Shyla Sara Philip vs Pnb Housing Finance Ltd
2022 Latest Caselaw 9082 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
                       OP (DRT) NO. 316 OF 2022
        SA 344/2021 OF DEBT RECOVERY TRIBUNAL, ERNAKULAM
PETITIONER:

          SHYLA SARA PHILIP
          AGED 42 YEARS, D/O PHILIP, PAZHAYIDATHUTHOMPIL,
          VANMAZHY, PANDANADU, CHNEGANNUR, ALAPPUZHA DISTRICT,
          PIN - 689121

          BY ADVS.
          P.MOHAMED SABAH
          DILEEP CHANDRAN
          LIBIN STANLEY
          SADIK ISMAYIL
          R.GAYATHRI
          SAIPOOJA
          M.MAHIN HAMZA
          SAFIYA AKBAR



RESPONDENTS:

    1     PNB HOUSING FINANCE LTD
          1ST FLOOR, RP ARCADE, THANATH LANE, PONNURUNNI,
          VYTILA P.O, ERNAKULAM, REPRESENTED BY ITS AUTHORIZED
          OFFICER, PIN - 682019

    2     THE REGISTRAR
          DEBT RECOVERY TRIBUNAL -I, ERNAKULAM, 5TH FLOOR,
          HOUSING BOARD BUILDING, PANAMPALLYNAGAR, ERNAKULAM,
          PIN - 682036

          BY JACOB CHACKO (SC)


THIS OP (DEBT RECOVERY TRIBUNAL) HAVING COME UP FOR ADMISSION ON
27.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 O.P.(DRT)No.316/2022                   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

SARFAESI Act) for recovery of the amounts due upon a housing 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.10,97,310/-. 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 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 fifteen (15) equal instalments first of which shall

be paid on or before 30.08.2022 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.10,97,310/- along

with bank charges from the petitioner and regularise the loan account of

the petitioner on the following conditions:

(i) The petitioner shall pay a sum of Rs.50,000/- (Rupees fifty thousand only) on or before 10.8.2022.

(ii) The balance of the overdue amount together with any accrued interest and charges shall be repaid in fifteen (15) equated monthly instalments.

(iii) The first instalment of the balance overdue amount shall be paid on or before 30.8.2022 and the subsequent instalments shall be paid on the last working day of every succeeding month.

(iv) Petitioner shall continue to pay the regular EMI's along with the instalments as directed above.

(v) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law.

(vi) In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance.

The Original Petition (DRT) is disposed of as above.

sd/-

GOPINATH P.

JUDGE acd

APPENDIX OF OP (DRT) 316/2022

PETITIONER EXHIBITS

Exhibit P1 THE TRUE COPY OF THE POSSESSION NOTICE DATED 25/11/2021

Exhibit P2 THE TRUE COPY OF THE MEMORANDUM OF SA NO.

344 /2021 ON THE FILE OF THE DEBT RECOVERY TRIBUNAL-II, ERNAKULAM

Exhibit P3 THE TRUE COPY OF THE NOTICE DATED 19/07/2022 ISSUED BY LEARNED ADVOCATE COMMISSIONER APPOINTED IN M.C NO.252/2022 BY THE LEARNED CHIEF JUDICIAL MAGISTRATE, KOTTAYAM