IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
WEDNESDAY, THE 27TH DAY OF JULY 2022 / 5TH SRAVANA, 1944
WP(C) NO. 24305 OF 2022
PETITIONER:
SABIRA
AGED 48 YEARS, W/O. SAHEERSHA,
PALAKKAPARAMBIL HOUSE, NEAR SURYA CLUB,
RAMAVARMAPURAM P.O.,THRISSUR, PIN - 680 631.
BY ADVS.
SANTHEEP ANKARATH
P.ANIRUDHAN
RESPONDENT:
HOUSING DEVELOPMENT FINANCE CORPORATION (HDFC) LIMITED
M.G. ROAD BRANCH, THRISSUR - 680 004,
REPRESENTED BY ITS AUTHORISED OFFICER.
BY ADV SRI.T.RAJESH, SC, HDFC BANK LTD.
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
27.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 24305 OF 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 (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 overdue amount in installments and to obtain regularization of the loan account.
3. It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the overdue amount as on 01.07.2022 is Rs.5,99,965/- (Rupees Five Lakhs Ninety Nine Thousand Nine Hundred and Sixty Five only). It was 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 installments and regularize the loan account.
4. I have heard Adv.Santheep Ankarath, learned counsel for the petitioner as well as Adv.T.Rajesh, the learned counsel for the respondent.
WP(C) NO. 24305 OF 2022 3
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 overdue amount in 10 installments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularized.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.5,99,965/- (Rupees Five Lakhs Ninety Nine Thousand Nine Hundred and Sixty Five only) along with bank charges from the petitioner and regularize the loan account of the petitioner on the following conditions:
(i) The overdue amount of Rs.5,99,965/- (Rupees Five Lakhs Ninety Nine Thousand Nine Hundred and Sixty Five only) shall be repaid in 10 equated monthly installments along with any accrued interest and costs;
(ii) The first installment shall be paid on or before 30.08.2022. The subsequent installments shall be paid on or before the last working day of the succeeding months; WP(C) NO. 24305 OF 2022 4
(iii) Petitioner shall continue to pay the regular EMI's along with the installments directed above;
(iv) In the event of default of any one installment, the respondent bank shall be entitled to proceed in accordance with law.
(v) 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 ats WP(C) NO. 24305 OF 2022 5 APPENDIX OF WP(C) 24305/2022 PETITIONER EXHIBITS EXHIBIT P1 TRUE COPY OF THE STATEMENT OF ACCOUNTS DATED 8.9.2021 IN RESPECT OF THE LOAN ACCOUNT OF THE PETITIONER'S HUSBAND.
EXHIBIT P2 TRUE COPY OF THE NOTICE DATED 12.8.2021 ISSUED BY THE RESPONDENT UNDER SEC. 13(2) OF THE SARFAESI ACT. EXHIBIT P3 TRUE COPY OF THE REPLY DATED 6.10.2021 SUBMITTED BY THE PETITIONER'S HUSBAND BEFORE THE RESPONDENT. EXHIBIT P4 TRUE COPY OF THE NOTICE DATED 14.7.2022 ISSUED BY THE ADVOCATE COMMISSIONER IN M.C. NO.157/2022 ON THE FILE OF THE CHIEF JUDICIAL MAGISTRATE'S COURT, THRISSUR.