Sabira vs Housing Development Finance ...
2022 Latest Caselaw 9056 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
               THE HONOURABLE MR. JUSTICE GOPINATH P.
     WEDNESDAY, THE 27TH DAY OF JULY 2022 / 5TH SRAVANA, 1944
                       WP(C) NO. 24305 OF 2022
PETITIONER:

          SABIRA
          AGED 48 YEARS, W/O. SAHEERSHA,
          PALAKKAPARAMBIL HOUSE, NEAR SURYA CLUB,
          RAMAVARMAPURAM P.O.,THRISSUR, PIN - 680 631.

          BY ADVS.
                     SANTHEEP ANKARATH
                     P.ANIRUDHAN


RESPONDENT:

          HOUSING DEVELOPMENT FINANCE CORPORATION (HDFC) LIMITED
          M.G. ROAD BRANCH, THRISSUR - 680 004,
          REPRESENTED BY ITS AUTHORISED OFFICER.

          BY ADV SRI.T.RAJESH, SC, HDFC BANK LTD.


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
27.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 24305 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 upon a 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 installments and to obtain regularization

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 as on 01.07.2022 is Rs.5,99,965/- (Rupees

Five Lakhs Ninety Nine Thousand Nine Hundred and Sixty

Five only). 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 installments and

regularize the loan account.

4. I have heard Adv.Santheep Ankarath, learned

counsel for the petitioner as well as Adv.T.Rajesh, 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 bank to accept repayment of the entire overdue

amount of Rs.5,99,965/- (Rupees Five Lakhs Ninety Nine

Thousand Nine Hundred and Sixty Five only) along with

bank charges from the petitioner and regularize the loan

account of the petitioner on the following conditions:

(i) The overdue amount of Rs.5,99,965/- (Rupees Five

Lakhs Ninety Nine Thousand Nine Hundred and Sixty Five

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

30.08.2022. The subsequent installments shall be paid on or

before the last working day of the succeeding months;

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

along with the installments directed above;

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

respondent bank 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) 24305/2022

PETITIONER EXHIBITS

EXHIBIT P1 TRUE COPY OF THE STATEMENT OF ACCOUNTS DATED 8.9.2021 IN RESPECT OF THE LOAN ACCOUNT OF THE PETITIONER'S HUSBAND.

EXHIBIT P2 TRUE COPY OF THE NOTICE DATED 12.8.2021 ISSUED BY THE RESPONDENT UNDER SEC. 13(2) OF THE SARFAESI ACT.

EXHIBIT P3 TRUE COPY OF THE REPLY DATED 6.10.2021 SUBMITTED BY THE PETITIONER'S HUSBAND BEFORE THE RESPONDENT.

EXHIBIT P4 TRUE COPY OF THE NOTICE DATED 14.7.2022 ISSUED BY THE ADVOCATE COMMISSIONER IN M.C. NO.157/2022 ON THE FILE OF THE CHIEF JUDICIAL MAGISTRATE'S COURT, THRISSUR.