Kerala High Court
K.Uthaman vs The Branch Manager on 27 June, 2023
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE C.S.DIAS
TUESDAY, THE 27TH DAY OF JUNE 2023 / 6TH ASHADHA, 1945
WP(C) NO. 41314 OF 2022
PETITIONER/S:
K.UTHAMAN
AGED 57 YEARS
S/O.KUNJU PILLAI, ARUN BHAVAN, NADUTHERY, THALAVOOR
P.O, PATHANAPURAM TALUK, KOLLAM -, PIN - 691058
BY ADVS.
K.SIJU
ANJANA KANNATH
RESPONDENT/S:
1 THE BRANCH MANAGER
THE REPCO HOME FINANCE LIMITED, PUNALUR BRANCH, NEAR
JEEVAN JYOTHI, LIC BUILDING, TRIVANDRUM ROAD,
VETTIPPUZHA BRIDGE, PUNALUR, KOLLAM DISTRICT -, PIN -
691331
2 THE AUTHORIZED OFFICER
THE REPCO HOME FINANCE LIMITED, REPCO TOWER, NO.33,
NORTH USMAN ROAD, T NAGAR, CHENNAI -, PIN - 600017
OTHER PRESENT:
SRI.PAULOCHAN ANTONY
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
27.06.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 41314 OF 2022
2
JUDGMENT
The writ petition is filed to direct the respondents to
permit the petitioner to pay off the overdue amount in
installments and regularise the loan account.
2. The petitioner's case is that he had availed a loan
from the 1st respondent - Bank by creating an equitable
mortgage. Due to unforeseen circumstances, he could not
pay the installments in time. The respondents have now
proceeded against the secured asset under the
Securitization and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 (in short, 'Act').
The petitioner is prepared to pay off the overdue amount in
installments. Hence, the writ petition.
3. Heard; Sri.Anjana Kannath, the learned Counsel
appearing for the petitioner and Sri.Poulochan Antony, the
learned Standing Counsel appearing for the respondents.
4. Sri.Poulochan Antony, on instructions, submitted
that as on today, the overdue amount is Rs.6,94,020/-. The
respondents are ready to accept the overdue amount in
WP(C) NO. 41314 OF 2022
four equated monthly installments. The said submission is
recorded.
5. The learned Counsel appearing for the petitioner
submitted that as the tenure of the loan is till 2028, the
petitioner may be permitted to pay off the overdue amount
in atleast 12 installments.
6. Having considered the pleadings and materials on
record and the submission made by the learned counsel
appearing for the parties, to provide the petitioner one last
opportunity to pay off the loan amount, I am inclined to
exercise the powers of this Court under Article 226 of the
Constitution of India and dispose of the writ petition.
Resultantly, I dispose of the writ petition in the
following manner:
(i) The respondents are directed to defer further
proceedings pursuant to Exts.P2 and P3 notices, to
enable the petitioner to pay off the overdue
amount in instalments.
WP(C) NO. 41314 OF 2022
(ii) The petitioner is permitted to pay off the overdue
amount as stated above with future interest and
cost to the respondents in eight equated monthly
instalments commencing from 27.07.2023 to the
respondent bank along with regular EMIs.
(iii) Needless to mention, if the petitioner defaults in
payment of any one of the installments as directed
above, the respondents would be at liberty to
revive the proceedings from the stage it has been
stopped and bring it to its logical conclusion in
accordance with law.
(iv) It is made clear that, no further application for
modification/extension of time shall be entertained.
Sd/-
C.S.DIAS
JUDGE
rkc/27.06.23
WP(C) NO. 41314 OF 2022
APPENDIX OF WP(C) 41314/2022
PETITIONER EXHIBITS
Exhibit P1 THE TRUE COPY OF STATEMENT OF ACCOUNT OF
THE LOAN AVAILED BY THE PETITIONER FOR A
PERIOD FROM 1.4.2018 TO 12.12.2022 ISSUED
BY THE 1ST RESPONDENT
Exhibit P2 THE TRUE COPY OF NOTICE UNDER 13(2) OF
SARFAESI ACT DATED 17.11.2022
Exhibit P3 A TRUE COPY OF THE POSSESSION NOTICE
ISSUED BY THE 2ND RESPONDENT DATED
07/06/2023
