Sasi.S vs Authorized Officer, Bajaj Housing ...
2024 Latest Caselaw 33078 Ker

Kerala High Court

Sasi.S vs Authorized Officer, Bajaj Housing ... on 14 November, 2024

Author: D. K. Singh

Bench: D. K. Singh

                                                        2024:KER:85543

              IN THE HIGH COURT OF KERALA AT ERNAKULAM

                              PRESENT

               THE HONOURABLE MR. JUSTICE D. K. SINGH

   THURSDAY, THE 14TH DAY OF NOVEMBER 2024 / 23RD KARTHIKA, 1946

                      WP(C) NO. 40202 OF 2024

PETITIONER:

          SASI.S,
          AGED 56 YEARS
          S/O.SUKUMARAN, TC NO-8/2068 1,
          THEKKEKARA, PUTHENVEEDU, BAPUJI NAGAR,
          PONGUMOODU, THIRUVANANTHAPURAM, PIN - 695011

          BY ADVS.
          S.SUNIL KUMAR (PALAKKAD)
          LEKSHMI S.SEKHER
          K.J.SUNIL
          VISHNU MOHAN DEV


RESPONDENT:

          AUTHORIZED OFFICER, BAJAJ HOUSING FINANCE LTD,
          SECOND FLOOR, PUKALAKKAT CITY CENTRE,
          NEAR ALAPPAT REGENCY, PALARIVATTOM,
          ERNAKULAM, PIN - 682025

          BY ADV
          SRI.ANIL MADATHIMALIL-SC


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
14.11.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 40202 OF 2024           2


                                                     2024:KER:85543
                      D. K. SINGH, J.
                  --------------------------
              W.P.(C) No. 40202 of 2024
                   -------------------------
       Dated this the 14th day of November, 2024


                           JUDGMENT

The petitioner had availed a housing loan of Rs.27,86,600/-

on 24.05.2018 from the respondent Company. The said loan liability

was to be discharged along with the interest for a period of 12 years

in equal monthly installments.

2. It appears that the petitioner has failed to

discharge the loan liability in terms of the loan agreement and,

therefore, the Finance Company after classifying the loan account of

the petitioner as NPA and has proceeded further against the

petitioner under the provisions of the SARFAESI Act and the Rules

made thereunder to realize its outstanding dues.

3. The learned Counsel for the respondent Company

submits that the overdue amount is Rs.3,20,000/- and if the

petitioner makes substantial upfront payment, along with regular

EMI, the balance overdue amount can be paid in few installments as

this Court may direct to regularize the loan account of the petitioner

for making further payment in terms of the loan agreement.

2024:KER:85543

4. Considering the aforesaid stand of the respondent

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

terms;

(i) The petitioner shall pay Rs. 50,000/- along with one regular installment on or before 07.12.2024.

(ii) The remaining overdue amount along with regular installments shall be paid in eight equal monthly installments.

(iii) The first installment is to be paid on or before 07.1.2025 and the remaining seven installments on or before the seventh day of each succeeding month thereafter.

(iv) After receiving the entire overdue amount as directed above, the respondent Company shall regularize the loan account of the petitioner to make payment in terms of the loan agreement.

(v) In case of failure to make payment Rs. 50,000/- or the first installment or any of the subsequent installments as directed above, the respondent Company shall be free to proceed further against the petitioner in accordance with the law to realise its outstanding dues.

Sd/-

D. K. SINGH JUDGE MSA

2024:KER:85543 APPENDIX OF WP(C) 40202/2024

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE ORDER APPOINTING ADVOCATE COMMISSIONER IN MC NO-886/2024 OF HONBLE CHIEF JUDICIAL MAGISTRATE COURT AT THIRUVANANTHAPURAM DATED 04.10.2024

Exhibit P2 TRUE COPY OF THE ADVOCATE COMMISSIONER NOTICE IN MC NO-886/2024 OF HONBLE CHIEF JUDICIAL MAGISTRATE COURT AT THIRUVANANTHAPURAM DATED 29.10.2024