Biju K vs Lic Housing Finance Ltd
2022 Latest Caselaw 9473 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
               THE HONOURABLE MR. JUSTICE GOPINATH P.
     THURSDAY, THE 25TH DAY OF AUGUST 2022 / 3RD BHADRA, 1944
                      WP(C) NO. 19623 OF 2022
PETITIONER:

          BIJU K, AGED 45 YEARS, S/O K. GOPALAN,
          PALISSERITAZHAKUNI HOUSE, CHERIVANNUR P.O,
          MEPPAYUR, KOZHIKODE, PIN - 673524

          BY ADVS.
          RAFEEK. V.K.
          SAIJO HASSAN
          BENOJ C AUGUSTIN
          VICTOR ANTONY NOONE
          U.M.HASSAN
          AATHIRA SUNNY


RESPONDENT:

          LIC HOUSING FINANCE LTD.,
          REPRESENTED BY ITS AUTHORIZED OFFICER,
          ROYAL PALACE BUILDING,
          RAILWAY STATION LINK ROAD,
          CALICUT, PIN - 671552

          ADV. R.S. KALKURA, SC.


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
25.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P (C) No.19623/2022                    -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 home 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.1,97,835/- as on

22-06-2022. 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 overdue amount in limited instalments and regularise the loan

account.

4. I have heard the learned counsel for the petitioner as well as the

learned Standing Counsel for the respondent Bank.

5. 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 monthly instalments first of which

shall be paid on or before 16-09-2022 and thereafter, if the amount so directed is

repaid within the time as directed above, 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.1,97,835/- 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.1,97,835/- 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 16-09-2022 and the

subsequent instalments shall be paid on 15 th of every succeeding

month.

(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) Ext.P1 proceedings shall be kept in abeyance if the petitioner complies

with the directions in this judgment.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE AMG

APPENDIX OF WP(C) 19623/2022

PETITIONER EXHIBITS

Exhibit1 TRUE COPY OF POSESSION NOTICE DATED 27.04.2022 ISSUED BY THE RESPONDENT BANK