IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
WEDNESDAY, THE 1ST DAY OF JUNE 2022 / 11TH JYAISHTA, 1944
WP(C) NO. 17763 OF 2022
PETITIONERS:
1 ABRAHAM ALBY @ ALBY ABRAHAM
AGED 47 YEARS
S/O A ABRAHAM, 402, SUPARSHAV, SARVODAYA NAGAR, OPP JAI
HOR, MULUND WEST, MUMBAI. 400080.
2 ALBY MANJU @ MANJU ALBY ABRAHAM,
AGED 46 YEARS, WIFE OF ABRAHAM ALBY, 402, SUPARSHAV,
SARVODAYA NAGAR, OPP JAI HOR, MULUND WEST, MUMBAI.
400080.
BY ADVS.
KISHOR B.
RANSIYA.K
ROBIN JOS M. J.
RESPONDENT/S:
AUTHORIZED OFFICER
HOUSING DEVELOPMENT FINANCE CORPORATION LTD RAMON
HOUSE, H T PAREKH MARG, 169, BACKBAY, RECLAMATION,
CHURC. GATE, MUMBAI, 400020 WITH REGIONAL OFFICE, HDFC
HOUSE, 3RD FLOOR, RAVIPURAM JUNCTION, M G ROAD, COCHIN.
682015.
SMT. S. AMBILY -SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
01.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P.(c)No.17763/2022 2
JUDGMENT
The petitioners have approached this Court challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as the Securitisation Act) initiated at the instance of the respondent Bank. When this matter came up for consideration, the learned counsel appearing for the petitioners would submit that the only relief sought for is a direction to the respondent Bank to permit the petitioners to clear off the liability in instalments.
2. The learned Standing Counsel for the Bank submits that since the entire loan has been recalled and the loan has been in NPA status from January, 2020, the Bank is not amenable to permit the petitioners to regularise the loan account.
3. The learned counsel for the petitioners submits that the petitioners are ready and willing to clear off the entire liability in instalments. He also submits that the petitioners will pay an amount of Rs.3 lakhs on or before 30.6.2022.
4. The learned counsel for the respondent Bank submits that as on date, the total liability comes to Rs.15, 45, 851/-.
5. Having heard the learned counsel for the petitioners and the learned Standing Counsel for the Bank, this writ petition will stand disposed of directing that, the petitioners shall pay an amount of Rs.3 lakhs on or before W.P.(c)No.17763/2022 3 30.6.2022. The balance amount shall be remitted the balance amount in twelve (12) equal monthly instalments commencing from 30.7.2022. If any default is committed by the petitioners, it will be open to the respondent Bank to proceed against the petitioners, in accordance with law. The petitioners shall also discharge any additional interest liability and costs which may be demanded by the respondent bank. If the petitioners comply with the aforesaid conditions, all further proceedings under the Securitisation Act shall remain stayed.
Sd/-
GOPINATH P.
JUDGE acd W.P.(c)No.17763/2022 4 APPENDIX OF WP(C) 17763/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF NOTICE UNDER SECTION 13 (20 OF SARFAESI ACT 2002 DATED 17.04.20220 Exhibit P2 TRUE COPY OF NOTICE ISSUED BY ADVOCATE COMMISSIONER DATED 29.04.2022