IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
TUESDAY, THE 14TH DAY OF JUNE 2022 / 24TH JYAISHTA, 1944
WP(C) NO. 19296 OF 2022
PETITIONER:
BABU K,
AGED 54 YEARS, S/O NEELAMBARAN,
LEELA VILASOM, VATTALIL, ADAYAMON P.O,
KILIMANOOR, THIRUVANANTHAPURAM DISTRICT.
BY ADVS.
K.SIJU
ANJANA KANNATH
T.S.SREEKUTTY
RESPONDENTS:
1 THE AUTHORISED OFFICER,
SUNDARAM BNP PARIBAS HOME FINANCE LTD,
SUNDARAM TOWERS, 46 WHITES ROAD, CHENNAI-600014.
2 THE BRANCH MANAGER,
SUNDARAM BNP PARIBAS HOME FINANCE LTD,
TC 20/30 37, 2ND FLOOR, KAIRALI PLAZA,
KARAMANA P.O, KILLIPALAM,
THIRUVANANTHAPURAM-695 002.
BY ADV VARGHESE C.KURIAKOSE
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 14.06.2022, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
W.P.(C) No.19296/2022
-: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 outstanding amount in installments.
3. It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the outstanding amount is Rs.9,90,554/-(Rupees Nine Lakhs Ninety Thousand Five Hundred and Fifty Four 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 installments.
4. I have heard Adv.Siju Kamalasanan, learned counsel for the petitioner as well as W.P.(C) No.19296/2022 -:3:- Adv.Varghese.C.Kuriakose, the learned 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 petitioner can be granted an opportunity to repay the outstanding amount in 8 installments.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.9,90,554/- (Rupees Nine Lakhs Ninety Thousand Five Hundred and Fifty Four Only) along with bank charges and any accrued interest/costs from the petitioner on the following conditions:
(i) The petitioner shall pay an amount of Rs.1,50,000/- (Rupees One Lakh Fifty Thousand Only) on or before 15-07-2022 and the balance amount together with any accrued interest/costs shall be repaid in 8 equated monthly installments commencing from 15-08-2022.
(ii) The subsequent installments shall be paid on or before the 15th day of every succeeding months W.P.(C) No.19296/2022 -: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.19296/2022 -:5:- APPENDIX OF WP(C) 19296/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF JUDGMENT IN WPC NO 23928/2017 DATED 29.8.2017 Exhibit P2 TRUE COPY OF ORDER IN MC NO 321/2022 DATED 2.4.2022 ON THE FILE OF CHIEF JUDICIAL MAGISTRATE COURT , THIRUVANANTHAPURAM Exhibit P3 TRUE COPY OF NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 18.5.2022