Deepa.T.K vs Hdfc Limited
2022 Latest Caselaw 4633 Ker

        IN THE HIGH COURT OF KERALA AT ERNAKULAM
                        PRESENT
         THE HONOURABLE MR.JUSTICE VIJU ABRAHAM
 FRIDAY, THE 22ND DAY OF APRIL 2022 / 2ND VAISAKHA, 1944
                WP(C) NO. 14297 OF 2022
PETITIONERS:

    1    DEEPA T.K., AGED 38,
         W/O.RENJITH S.J.,
         "GOWRI SANKARAM", MUKKAMPALAMOODU,
         MOONGODU.P.O., THIRUVANANTHAPURAM 695 573.
    2    RENJITH S.J., AGED 39,
         S/O.JAYARAJ,"GOWRI SANKARAM", MUKKAMPALAMOODU,
         MOONGODU.P.O., THIRUVANANTHAPURAM 695 573."
         BY ADVS.
         SREEJITH S.NAIR


RESPONDENTS:

    1    HDFC LIMITED,
         HDFC HOUSE,
         VAZHUTHACAUD,
         REPRESENTED BY MANAGER,
         POST BOX NO.2288,
         THIRUVANANTHAPURAM - 695 010.
    2    HDFC LIMITED,
         HDFC HOUSE,
         VAZHUTHACAUD,
         REPRESENTED BY AUTHORISED OFFICER,
         POST BOX NO.2288,
         THIRUVANANTHAPURAM-695 010.



         ADV K.K.CHANDRAN PILLAI, SR.SC
         S.AMBILY, SC



THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 22.04.2022, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
 WP(C) NO.14297 of 2022
                                                  2



                                    VIJU ABRAHAM, J
                              .......................................
                               W.P.(C) No.14297 of 2022
                           ................................................
                         Dated this the 22 nd day of April, 2022


                                          JUDGMENT

Petitioners availed loans to the tune of Rs.52 Lakhs

from the respondent Bank and the same has now been

defaulted. Ext.P1 is the possession notice issued

under Section 13(2) of the Securitization and

Reconstruction of Financial Assets and Enforcement of

Security Interest Act, 2002.

2. During the course of the hearing, petitioners sought

for an opportunity to repay the entire overdue amount

in instalments and to obtain regularisation of the loan

account.

3. I have heard Sri.Sreejith S.Nair, the learned counsel

for the petitioners as well as Smt.S.Ambily, the

learned Standing Counsel for respondents.

4. The learned Standing Counsel, upon instructions,

submitted that the total overdue amount as on date is

Rs.11,28,825/- and respondents are agreeable to defer WP(C) NO.14297 of 2022

the coercive proceedings initiated against the

petitioners, on condition that petitioners deposit a

substantial sum to prove their bona fides and repay

the balance amount in instalments.

5. Considering the facts and circumstances of the case, I

am of the view that this writ petition itself can be

disposed of, permitting the petitioners to pay the

entire overdue amount of Rs.11,28,825/- in '13'

equated monthly instalments and to have the loan

account regularised.

6. Accordingly, there will be a direction to the

respondent-Bank to accept repayment of the entire

overdue amount of Rs.11,28,825/- along with bank

charges and to regularise the loan account of the

petitioners on the following conditions:

(i). The overdue amount of Rs.11,28,825/- along with

bank charges shall be repaid in '13' instalments, on

condition that an amount of Rs.2,00,000/- (Rupees Two

lakhs only) be paid by the petitioners on or before

23.05.2022.

(ii). If the petitioners fail to deposit the said amount, the

respondent-Bank shall be free to proceed in accordance WP(C) NO.14297 of 2022

with law.

(iii) If the petitioners deposit the aforesaid amount, the

petitioners will be entitled to clear the balance amount,

after deducting the said amount of Rs.2,00,000/-, in '12'

equated monthly instalments, commencing from

23.06.2022. The remaining instalments shall be paid on or

before the 23rd day of every succeeding month.

(iii). Petitioners 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 petitioners to repay the entire

amounts, all coercive proceedings initiated against the

petitioners shall be kept in abeyance.

                The       writ petition is disposed of.




                                                                       Sd/-
                                                                VIJU ABRAHAM, JUDGE

       AMV/22/04/2022
 WP(C) NO.14297 of 2022




                         APPENDIX OF WP(C) 14297/2022

       PETITIONER EXHIBITS

       Exhibit P1            COPY OF THE NOTICE ISSUED UNDER

SECTION 13(2) OF THE SECURITISATION & RECONSTRUCTION OF FINANCIAL ASSETS, 2002 TO THE PETITIONER BY 2ND RESPONDENT.

       Exhibit P2            COPY OF THE ORDER IN MC 226/2022
                             DATED    10.03.2022   OF   THE    CHIEF
                             JUDICIAL        MAGISTRATE       COURT,
                             THIRUVANANTHAPURAM.



       RESPONDENTS EXHIBITS : NIL




                                                            TRUE COPY