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. 28614 OF 2021
PETITIONER:
SHAJAN K THOMAS
AGED 55 YEARS
S/O. THOMAS, KANJIRAKUNNEL HOUSE, ERAMALLOOR P.O,
CHERTHALA, ALAPPUZHA
BY ADV K.C.SUDHEER
RESPONDENT:
HOUSING FINANCE DEVELOPMENT FINANCE CORPORATION
HDFC HOUSE, P.O NO 1667, RAVIPURAM JUNCTION,
M G ROAD, KOCHI REPRESENTED BY ITS AUTHORIZED
OFFICER HOUSING FINANCE DEVELOPMENT FINANCE
CORPORATION, HDFC HOUSE, P.O NO 1667,
RAVIPURAM JUNCTION, M G ROAD, KOCHI
BY ADVS.
K.K.CHANDRAN PILLAI (SR.SC)
MICKY THOMAS
S.AMBILY
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.28614/2021
-: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 outstanding amount in instalments.
3. It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the outstanding amount is Rs.4,08,820/-(Rupees Four Lakhs Eight Thousand Eight Hundred and Twenty 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 outstanding amount in limited instalments.
4. I have heard Adv.K.C.Sudheer, learned counsel for the petitioner as well as Adv.K.K. Chandran Pillai, the learned Senior Counsel for the respondent. W.P.(C) No.28614/2021 -: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 outstanding amount in 12 instalments.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.4,08,820/-(Rupees Four Lakhs Eight Thousand Eight Hundred and Twenty Only) along with bank charges from the petitioner on the following conditions:
(i) The outstanding amount of Rs.4,08,820/- (Rupees Four Lakhs Eight Thousand Eight Hundred and Twenty Only) together with any accrued interest/costs shall be repaid in 12 equated monthly installments.
(ii) The first installment shall be paid on or before 30-06-2022. The subsequent installments shall be paid on or before the last working day of the succeeding months. W.P.(C) No.28614/2021 -:4:-
(iii) In the event of default of any one installment, the respondent bank 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 ats W.P.(C) No.28614/2021 -:5:- APPENDIX OF WP(C) 28614/2021 PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE MEDICAL CERTIFICATE DATED 17-11-2021 ISSUED FROM THE LITTLE FLOWER INSTITUTE OF RESEARCH CENTRE ANGAMALY Exhibit P2 THE TRUE COPY OF THE HIGH COURT ORDER DATED 18-07-2014 IN WP(C) NO. 17400 OF 2014 Exhibit P3 THE TRUE COPY OF THE NOTICE DATED 08-11-
2021 ISSUED FROM THE RESPONDENT BANK Exhibit P4 THE TRUE COPY OF THE ONLINE ACCOUNT STATEMENT DATED 31-10-2021 ISSUED FROM THE RESPONDENT BANK