Salman T S vs Authorised Officer
2024 Latest Caselaw 32881 Ker

Kerala High Court

Salman T S vs Authorised Officer on 13 November, 2024

Author: D. K. Singh

Bench: D. K. Singh

WP(C) NO. 40087 OF 2024




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                          IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                            PRESENT

                            THE HONOURABLE MR. JUSTICE D. K. SINGH

                WEDNESDAY, THE 13TH DAY OF NOVEMBER 2024 / 22ND KARTHIKA, 1946

                                     WP(C) NO. 40087 OF 2024


PETITIONER/S:

                 SALMAN T S
                 AGED 35 YEARS
                 THATTAMVEEDU MALIYAKKAL PARAMBU, DESHABHIMANI ROAD, KALOOR,
                 ERNAKULAM, PIN - 682017


                 BY ADV P.A.MUJEEB


RESPONDENT/S:

                 AUTHORISED OFFICER
                 HDB FINANCIAL SERVICE LIMITED 1ST AND 2ND FLOOR, WILSON HOUSE OLD
                 NAGARDAS ROAD, NEAR AMBOLI SUBWAY ANDHERI (EAST) MUMBAI, PIN - 400069


                 BY ADVS.
                 P.PAULOCHAN ANTONY P
                 SREEJITH K.(K/380/2005)



       THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13.11.2024, THE COURT ON
THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 40087 OF 2024




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                                   JUDGMENT

The petitioner availed two business loans for Rs.66,41,000/- and

Rs.55,35,000/- from the respondent Financial Institution in the years

2022 and 2023. The petitioner committed default in repaying the loan

amount in terms of the loan agreement. Therefore, the Financial

Institution, after classifying the petitioner's loan accounts as NPA,

proceeded against the petitioners under the provisions of the SARFAESI

Act and the Rules made thereunder.

2. As of today, the total outstanding in respect of the two loans

is Rs.1,15,00,000/- and the overdue amount is around Rs.32 lakhs. The

learned Counsel for the Financial Institution submits that if the

petitioner makes a substantial upfront payment and approaches the

Financial Institution for re-structuring / re-scheduling the payment

terms/ OTS, the Financial Institution shall consider the proposal in right

earnest and will not proceed further under the provisions of the

SARFAESI Act, and the Rules made thereunder in the meantime. WP(C) NO. 40087 OF 2024

2024:KER:84888

3. Considering the aforesaid stand of the respondent Financial

Institution, the present writ petition is disposed of on the following

terms:

i. The petitioner shall pay Rs.15 lakhs on or before 30.11.2024 and

approach the Financial Institution immediately for re-structuring/

rescheduling the payment terms or One-time Settlement of the

outstanding liability in respect of the two loans.

ii. The Financial Institution shall consider the said proposal on or

before 15.12.2024. In case the settlement is arrived at, the petitioner

shall make the payment in terms of the settlement.

iii. Subject to making payment of Rs.15 lakhs by the petitioner on or

before 30.11.2024, the Bank shall not proceed further for a period of one

month from today.

The writ petition stands disposed of.

Sd/-

D. K. SINGH JUDGE jjj WP(C) NO. 40087 OF 2024

2024:KER:84888

APPENDIX OF WP(C) 40087/2024

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE RECEIVED FROM THE AUTHORIZED OFFICER, HDB FINANCIAL SERVICES DATED 16/04/2024

Exhibit P2 TRUE COPY OF THE ORDER IN M C NO.779/2024 DATED 04/10/2024