Upesh S.L vs The Manager
2022 Latest Caselaw 8295 Ker

W.P.(C)No.21509/2022                         1

                     IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                        PRESENT
                      THE HONOURABLE MR. JUSTICE GOPINATH P.
             FRIDAY, THE 1ST DAY OF JULY 2022 / 10TH ASHADHA, 1944
                              WP(C) NO. 21509 OF 2022
PETITIONERS:

       1          UPESH S.L.,AGED 37 YEARS
                  S/O SUGATHAN, RESIDING AT SUGATH, SEAROCK ROAD, KOVALAM
                  P.O, THIRUVANANTHAPURAM 695 527

       2          LINCHU S.L, AGED 40 YEARS, D/O SUGATHAN, RESIDING AT
                  SUGATH, SEAROCK ROAD, KOVALAM P.O, THIRUVANANTHAPURAM 695
                  527

                  BY ADV A.JANI(KOLLAM)


RESPONDENTS:

       1          THE MANAGER
                  SARFAESI, THE MANAGER, INDIA BULLS HOUSING FINANCE LTD,
                  THIRUVANANTHAPURAM BRANCH, TC/11, SAI KRISHNA BUILDING,
                  POST MASTER GENERAL, PATTOM, THIRUVANANTHAPURAM, KERALA
                  PIN 695 004

       2          INDIA BULLS HOUSING FINANCE LTD
                  REPRESENTED BY ITS MANAGING DIRECTOR, M-62 & 63, FIRST
                  FLOOR, CONNAUGHT PLACE, NEW DELHI- 110 001

       3          CHIEF FINANCIAL OFFICER, INDIA BULLS HOUSING FINANCE LTD,
                  M-62 & 63, FIRST FLOOR, CONNAUGHT PLACE, NEW DELHI- 110
                  001

       4          THE BRANCH MANAGER, DHANI LOANS AND SERVICES, M/S INDIA
                  BULLS CONSUMER FINANCE LTD, THIRUVANANTHAPURAM BRANCH,
                  SAI KRISHNA BUILDING, POST MASTER GENERAL, PATTOM,
                  THIRUVANANTHAPURAM, KERALA PIN 695 004

                  ADV. MADHU RADHAKRISHNAN


THIS       WRIT    PETITION   (CIVIL)   HAVING    COME   UP   FOR   ADMISSION   ON
01.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C)No.21509/2022                   2

                               JUDGMENT

The petitioners have approached this Court being aggrieved by the

proceedings under the Securitisation and Reconstruction of Financial

Assets and Enforcement of Security Interest Act (hereinafter referred to

as the SARFAESI Act) to recover amounts allegedly due from them in

respect of loan availed by them from the 1st respondent.

2. When this matter is taken up for consideration today, the

learend counsel appearing for the petitioners would submit that the

petitioners had submitted proposal for One Time Settlement as can be

seen from Ext.P10.

3. The learned counsel appearing for the 1 st respondent states

that Ext.P10 proposal is not acceptable and that the petitioner may make

a fresh proposal for One Time Settlement which can be considered by the

1st respondent. He states that the sale of the secured asset is scheduled to

be held on 18.7.2022.

4. Having regard to the submissions made by the learned

counsel for the petitioners and the learned counsel appearing for the 1 st

respondent, it is directed that, if the petitioners make a proposal for One

Time Settlement within a period of one week from today, the same shall

be considered and a decision thereon shall be taken and communicted to

the petitioner within the shortest possible time. In the meantime, if the

petitioners remit Rs.4 lakhs on or before 15.7.2022, the sale scheduled to

be held on 18.7.2022 shall be deferred till a decision is taken on the

proposal for One Time Settlement to be submitted by the petitioners as

above.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE acd

APPENDIX OF WP(C) 21509/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF LOAN SANCTION LETTER ISSUED BY FIRST RESPONDENT TO WRIT PETITIONERS

Exhibit P2 TRUE COPY OF LOAN REPAYMENT SCHEDULE GIVEN BY FIRST RESPONDENT TO WRIT PETITIONERS

Exhibit P3 TRUE COPY OF REVISED LOAN REPAYMENT SCHEDULE GIVEN BY FIRST RESPONDENT TO WRIT PETITIONERS

Exhibit P4 TRUE COPY OF STATEMENT OF ACCOUNT FOR THE PERIOD FROM 30/06/2014 TILL 29/09/2021 FURNISHED BY FIRST RESPONDENT

Exhibit P5 TRUE COPY OF REQUEST LETTER GIVEN BY FIRST WRIT PETITIONER TO FIRST RESPONDENT

Exhibit P6 TRUE COPY OF REPLY VIA E-MAIL TO EXHIBIT P 5 SEND BY THE FIRST RESPONDENT

Exhibit P7 TRUE COPY OF LETTER SEND BY FIRST PETITIONER TO RESPONDENTS

Exhibit P8 TRUE COPY OF NOTICE UNDER SECTION 13(2) OF THE SARFAESI ACT ISSUED BY FIRST RESPONDENT TO WRIT PETITIONERS

Exhibit P9 TRUE COPY OF REPRESENTATION SUBMITTED UNDER SECTION 13 (3A) OF THE SARFAESI ACT SUBMITTED BY WRIT PETITIONER TO FIRST RESPONDENT

Exhibit P10 TRUE COPY OF ONE TIME SETTLEMENT PROPOSAL SUBMITTED BY WRIT PETITIONER BEFORE FIRST RESPONDENT

Exhibit P11 TRUE COPY OF NOTICE ISSUED UNDER RULE 8(1) OF THE SECURITY INTEREST (ENFORCEMENT) RULES BY FIRST RESPONDENT TO WRIT

PETITIONER

Exhibit P12 TRUE COPY OF E-AUCTION SALE NOTICE PUBLISHED BY FIRST RESPONDENT IN ENGLISH DAILY THE TIMES OF INDIA