Veeran Kutty K vs M/S.Sundaram Home Finance Ltd
2021 Latest Caselaw 9913 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM

                               PRESENT

                 THE HONOURABLE MR. JUSTICE A.M.BADAR

    WEDNESDAY, THE 24TH DAY OF MARCH 2021 / 3RD CHAITHRA, 1943

                       WP(C).No.6194 OF 2021(Y)


PETITIONER:

               VEERAN KUTTY K
               AGED 49 YEARS
               S/O.KUNCHAYIN, HIBA HOUSE, KURUNGOTTUMMAL,
               PANTHEERANKAVU P.O., PERUMANNA, KOZHIKODE-673 019.

               BY ADVS.
               SRI.T.D.SUSMITH KUMAR
               SRI.C.SIVADAS

RESPONDENTS:

      1        M/S.SUNDARAM HOME FINANCE LTD
               2ND FLOOR, BMT CENTRE, MINI BYE PASS ROAD,
               PUTHIYARA P.O., KOZHIKODE-673004,
               REPRESENTED BY ITS MANAGER.

      2        THE AUTHORIZED OFFICER,
               M/S.SUNDARAM HOME FINANCE LTD., SUNDARAM TOWERS,
               5TH FLOOR, NO.46, WHITES ROAD, CHENNAI-600 014.

               BY ADV. SRI.VARGHESE C.KURIAKOSE, SC.


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
24.03.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C) No.6194/2021                 2


                              JUDGMENT

Dated this the 24th day of March 2021

Heard both sides. The petitioner had availed three loans;

first one for Rs.4.5 lakhs, second for Rs.11.40 lakhs and third one

for Rs.30 lakhs. Two properties are mortgaged for availing these

loans. According to the learned counsel for the petitioner, as of

this day, the petitioner had repaid an amount of Rs.1.34 crores in

discharge of his liability. However, the petitioner could not repay

the loan because of unforeseen financial exigencies.

2. On the last date of hearing, learned Standing Counsel

appearing for respondents pointed out that the overdue amount is

about Rs.21,56,462/- and 25% of the overdue amount is required

to be paid by the petitioner by the end of March 2021.

3. Today, learned counsel for the petitioner, on instructions,

submits that the petitioner is in a position to pay 20% of the

overdue amount by the end of March 2021 and the rest of the

amount can be paid by him in instalments.

4. Learned Standing Counsel appearing for respondents

submits that the petitioner may repay the balance amount with

regular EMIs in ten instalments.

5. I have considered the submissions so advanced and

perused the materials placed before me. Since the respondents

are willing to grant instalments to the petitioner for regularising

his loan account, this writ petition is disposed of with the following

directions:

The petitioner to pay 20% of the overdue amount, interest

and incidental charges on or before 31.03.2021. The petitioner

should repay the balance overdue amount with interest and

incidental charges in 15 equated successive monthly instalments

commencing from 26.04.2021 along with regular EMIs. If the

petitioner follows these directions, then the respondents are

directed to keep the pending action under the SARFAESI Act

initiated against the petitioner in abeyance. A single default on

the part of the petitioner in compliance with these directions shall

entail the respondents to continue with the coercive action

initiated against the petitioner. No further extension of time shall

be granted to the petitioner for compliance with these directions.

Sd/-

A.M.BADAR

JUDGE smp

APPENDIX PETITIONER'S EXHIBITS:

EXHIBIT P1 THE TRUE COPY OF THE POSSESSION NOTICE DATED 4.3.2021 ISSUED BY THE 2ND RESPONDENT, THE AUTHORIZED OFFICER, M/S.SUNDARAM HOME FINANCE LTD., PERTAINING TO THE LOAN NO.71000665.

EXHIBIT P2 THE TRUE COPY OF THE POSSESSION NOTICE DATED 4.3.2021 ISSUED BY THE 2ND RESPONDENT, THE AUTHORIZED OFFICER, M/S.SUNDARAM HOME FINANCE LTD., PERTAINING TO THE LOAN NO.71000818.

EXHIBIT P3 THE TRUE COPY OF THE POSSESSION NOTICE DATED 4.3.2021 ISSUED BY THE 2ND RESPONDENT, THE AUTHORIZED OFFICER, M/S.SUNDARAM HOME FINANCE LTD., PERTAINING TO THE LOAN NO.71000623. RESPONDENTS' EXHIBITS: NIL.

True Copy

P.S to Judge

smp