Kerala High Court
Binil K. Babu vs The Branch Manager, Repco Home Finance ... on 3 October, 2024
Author: Dinesh Kumar Singh
Bench: Dinesh Kumar Singh
2024:KER:73858
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE DINESH KUMAR SINGH
THURSDAY, THE 3RD DAY OF OCTOBER 2024 / 11TH ASWINA, 1946
WP(C) NO. 34603 OF 2024
PETITIONERS:
1 BINIL K. BABU,
AGED 35 YEARS
S/O K. BABU,BINI BHAVAN NELLIPPALLY P.O,KOLLAM,
PIN - 691325
2 SAJI BABU,
AGED 60 YEARS
W/O K. BABU,BINI BHAVAN,NELLIPPALLY P.O,KOLLAM,
PIN - 691325
BY ADVS.
M.KABANI DINESH
S.R.REMYA
RESPONDENT:
THE BRANCH MANAGER, REPCO HOME FINANCE LTD.
PUNALUR BRANCH, JEEVAN JYOTHI NEW LIC
BUILDING,NEAR VETTIPUZHA BRIDGE,TRUVANDRUM ROAD,
PUNALUR,KOLLAM DISTRICT, PIN - 691305
OTHER PRESENT:
SRI. PAULOCHAN ANTONY-SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 03.10.2024, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
W.P.(C).No.34603 of 2024
2024:KER:73858
2
JUDGMENT
(Dated this the 03rd day of October, 2024)
The present writ petition has been filed seeking the
following reliefs:
"i. To issue a writ of mandamus or any
other appropriate writ, order or
direction directing the respondents to
regularise the loan account by repaying
the due amount in 24 equal
instalments.
ii. To direct the respondent to a
reasonable time for remitting the entire
loan amount under One Time
Settlement Scheme.
iii. The petitioners prays that this
Hon'ble court may be pleased to
dispense with the translation of the
documents produced in the vernacular
language.
iv. To issue such other appropriate writ,
order or direction as deem fit and
proper in the facts and circumstances
of the case."
2. The petitioners had obtained housing loan for
Rs.13,00,000/- on 19.07.2017 from the respondent Bank by
2024:KER:73858
mortgaging their property.
3. The petitioners have committed default in
repaying the loan amounts as per the terms of the loan
agreement and therefore, the Bank, after classifying the
petitioners loan accounts as NPA, has proceeded against
the petitioners under the provisions of the SARFAESI Act
and Rules made thereunder to realize its outstanding dues
in respect of the loans advanced to the petitioners.
4. The learned counsel for the respondent Bank
submits that the overdue amount in respect of the loan
advanced by the respondent Bank is Rs.1,78,827/- and the
total outstanding amount is Rs.11,34,333/-. He further
submits that if the petitioners make substantial upfront
payment, and remaining overdue amount in few
instalments as this Court may fix along with the regular
instalments, the Bank shall not proceed further under the
provisions of the SARFAESI Act and Rules made thereunder.
5. Considering the aforesaid stand of the Bank, the
present writ petition is disposed of on the following terms:
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i) The petitioners shall pay Rs.50,000/- along with
one regular instalment on or before 15.10.2024 and the
remaining overdue amount in eight equal monthly
instalments along with the regular instalments.
ii) The 1st instalment is to be paid on or before
15.11.2024 and the remaining seven instalments on or
before 15th day of each succeeding month.
iii) In case of failure to make payment of
Rs.50,000/- along with one regular instalment or any other
instalments as directed above, the Bank shall be free to
proceed further against the petitioners to realize its
outstanding dues.
iv) If the petitioners make payments as directed
above, the petitioners shall continue to pay the regular
instalments till the entire loan liability is discharged.
Sd/-
DINESH KUMAR SINGH
JUDGE
Mms
2024:KER:73858
APPENDIX OF WP(C) 34603/2024
PETITIONERS EXHIBITS
EXHIBIT P1 TRUE COPY OF THE DEMAND NOTICE UNDER
SECTION 13(2) OF THE SARFASEI ACT,
DATED 30.5.2024 ISSUED BY THE
RESPONDENT TO THE PETITIONERS.
EXHIBIT P2 TRUE COPY OF THE POSSESSION NOTICE U/S
13 (4) OF THE SARFASI ACT DTD.20.9.2024
ISSUED BY THE RESPONDENT TO THE
PETITIONERS
EXHIBIT P3 TRUE COPY OF THE RELEVANT PAGES OF THE
STATEMENT OF ACCOUNTS BELONGING TO THE
PETITIONER
