Senthil . V.J vs The Sundram Home Finance Limited

Kerala High Court

Senthil . V.J vs The Sundram Home Finance Limited on 21 May, 2024

Author: N.Nagaresh

Bench: N.Nagaresh

          IN THE HIGH COURT OF KERALA AT ERNAKULAM
                             PRESENT
               THE HONOURABLE MR.JUSTICE N.NAGARESH
   TUESDAY, THE 21ST DAY OF MAY 2024 / 31ST VAISAKHA, 1946
                     WP(C) NO. 17235 OF 2024
PETITIONER:

          SENTHIL . V.J
          AGED 43 YEARS, S/O V.L. JOSE,
          RESIDING AT VENATTUPARAMBIL HOUSE,
          MELEPPURAM, PUTHENKAVU P.O, CHENGANNUR, ALAPPUZHA
          DISTRICT, PIN - 689 123.

          BY ADVS.
               JOMY GEORGE
               R.PADMARAJ
               M.J.BENNY
               R.AJITH KUMAR [V.K.EDOM]
               SAJEEVAN V.T.
               CHITRA N. DAS
               RISHAB S.
               RONA ANN SIBY
               ASWIN ASHOK V.
               ANJALI G KUTTY
               RINNU UDAYAN


RESPONDENTS:

    1     THE SUNDRAM HOME FINANCE LIMITED
          KAYAMKULAM BRANCH, REPRESENTED BY ITS CHIEF
          MANAGER, 2ND FLOOR, CENTRE POINT, K.P. ROAD,
          KAYAMKULAM P.O, ALAPPUZHA DISTRICT,
          PIN - 690 502.

    2     THE AUTHORISED OFFICER (CHIEF MANGER)
          SUNDARAM HOME FINANCE LIMITED, NO.21,
          PATULLOS ROAD, CHENNAI, PIN - 680 002.

          BY ADV
               VARGHESE C.KURIAKOSE

      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 21.05.2024, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
 W.P.(C) No.17235 of 2024
                               :2:




                           JUDGMENT

Dated this the 21st day of May, 2024 The petitioner, who had availed a Housing Loan of Rs.36 lakhs in the year 2013, is before this Court seeking to quash Ext.P3 notice for handing over vacant possession of the secured asset and to direct the respondents to permit the petitioner to clear the arrears of the loan amount in four instalments along with regular instalments.

2. It is evident from the pleadings that on the failure of the petitioner to make repayment of the Housing Loan taken, the respondents have initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Aggrieved by those proceedings, the petitioner had earlier approached this Court filing W.P.(C) No.5555 of 2023. This Court permitted the petitioner to pay off the overdue amount of Rs.6,58,094/- in 15 equal monthly instalments, payable from 29.03.2023. The petitioner could not adhere to the said time schedule. W.P.(C) No.17235 of 2024 :3: The petitioner is again before this Court filing the above writ petition.

3. Standing Counsel representing the respondents resisted the writ petition. The Standing Counsel pointed out that in spite of the ample opportunity granted to the petitioner in Ext.P2 judgment to pay the overdue amount in 15 monthly instalments, the petitioner has not paid the amount. As on 21.05.2024, the total outstanding amount payable by the petitioner would come to Rs.38,25,971/- and the overdue amount payable by the petitioner would come to Rs.10,85,750/-. Unless the overdue amount is paid forthwith, there is no question of regularisation of the loan account of the petitioner.

4. I have heard the learned Counsel appearing for the petitioner and the learned Standing Counsel representing the respondents.

5. The petitioner had availed Rs.36 lakhs in the year 2013. The availing of the loan was for the purpose of construction of residential house, contends the petitioner. W.P.(C) No.17235 of 2024 :4: According to the petitioner, the loan amount could not be paid promptly due to reasons beyond the control of the petitioner.

6. Taking into consideration the entire facts of the case, I am of the view that the petitioner can be given a very short time to clear the overdue amount.

7. The writ petition is therefore disposed of with the following directions:

(i) The petitioner shall pay 50% of the overdue amount within a period of one month from today.

(ii) The petitioner shall remit the balance overdue amount along with accruing interest and administrative charges, if any, within a period of one month immediately thereafter.

(iii) The petitioner shall also pay current EMIs along with the aforesaid payments.

(iv) If the petitioner makes remittances as W.P.(C) No.17235 of 2024 :5: directed above, coercive proceedings against the petitioner shall stand deferred.

(v) If the petitioner fails to make any of the instalments, the respondents will be at liberty to proceed against the petitioner in accordance with law.

(vi) If the petitioner fails to remit the instalments as directed above, the petitioner shall surrender the vacant possession of the secured asset to the Financial Institution.

Sd/-

N. NAGARESH JUDGE AMR W.P.(C) No.17235 of 2024 :6: APPENDIX OF WP(C) 17235/2024 PETITIONER'S EXHIBITS Exhibit -P1 TRUE COPY OF THE NOTICE DATED 01.10.2022 ISSUED BY THE RESPONDENT TO THE PETITIONER.

Exhibit P2 TRUE COPY OF THE JUDGMENT OF THIS HON'BLE COURT IN WP(C) NO.5555 OF 2023 DATED 01.03.2023.

Exhibit P3 TRUE COPY OF THE NOTICE DATED 16.04.2024 ISSUED BY THE ADVOCATE COMMISSIONER.