Muralidas K vs The Authorized Officer
2023 Latest Caselaw 1025 Ker

                     IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                      PRESENT
                     THE HONOURABLE MR. JUSTICE GOPINATH P.
        TUESDAY, THE 17TH DAY OF JANUARY 2023 / 27TH POUSHA, 1944
                             WP(C) NO. 39289 OF 2022
PETITIONER:

              MURALIDAS K
              AGED 50 YEARS
              AM DAS-VILLA,
              PARAPPANPOYIL,
              KODUVALLI-POST,
              KOZHIKODE-DISTRICT
              PIN - 673572
              BY ADVS.
              BIJU ANTONY ALOOR
              K.P.PRASANTH
              VISHNU DILEEP
              T.S.KRISHNENDU
              ARCHANA SURESH
              JINSON JACOB

RESPONDENT:

              THE AUTHORIZED OFFICER
              M/S. SUNDARAM HOME FINANCE LTD.
              REGISTERED OFFICE 21,
              PATULLOS ROAD,
              CHENNAI,TAMILNADU, PIN - 600002
              BY ADV VARGHESE C.KURIAKOSE

     THIS     WRIT    PETITION   (CIVIL)   HAVING   COME   UP   FOR   ADMISSION   ON
17.01.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WPC No.39289 of 2022
                                  2




                           JUDGMENT

Dated this the 17th day of January, 2023

The petitioner availed two home loans from the

respondent financial institution and committed default

in repayment. Proceedings have been initiated against

the petitioner under the provisions of the SARFAESI

Act, 2002, prompting the petitioner to approach this

Court by filing the above writ petition.

2. Learned counsel appearing for the petitioner

would submit that the petitioner does not challenge

the proceedings and does not dispute the liability. It

is submitted that the petitioner only requires some

accommodation and is willing to settle the liability in

instalments.

3. Learned counsel appearing for the respondent

financial institution would submit that the overdue

amount as on today in respect of both the loans put

together is Rs.39,17,410/-. It is submitted that the WPC No.39289 of 2022

respondent financial institution has no objection in

permitting the petitioner to clear the liability in

instalments, provided the petitioner remits a sum of

Rs.10 lakhs towards the overdue amount by

31.01.2023 and a further amount of Rs.10 lakhs

before 28.02.2023.

4. Learned counsel for the petitioner has no

objection to the suggestion put forward by the

respondent financial institution.

Having regard to the submissions made, the writ

petition will stand disposed of in the following

manner:-

(i) The petitioner shall pay a sum of Rs.10 lakhs

towards the overdue amount on or before

31.01.2023. The petitioner shall pay a further

sum of Rs.10 lakhs towards the overdue

amount on or before 28.02.2023. The balance

overdue amount of Rs.19,17,410/- together

with any accrued interest and costs shall be WPC No.39289 of 2022

paid in six (06) monthly instalments;

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

31.03.2023 and the subsequent instalments

shall be paid on the last working day of every

succeeding month;

(iii) The petitioner shall pay the regular EMIs in

respect of the loans on the respective due

dates without fail;

(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.

Sd/-

GOPINATH P.

JUDGE SKP/17-01 WPC No.39289 of 2022

APPENDIX OF WP(C) 39289/2022

PETITIONER'S EXHIBITS:

EXHIBITP1 THE TRUE COPY OF THE MEDICAL CERTIFICATE OF THE PETITIONER.

EXHIBITP2 TRUE COPY OF THE STATEMENT OF ACCOUNT FOR THE PERIOD OF 21/12/2018 TO 22/10/2020. EXHIBITP3 TRUE COPY OF THE LETTER DATED 23/02/2021 EXHIBITP4 TRUE COPY OF THE NOTICE OF ADVOCATE COMMISSIONER DATED 21/11/2022 RESPONDENT'S EXHIBITS:NIL

TRUE COPY

P.A. TO JUDGE