Rajani vs The Authorised Officer
2022 Latest Caselaw 11269 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                              PRESENT
               THE HONOURABLE MR. JUSTICE GOPINATH P.
   FRIDAY, THE 2ND DAY OF DECEMBER 2022 / 11TH AGRAHAYANA, 1944
                      WP(C) NO. 37893 OF 2022


PETITIONER:

          RAJANI
          AGED 48 YEARS, D/O A.G. SIVARAMANPILLAI
          SIVANANDANAMPUTHIYOTTILPARAMBA
          EDAKKAD P.O., KOZHIKODE, PIN - 673 005.

          BY ADV SHARAN SHAHIER



RESPONDENT:

          THE AUTHORISED OFFICER
          PNB HOUSING FINANCE LIMITED
          2ND FLOOR, AMBILIKALA TOWER,
          SOUTH AMMAN KOVIL STREET,
          KOTTAPURAM, NEAR RAILWAY OVER BRIDGE
          THRISSUR, PIN - 680 004.

          BY ADV P.PAULOCHAN ANTONY




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
02.12.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 37893 OF 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 (SARFAESI Act) for recovery of the

amounts due under a housing loan availed by the petitioner.

2. During the course of hearing, petitioner has

confined the relief to an opportunity of repaying the overdue

amount in installments and to obtain regularization of the

loan account.

3. The learned counsel appearing for the respondent

financial institution states that 26 EMI's are due and the

present overdue amount is Rs.9,97,346/- (Rupees Nine Lakh

Ninety Seven Thousand Three Hundred and Forty Six Only).

It is also submitted that the petitioner has handed over the

possession of the secured asset to a third party after

accepting a sum of Rs.15 Lakhs. It is submitted that

notwithstanding the above, the respondent financial

institution has no objection in accepting the overdue amount

in limited installments.

4. I have heard Adv. Sharan Shahier, learned counsel

for the petitioner as well as Adv. P.Paulochan Antony, the

learned counsel for the respondent.

5. Having regard to the circumstances of the case and

the situation now prevailing, apart from the submissions

made as recorded above, I am of the view that the petitioner

can be granted an opportunity to repay the overdue amount

in 10 installments and thereafter, if the amount so directed

is repaid within the time as directed above, to have the loan

account regularized.

6. Accordingly, there will be a direction to the

respondent financial institution to accept repayment of the

entire overdue amount of Rs.9,97,346/- (Rupees Nine Lakh

Ninety Seven Thousand Three Hundred and Forty Six Only)

along with any accrued interest and costs from the

petitioner and regularize the loan account of the petitioner

on the following conditions:

(i) The petitioner shall pay a sum of Rs.2,00,000/-

(Rupees Two Lakhs only) on or before 02-01-2023.

(ii) The balance overdue amount of Rs.7,97,346/-

(Rupees Seven Lakh Ninety Seven Thousand Three Hundred

and Forty Six Only) shall be repaid in 10 equated monthly

installments along with any accrued interest and costs;

(ii) The first installment shall be paid on or before

02-02-2023. The subsequent installments shall be paid on or

before the 2nd day of the succeeding months;

(iii) Petitioner shall continue to pay the regular EMI's

along with the installments as directed above;

(iv) In the event of default of any one installment, the

respondent financial institution shall be entitled to proceed

in accordance with law.

(v) In order to enable the petitioner to repay the entire

amounts, all coercive proceedings shall be kept in abeyance.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE ats

APPENDIX OF WP(C) 37893/2022

PETITIONER EXHIBITS

Exhibit P1 A TRUE COPY OF THE POSSESSION NOTICE DATED 21.10.2022