Pratik Dev vs The Housing Development Finance ...
2022 Latest Caselaw 6676 Ker

W.P.(C) No.16639 of 2022
                                    -:1:-

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                   PRESENT
               THE HONOURABLE MR. JUSTICE GOPINATH P.
   THURSDAY, THE 9TH DAY OF JUNE 2022 / 19TH JYAISHTA, 1944
                           WP(C) NO. 16639 OF 2022
PETITIONERS:

   1   PRATIK DEV
       AGED 35 YEARS, S/O DEVARAJAN
       PULIMOOTTIL HOUSE, MUTHUKULAM SOUTH,
       ALAPPUZHA - 690 506.
   2   DEVARAJAN
       AGED 64 YEARS
       PULIMOOTTIL HOUSE,MUTHUKULAM SOUTH,
       ALAPPUZHA - 690 506.
       BY ADVS.
       S.SHANAVAS KHAN
       S.INDU


RESPONDENTS:

   1   THE HOUSING DEVELOPMENT FINANCE CORPORATION LTD (HDFC)
       MAVELIKARA BRANCH MANAPPALLIL BUILDING MAVELIKARA,
       PUTHIYAKAVU ALAPPUZHA 690 101 REPRESENTED BY ITS
       BRANCH MANAGER.
   2   THE AUTHORISED OFFICER
       HOUSING DEVELOPMENT FINANCE CORPORATION LTD HDFC HOUSE
       P.O BOX NO. 2288 VAZHUTHACAUD-690510.
       BY ADVS.
       K.K.CHANDRAN PILLAI (SR.)
       S.AMBILY


     THIS WRIT PETITION             (CIVIL) HAVING COME UP   FOR
ADMISSION ON 09.06.2022,            THE COURT ON THE SAME    DAY
DELIVERED THE FOLLOWING:
 W.P.(C) No.16639 of 2022
                                   -:2:-

                           JUDGMENT

Petitioners have 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 petitioners.

2. During the course of hearing, petitioners have

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 petitioners committed default in repayment and the

overdue amount is Rs.4,07,891/-(Rupees Four Lakhs Seven

Thousand Eight Hundred and Ninety One 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.

W.P.(C) No.16639 of 2022

4. I have heard Adv.S.Shanavas Khan, learned counsel

for the petitioners as well as Adv.K.K.Chandran Pillai, the

learned Senior Standing Counsel for the respondents.

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

petitioners 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.4,07,891/- (Rupees Four Lakhs Seven

Thousand Eight Hundred and Ninety One Only) along with

bank charges from the petitioners and regularize the loan

account of the petitioners on the following conditions:

(i) The overdue amount of Rs.4,07,891/-(Rupees Four

Lakhs Seven Thousand Eight Hundred and Ninety One

Only) together with any accrued interest and costs shall be

repaid in 10 equated monthly installments. W.P.(C) No.16639 of 2022

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

10-07-2022. The subsequent installments shall be paid on

or before the last working day of succeeding months.

(iii) Petitioners 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 petitioners 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 W.P.(C) No.16639 of 2022

APPENDIX OF WP(C) 16639/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE COMMUNICATION DATED 10/01/2022 ISSUED RESPONDENT TO THE FIRST PETITIONER.

Exhibit P2 TRUE COPY OF THE NOTICE ISSUED BY THE 2ND RESPONDENT TO THE PETITIONERS UNDER SECTION 13(2) OF THE SARFAESI ACT.

Exhibit P3 TRUE COPY OF THE REPLY DATED 19/04/2022 SUBMITTED BY FIRST PETITIONER BEFORE THE MANAGER, HDFC, VAZHUTHAKKAD, THIRUVANANTHAPURAM.