W.P(C).22995/22 1
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. 22995 OF 2022
PETITIONER/S:
1 USHA REMANAN
AGED 50 YEARS
W/O REMANAN,
THETTIKATTIL, MUTHUKULAM NORTH P.O.,
CHOOLATHERUVU, ALAPPUZHA-690506,
NOW RESIDING AT KILIKKISSERIL HOUSE,
CHOLATHERUVU (PO), MUTHUKULAM NORTH, ALAPUZHA DISTRICT.
2 SHARUN
AGED 30 YEARS
S/O REMANAN,
THETTIKATTIL, MUTHUKULAM NORTH P.O.,
CHOOLATHERUVU, ALAPPUZHA-690506,
NOW RESIDING AT KILIKKISSERIL HOUSE,
CHOLATHERUVU (PO), MUTHUKULAM NORTH, ALAPUZHA DISTRICT,
BY ADVS.
R.REJI
M.V.THAMBAN
THARA THAMBAN
B.BIPIN
ARUN BOSE
SUNEESH KUMAR R.
RESPONDENT/S:
1 MUTHOOT HOUSING FINANCE COMPANY LIMITED
,REGISTERED OFFICE AT TC NO. 14/2074-7, MUTHOOT
CENTRE , PUNNEN ROAD , THIRUVANANTHAPURAM, PIN- 695034,
REPRESENTED BY ITS AUTHORIZED OFFICER
2 THE AUTHORIZED OFFICER
M/S. MUTHOOT HOUSING FINANCE COMPANY LIMITED.,2ND
FLOOR, KELMERS COMPLEX, SREEKANDATH ROAD, RAVIPURAM,
COCHIN, KERALA
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
27.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P(C).22995/22 2
JUDGMENT
Petitioners have 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 Securitisation Act) for recovery of the amounts due upon a housing loan availed by the petitioners.
2. During the course of hearing, petitioners have confined the relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation 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 is Rs.1,92,673/- as on today (27.7.2022). 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 instalments and regularise the loan account.
4. I have heard the learned counsel for the petitioners as well as the learned Standing Counsel for the respondent Bank.
5. Having regard to the facts and circumstances of the case and the situation now prevailing, apart from the submissions made as recorded above and considering the fact that this is a housing loan and also taking into account the fact that the petitioners have undertaken to clear off the overdue amount along with regular EMIs, I am of the view that the petitioners can be granted an opportunity to clear off the overdue amount in twelve (12) equal instalments of W.P(C).22995/22 3 which Rs.50,000/- shall be paid on or before 26.8.2022 and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.1,92,673/- along with bank charges from the petitioners and regularise the loan account of the petitioners on the following conditions:
(i) The petitioners shall pay an amount of Rs.50,000/- on or before 26.8.2022 and thereafter the balance overdue amount together with any accrued interest and charges shall be repaid in twelve (12) equated monthly instalments starting from 14.9.2022.
(ii) Petitioners shall continue to pay the regular EMIs along with the instalments directed above.
(iii) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law.
(iv) In order to enable the petitioners 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
okb/27.7
//True copy// P.S. to Judge
W.P(C).22995/22 4
APPENDIX OF WP(C) 22995/2022
PETITIONER EXHIBITS
Exhibit P1 TRUE COPY OF THE NOTICE DATED 09.06.2022
ISSUED BY THE ADVOCATE COMMISSIONER