IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
FRIDAY, THE 24TH DAY OF JUNE 2022 / 3RD ASHADHA, 1944
WP(C) NO. 19693 OF 2022
PETITIONER:
SATHEESH KUMAR N,
AGED 38 YEARS
S/O. NANJUNDAN KAUNDAR, UDHUVAKKAD, PALLATHERI P.O,
PALAKKAD DISTRICT, PIN-678007.
BY ADVS.
JACOB SEBASTIAN
K.V.WINSTON
ANU JACOB
RESPONDENTS:
1 ICICI BANK LIMITED,
RAPG, FIRST FLOOR, UDAYA TOWERS, WEST FORT ROAD,
PALAKKAD DISTRICT, PIN678001, REPRESENTED BY ITS
AUTHORISED OFFICER.
2 DEWAN HOUSING FINANCE CORPORATION LTD.,
AMBIKA ARCADE, 1ST FLOOR, M.G.ROAD, THRISSUR DISTRICT,
PIN680001, REPRESENTED BY ITS MANAGER.
OTHER PRESENT:
SRI. PRADEESH CHACKO (SC)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
24.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P (C) No.19693/2022 -2-
JUDGMENT
Petitioner has approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as the Securitisation Act) for recovery of the amounts due upon a housing loan availed by the petitioner.
2. During the course of hearing, petitioner has 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.2,52,940/-.
4. 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 petitioner has undertaken to clear off the overdue amount along with regular EMIs, I am of the view that the petitioner can be granted an opportunity to clear off the overdue amount in ten (10) equal instalments first of which shall be paid on or before 15-07-2022 and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised.
5. The standing counsel for the respondent bank would submit that the physical possession of the petitioner's property has already been taken. The learned counsel for the petitioner seeks time to obtain instructions from his client as to whether physical possession actually be taken. I am of the opinion that this need not detain this court and it is only be necessary to direct that if physical possession is taken by the respondent, on payment of Rs.1,00,000/- either in installment as W.P (C) No.19693/2022 -3- above or upfront the physical possession shall be returned to the petitioner.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.2,52,940/- along with bank charges from the petitioner and regularise the loan account of the petitioner on the following conditions:
(i) The overdue amount of Rs.2,52,940/- together with any accrued interest and charges shall be repaid in ten equated monthly instalments.
(ii) The first instalment shall be paid on or before 15-07-2022 and the subsequent instalments shall be paid on or before 15 th of every succeeding month.
(iii) If physical possession of the secured asset is taken by the respondent, on payment of Rs.1,00,000/- either in installment as above or upfront the physical possession of the secured asset shall be returned to the petitioner.
(iii) Petitioner shall continue to pay the regular EMI's along with the instalments directed above.
(iv) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law.
(v) In order to enable the petitioner to repay the entire amounts, further coercive proceedings shall be kept in abeyance.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE AMG W.P (C) No.19693/2022 -4- APPENDIX OF WP(C) 19693/2022 PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE NOTICE DATED 7.5.2022 ISSUED UNDER THE SARFAEST ACT.