Radhika Prakash vs The Authorized Officer
2023 Latest Caselaw 23 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                 PRESENT
                 THE HONOURABLE MR. JUSTICE GOPINATH P.
         FRIDAY, THE 6TH DAY OF JANUARY 2023 / 16TH POUSHA, 1944
                        OP (DRT) NO. 456 OF 2022
ARISING FROM THE ORDER IN IA NO.2150/2022 DATED 03.10.2022 IN SA 466/2022
 DATED 10.10.2022 PENDING BEFORE THE DEBT RECOVERY TRIBUNAL-I, ERNAKULAM


PETITIONER/APPLICANT:

           RADHIKA PRAKASH
           AGED 43 YEARS
           W/O. JAYAPRAKASH, AGED 43 YEARS,
           PADINJAKKARA HOUSE, PATTAMBI, AMAYUR P.O.,
           PALAKKAD, PIN - 679303
           BY ADVS.
           K.R.MONISHA
           RASMI NAIR T.
           V.T.LITHA

RESPONDENT/DEFENDANT:

           THE AUTHORIZED OFFICER
           HDFC BANK LIMITED, HOUSING DEVELOPMENT FINANCE CORPORATION
           LIMITED
           HDFC HOUSE, POST BOX - 1667,
           RAVIPURAM JUNCTION, M.G.ROAD
           KOCHI, PIN - 682015
           BY ADVS.
           SRI.K.K.CHANDRAN PILLAI, SC, HDFC
           AMBILY S
           LAKSHMI ANIL(K/002184/2022)
           K.K.CHANDRAN PILLAI (SR.)(C-41)

     THIS OP (DEBT RECOVERY TRIBUNAL) HAVING COME UP FOR ADMISSION ON
06.01.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 OP(DRT) No.456 of 2022
                                        2




                              JUDGMENT

Dated this the 06th day of January, 2023

The petitioner has approached this Court being

aggrieved by the proceedings initiated by the

respondent financial institution under the provisions

of the SARFAESI Act, 2002 to recover the amounts

due under two loans availed by the petitioner along

with her husband.

2. Learned counsel for the petitioner would

submit that the petitioner may be permitted to clear

the liability in installments. It is pointed out that in

terms of the interim order dated 24.11.2022, the

petitioner has already remitted a sum of

Rs.3,00,000/-. It is submitted that out of the further

amount of Rs.5,00,000/- ordered to be paid in terms

of the direction contained in the interim order dated

01.12.2022, the petitioner has remitted a further sum

of Rs.3,00,000/-. It is submitted that the petitioner OP(DRT) No.456 of 2022

will clear the balance overdue amounts in

instalments. The learned counsel for the petitioner

also submits that the petitioner does not wish to

pursue the Securitisation Application filed by the

petitioner before the Debt Security Tribunal on merits.

3. Learned counsel appearing for the respondent

Bank submits that the husband of the petitioner had

earlier moved this Court and had obtained an order

for repayment in instalments. It is submitted that

without complying with the same, the petitioner

moved the Debts Recovery Tribunal by filing a

Securitisation Application under Section 17 of the

SARFAESI Act and obtained a conditional order of stay

(Ext.P4). It is submitted that without complying with

that condition, the petitioner has moved the present

original petition. It is submitted that if the petitioner

wishes to clear the balance overdue amount in

instalments, the petitioner may be required to pay the

balance overdue amount in six (6) monthly OP(DRT) No.456 of 2022

instalments. It is submitted that the petitioner and

her husband are not in any financial difficulty and

they are in a position to clear the liability. It is

submitted that the overdue amount is Rs.17,72,799/-

as on 03.01.2023.

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 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 six

(06) equal monthly instalments first of which shall be

paid on or before 31.01.2023 and thereafter, if the

amount so directed is repaid within the time as

directed above, to have the loan account regularised. OP(DRT) No.456 of 2022

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire

overdue amount of Rs.17,72,799/- 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.17,72,799/- together

with any accrued interest and charges shall be

repaid in six (06) equated monthly instalments;

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

31.01.2023 and the subsequent instalments shall

be paid on the last working day of every

succeeding month;

(iii) Petitioner shall withdraw the Securitisation

Application filed by the petitioner before the Debts

Recovery Tribunal;

(iv) Petitioner shall continue to pay the regular EMI's

along with the instalments directed above;

(v) In the event of default of any one instalment, the

respondent bank shall be entitled to proceed in OP(DRT) No.456 of 2022

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 is disposed of as above.

Sd/-

GOPINATH P.

JUDGE SKP/06-01 OP(DRT) No.456 of 2022

APPENDIX OF OP (DRT) 456/2022

PETITIONER'S EXHIBITS:

EXHIBIT P1 TRUE COPY OF THE DEMAND NOTICE DATED 09.09.2021 UNDER SECTION 13(2) OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT., 2002 EXHIBIT P2 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 13.09.2022 EXHIBIT P3 TRUE COPY OF THE SA NO. 466/2022 OF DRT-1, ERNAKULAM DATED 24.09.2022 EXHIBIT P4 TRUE COPY OF THE ORDER PASSED BY THE DEBT RECOVERY TRIBUNAL I, ERNAKULAM IN SA NO. 466/2022 RESPONDENTS' EXHIBITS:NIL

TRUE COPY

P.A. TO JUDGE