Kerala High Court
Sreejith.M vs Repco Home Finance Limited on 6 January, 2023
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
WP(C) NO. 379 OF 2023
PETITIONER:
SREEJITH.H.
AGED 38 YEARS,
S/O MURALIDHARAN PILLAI,
M.S. SADANAM, MATHRA.P.O.,
PUNALUR, KOLLAM - 691 333.
BY ADV A.SANIL KUMAR
RESPONDENTS:
1 REPCO HOME FINANCE LTD.,
REPRESENTED BY ITS BRANCH MANAGER,
PUNALUR BRANCH, JEEVAN JYOTHI, NEW LIC BUILDING,
TRIVANDRUM ROAD, NR. VETTIPUZHA BRIDGE, PUNALUR,
KOLLAM DISTRICT - 691 333.
2 AUTHORISED OFFICER,
REPCO HOME FINANCE LIMITED,
3RD FLOOR, ALEXANER SQUARE, NEW NO.2 (OLD NO.34 & 35),
SARDAR PATEL ROAD, GUINDY, CHENNAI - 600 032.
BY ADV P.PAULOCHAN ANTONY
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
06.01.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 379 OF 2023
2
JUDGMENT
The petitioner has approached this Court challenging
proceedings under the SARFAESI Act which have been initiated by
the respondent financial institution for recovery of the amounts due
from 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 financial
institution that the petitioner committed default in repayment of a
housing loan and the overdue amount is Rs.3,51,036/-(Rupees three
lakhs fifty one thousand and thirty six only). It was further
submitted that though proceedings for recovery have been
initiated, as a matter of indulgence, the respondent financial
institution 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 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 petitioner can be granted
an opportunity to repay the overdue amount in ten instalments and
WP(C) NO. 379 OF 2023
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
financial institution to accept repayment of the entire overdue
amount of Rs.3,51,036/-(Rupees three lakhs fifty one thousand and
thirty six only) along with any accrued interest, costs and charges
from the petitioner and regularise the loan account of the petitioner
on the following conditions:
i. The overdue amount of Rs.3,51,036/-(Rupees three lakhs fifty
one thousand and thirty six only) along with any accrued
interest, costs and charges shall be repaid in ten equated
monthly instalments.
ii. The first instalment shall be paid on or before 31.01.2023 and
the subsequent instalments shall be paid on or before the last
working day of every succeeding month.
iii. Petitioner shall continue to pay the regular EMI's along with
the instalments directed above.
iv. In the event of default of any one instalment, the respondent
financial institution 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
DK
WP(C) NO. 379 OF 2023
APPENDIX OF WP(C) 379/2023
PETITIONER EXHIBITS
Exhibit-P1 A TRUE COPY OF THE LAWYER NOTICE DATED
20.4.2022 ISSUED BY THE 1ST RESPONDENT TO
THE PETITIONER.
Exhibit-P2 A TRUE COPY OF THE DEMAND NOTICE DATED
9.11.2022 ISSUED BY THE 2ND RESPONDENT
UNDER SECTION 13(2) OF THE SARFEASI ACT.
