W.P.(C) No.16639 of 2022
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
THURSDAY, THE 9TH DAY OF JUNE 2022 / 19TH JYAISHTA, 1944
WP(C) NO. 16639 OF 2022
PETITIONERS:
1 PRATIK DEV
AGED 35 YEARS, S/O DEVARAJAN
PULIMOOTTIL HOUSE, MUTHUKULAM SOUTH,
ALAPPUZHA - 690 506.
2 DEVARAJAN
AGED 64 YEARS
PULIMOOTTIL HOUSE,MUTHUKULAM SOUTH,
ALAPPUZHA - 690 506.
BY ADVS.
S.SHANAVAS KHAN
S.INDU
RESPONDENTS:
1 THE HOUSING DEVELOPMENT FINANCE CORPORATION LTD (HDFC)
MAVELIKARA BRANCH MANAPPALLIL BUILDING MAVELIKARA,
PUTHIYAKAVU ALAPPUZHA 690 101 REPRESENTED BY ITS
BRANCH MANAGER.
2 THE AUTHORISED OFFICER
HOUSING DEVELOPMENT FINANCE CORPORATION LTD HDFC HOUSE
P.O BOX NO. 2288 VAZHUTHACAUD-690510.
BY ADVS.
K.K.CHANDRAN PILLAI (SR.)
S.AMBILY
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 09.06.2022, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
W.P.(C) No.16639 of 2022
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JUDGMENT
Petitioners have 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 petitioners.
2. During the course of hearing, petitioners have 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 petitioners committed default in repayment and the overdue amount is Rs.4,07,891/-(Rupees Four Lakhs Seven Thousand Eight Hundred and Ninety One 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.
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4. I have heard Adv.S.Shanavas Khan, learned counsel for the petitioners as well as Adv.K.K.Chandran Pillai, the learned Senior Standing Counsel for the respondents.
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 petitioners 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.4,07,891/- (Rupees Four Lakhs Seven Thousand Eight Hundred and Ninety One Only) along with bank charges from the petitioners and regularize the loan account of the petitioners on the following conditions:
(i) The overdue amount of Rs.4,07,891/-(Rupees Four Lakhs Seven Thousand Eight Hundred and Ninety One Only) together with any accrued interest and costs shall be repaid in 10 equated monthly installments. W.P.(C) No.16639 of 2022 -:4:-
(ii) The first installment shall be paid on or before 10-07-2022. The subsequent installments shall be paid on or before the last working day of succeeding months.
(iii) Petitioners 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 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 ats W.P.(C) No.16639 of 2022 -:5:- APPENDIX OF WP(C) 16639/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE COMMUNICATION DATED 10/01/2022 ISSUED RESPONDENT TO THE FIRST PETITIONER.
Exhibit P2 TRUE COPY OF THE NOTICE ISSUED BY THE 2ND RESPONDENT TO THE PETITIONERS UNDER SECTION 13(2) OF THE SARFAESI ACT.
Exhibit P3 TRUE COPY OF THE REPLY DATED 19/04/2022 SUBMITTED BY FIRST PETITIONER BEFORE THE MANAGER, HDFC, VAZHUTHAKKAD, THIRUVANANTHAPURAM.