Kerala High Court
Viswanathan V vs The Authorized Officer,Sundaram ... 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. 21023 OF 2022
PETITIONERS:
VISWANATHAN V., AGED 68 YEARS,
S/O. VASUDEVAN NAIR, RESIDING AT
DOOR NO.VII/221, AIKKARA HOUSE,
1
CHOOLISSERY P.O., PARAPPURAM,
KULANGATTUKARA, THRISSUR DISTRICT 680 541.
SREEDEVI M., AGED 65 YEARS,
W/O. VISWANATHAN V., RESIDING AT
DOOR NO.VII/221, AIKKARA HOUSE,
2
CHOOLISSERY P.O., PARAPPURAM,
KULANGATTUKARA, THRISSUR DISTRICT 680 541.
BY ADVS.
T.K.VIPINDAS
MUHAMMED HUSSAIN K.M
RESPONDENTS:
THE AUTHORIZED OFFICER,
SUNDARAM HOME FINANCE LIMITED,
1 SUNDARAM TOWERS, WHITES ROAD,
CHENNAI - 600 014.
SUNDARAM HOME FINANCE LIMITED,
THRISSUR BRANCH,
SECOND FLOOR FAIR TRADE CENTER,
2
ASWINI JUNCTION, THRISSUR - 680 022
REPRESENTED BY ITS BRANCH MANAGER.
BY ADV Ambily S
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 28.06.2022, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
WP(C) No.21023/2022
:2 :
JUDGMENT
Dated this the 28th day of June, 2022
Petitioners have 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 amount due upon
housing 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 instalments and to obtain regularisation 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 `3,54,802/-. It was further submitted that
though proceedings for recovery have been initiated, as a
matter of indulgence, the respondent bank is willing to
WP(C) No.21023/2022
accept repayment of the overdue amount in limited
instalments and regularise the loan account.
4. I have heard the learned counsel for the petitioners
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 considering the
fact that this is a housing loan and also taking into account
the fact that the petitioners have undertaken to clear off the
overdue amount along with regular EMIs, I am of the view
that the petitioners can be granted an opportunity to clear off
the overdue amount in twelve (12) equal instalments first of
which shall be paid on or before 15.07.2022 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 `3,54,802/- along with bank charges from the
petitioner and regularise the loan account of the petitioner
WP(C) No.21023/2022
on the following conditions:
(i) The overdue amount of `3,54,802/- together
with any accrued interest and charges shall be
repaid in twelve (12) equated monthly
instalments.
(ii) The first instalment shall be paid on or before
15.07.2022 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 amount, all coercive proceedings shall
be kept in abeyance.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE
ncd/28.06.22
WP(C) No.21023/2022
APPENDIX OF WP(C) 21023/2022
PETITIONER'S EXHIBITS
Exhibit P1 THE TRUE COPY OF THE NOTICE ISSUED
TO THE PETITIONER AS PER SECTION
13(4) OF THE SARFAESI ACT DATED
16.02.2022.
Exhibit P2 THE TRUE COPY OF THE NOTICE ISSUED
BY ADVOCATE COMMISSIONER DATED
23.06.2022.
