Kerala High Court
Senthil . V.J vs The Sundram Home Finance Limited on 21 May, 2024
Author: N.Nagaresh
Bench: N.Nagaresh
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE N.NAGARESH
TUESDAY, THE 21ST DAY OF MAY 2024 / 31ST VAISAKHA, 1946
WP(C) NO. 17235 OF 2024
PETITIONER:
SENTHIL . V.J
AGED 43 YEARS, S/O V.L. JOSE,
RESIDING AT VENATTUPARAMBIL HOUSE,
MELEPPURAM, PUTHENKAVU P.O, CHENGANNUR, ALAPPUZHA
DISTRICT, PIN - 689 123.
BY ADVS.
JOMY GEORGE
R.PADMARAJ
M.J.BENNY
R.AJITH KUMAR [V.K.EDOM]
SAJEEVAN V.T.
CHITRA N. DAS
RISHAB S.
RONA ANN SIBY
ASWIN ASHOK V.
ANJALI G KUTTY
RINNU UDAYAN
RESPONDENTS:
1 THE SUNDRAM HOME FINANCE LIMITED
KAYAMKULAM BRANCH, REPRESENTED BY ITS CHIEF
MANAGER, 2ND FLOOR, CENTRE POINT, K.P. ROAD,
KAYAMKULAM P.O, ALAPPUZHA DISTRICT,
PIN - 690 502.
2 THE AUTHORISED OFFICER (CHIEF MANGER)
SUNDARAM HOME FINANCE LIMITED, NO.21,
PATULLOS ROAD, CHENNAI, PIN - 680 002.
BY ADV
VARGHESE C.KURIAKOSE
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 21.05.2024, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
W.P.(C) No.17235 of 2024
:2:
JUDGMENT
Dated this the 21st day of May, 2024
The petitioner, who had availed a Housing Loan of
Rs.36 lakhs in the year 2013, is before this Court seeking to
quash Ext.P3 notice for handing over vacant possession of
the secured asset and to direct the respondents to permit the
petitioner to clear the arrears of the loan amount in four
instalments along with regular instalments.
2. It is evident from the pleadings that on the failure
of the petitioner to make repayment of the Housing Loan
taken, the respondents have initiated proceedings under the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002. Aggrieved by
those proceedings, the petitioner had earlier approached this
Court filing W.P.(C) No.5555 of 2023. This Court permitted
the petitioner to pay off the overdue amount of Rs.6,58,094/-
in 15 equal monthly instalments, payable from 29.03.2023.
The petitioner could not adhere to the said time schedule.
The petitioner is again before this Court filing the above writ
petition.
3. Standing Counsel representing the respondents
resisted the writ petition. The Standing Counsel pointed out
that in spite of the ample opportunity granted to the petitioner
in Ext.P2 judgment to pay the overdue amount in 15 monthly
instalments, the petitioner has not paid the amount. As on
21.05.2024, the total outstanding amount payable by the
petitioner would come to Rs.38,25,971/- and the overdue
amount payable by the petitioner would come to
Rs.10,85,750/-. Unless the overdue amount is paid forthwith,
there is no question of regularisation of the loan account of
the petitioner.
4. I have heard the learned Counsel appearing for
the petitioner and the learned Standing Counsel representing
the respondents.
5. The petitioner had availed Rs.36 lakhs in the year
2013. The availing of the loan was for the purpose of
construction of residential house, contends the petitioner.
According to the petitioner, the loan amount could not be
paid promptly due to reasons beyond the control of the
petitioner.
6. Taking into consideration the entire facts of the
case, I am of the view that the petitioner can be given a very
short time to clear the overdue amount.
7. The writ petition is therefore disposed of with the
following directions:
(i) The petitioner shall pay 50% of the
overdue amount within a period of one
month from today.
(ii) The petitioner shall remit the balance
overdue amount along with accruing
interest and administrative charges, if any,
within a period of one month immediately
thereafter.
(iii) The petitioner shall also pay current
EMIs along with the aforesaid payments.
(iv) If the petitioner makes remittances as
directed above, coercive proceedings
against the petitioner shall stand deferred.
(v) If the petitioner fails to make any of the
instalments, the respondents will be at
liberty to proceed against the petitioner in
accordance with law.
(vi) If the petitioner fails to remit the
instalments as directed above, the
petitioner shall surrender the vacant
possession of the secured asset to the
Financial Institution.
Sd/-
N. NAGARESH
JUDGE
AMR
APPENDIX OF WP(C) 17235/2024
PETITIONER'S EXHIBITS
Exhibit -P1 TRUE COPY OF THE NOTICE DATED
01.10.2022 ISSUED BY THE RESPONDENT TO
THE PETITIONER.
Exhibit P2 TRUE COPY OF THE JUDGMENT OF THIS
HON'BLE COURT IN WP(C) NO.5555 OF 2023
DATED 01.03.2023.
Exhibit P3 TRUE COPY OF THE NOTICE DATED
16.04.2024 ISSUED BY THE ADVOCATE
COMMISSIONER.
