Kerala High Court
Rani P.T vs Shriram Housing Finance Limited on 28 June, 2022
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
TUESDAY, THE 28TH DAY OF JUNE 2022 / 7TH ASHADHA, 1944
WP(C) NO. 30018 OF 2021
PETITIONER:
RANI P.T,
AGED 43 YEARS
D/O. THOMAS P.T, LOVESHORE APARTMENT, 4TH FLOOR, 404,
KOORKACHERRY, SAW MILL ROAD,THRISSUR 680 007.
BY ADV ANJALI MENON
RESPONDENTS:
1 SHRIRAM HOUSING FINANCE LIMITED
LEVEL 3, WOCKHARDT TOWERS, EAST WING, C2, G BLOCK,
BANDRA-KURLA COMPLEX, BANDRA, MUMBAI 400 051.
2 THE BRANCH MANAGER,
SHRIRAM HOUSING FINANCE LIMITED, 3RD FLOOR, AMBIKA
ARCADE, M.G. ROAD, THRISSUR-680 001
BY ADV B.S.SURESH KUMAR (SC)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
28.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P.(C)No.30018/2021 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 mortgage
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.25,92,004/-. 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 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 30.7.2022 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.25,92,004/- along
with bank charges from the petitioner and regularise the loan account
of the petitioner on the following conditions:
(i) The overdue amount of Rs.25,92,004/- together with any
accrued interest and charges shall be repaid in fifteen (15)
equated monthly instalments.
(ii) The first instalment shall be paid on or before 30.7.2022
and the subsequent instalments shall be paid on the last
working day of every succeeding month.
(iii) Petitioner shall continue to pay the regular EMI's along
with the instalments as directed above.
(iv) In the event of default of any one instalment, 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
acd
APPENDIX OF WP(C) 30018/2021
PETITIONER EXHIBITS
Exhibit P1 A TRUE COPY OF THE NOTICE UNDER SECTION
13(4) OF THE SARFAESI ACT DATED
15.10.2020.
Exhibit P2 A TRUE COPY OF THE NOTICE FROM THE
ADVOCATE COMMISSIONER, DATED 16.12.2021.
