LETTER ISSUED BY FIRST RESPONDENT TO WRIT PETITIONERS Exhibit P2 TRUE COPY OF LOAN REPAYMENT SCHEDULE GIVEN BY FIRST RESPONDENT TO WRIT PETITIONERS Exhibit P3 TRUE COPY OF REVISED LOAN REPAYMENT SCHEDULE GIVEN BY FIRST RESPONDENT TO WRIT PETITIONERS Exhibit P4 TRUE COPY OF STATEMENT OF ACCOUNT FOR THE PERIOD FROM 30/06/2014 TILL 29/09/2021 FURNISHED BY FIRST RESPONDENT Exhibit P5 TRUE COPY OF REQUEST LETTER GIVEN BY FIRST WRIT PETITIONER TO FIRST RESPONDENT Exhibit P6 TRUE COPY OF REPLY VIA E-MAIL TO EXHIBIT P 5 SEND BY THE FIRST RESPONDENT Exhibit P7 TRUE COPY OF LETTER SEND BY FIRST PETITIONER TO RESPONDENTS Exhibit P8 TRUE COPY OF NOTICE UNDER SECTION 13(2) OF THE SARFAESI ACT ISSUED BY FIRST RESPONDENT TO WRIT PETITIONERS Exhibit P9 TRUE COPY OF REPRESENTATION SUBMITTED UNDER SECTION 13 (3A) OF THE SARFAESI ACT SUBMITTED BY WRIT PETITIONER TO FIRST RESPONDENT Exhibit P10 TRUE COPY OF ONE TIME SETTLEMENT PROPOSAL SUBMITTED BY WRIT PETITIONER BEFORE FIRST RESPONDENT Exhibit P11 TRUE COPY OF NOTICE ISSUED UNDER RULE 8(1) OF THE SECURITY INTEREST (ENFORCEMENT) RULES BY FIRST RESPONDENT TO WRIT W.P.(C)No.21509/2022 5 PETITIONER Exhibit P12 TRUE COPY OF E-AUCTION SALE NOTICE PUBLISHED BY FIRST RESPONDENT IN ENGLISH DAILY THE TIMES OF INDIA