Kerala High Court
Sajith. S.M vs The Authorized Officer on 17 October, 2024
Author: D. K. Singh
Bench: D. K. Singh
WP(C) NO. 36329 OF 2024
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE D. K. SINGH
THURSDAY, THE 17TH DAY OF OCTOBER 2024 / 25TH ASWINA, 1946
WP(C) NO. 36329 OF 2024
PETITIONER/S:
SAJITH. S.M,
AGED 35 YEARS
SAMJITH BHAVAN,AYIRA P.O, POOVANKAVILA, KARODE,
THIRUVANANTHAPURAM, PIN - 695502
BY ADV M.R.SARIN
RESPONDENT/S:
THE AUTHORIZED OFFICER,
REPCO HOME FINANCE,TRIVANDRUM BRANCH, T.C NO 20/2381,NIHAL
COMPLEX, TRIVANDRUM, PIN - 695002
OTHER PRESENT:
SRI. PAULOCHAN ANTONY-SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17.10.2024, THE
COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
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JUDGMENT
The present writ petition has been filed seeking the following
reliefs:
"A) Issue a writ of mandamus or any other appropriate writ, order
or direction directing the respondents to permit the petitioner to
settle the loan account/outstanding dues in 20 equal monthly
instalments.
B) Issue a writ of mandamus or any other appropriate writ, order or
direction directing the respondents not to disposes the petitioner.
C) Grant such other reliefs, which are deemed fit and proper in the
facts and circumstances of the case."
2. The petitioner obtained a housing loan of Rs.23 lakhs
from the respondent Bank on 29.03.2018 by creating an equitable
mortgage over his property extending 1.82 Ares together with
construction thereon in Re-Sy No.476/12-2-1 and 476/12-3, Block
No.48 situated at Karode Village, Thiruvananthapuram.
2.1 The petitioner defaulted on repaying the loan amount
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as per the loan agreement. Therefore, the Bank, after classifying
the petitioner's loan account as NPA, proceeded against him under
the provisions of the SARFAESI Act and the Rules made
thereunder.
3. Learned Counsel for the Bank submits that as of today
the overdue amount is Rs.2,58,906/- and the outstanding amount
comes to around Rs.26 lakhs. The sale is scheduled for 29.10.2023.
The tenure for repayment of the loan is up to 2033. Learned
Counsel, on instructions, further submits that if the petitioner
pays the overdue amount in two instalments along with regular
instalments, the Bank shall not proceed further with the
SARFAESI proceedings and will regularize the loan account of the
petitioner after receipt of the entire overdue amount for making
payment in terms of the loan agreement.
4. Considering the said stand of the learned Counsel for the
respondent Bank, the present writ petition is disposed of on the
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following terms:
(i) The petitioner shall pay the overdue amount in two
instalments, i.e., the first instalment of Rs.1,25,000/- on or before
29.10.2024 and the second instalment of the remaining overdue
amount on or before 15.11.2024 along with the regular EMIs.
(ii) If the petitioner makes the aforesaid payments, the sale of the
secured assets shall be deferred, and the Bank shall regularize the
petitioner's loan account for making payments in terms of the
loan agreement.
(iii) In case of failure to make payments as directed above, the
Bank shall be free to proceed further against the petitioner to
realize its dues in accordance with the law.
The writ petition stands disposed of.
Sd/-
D. K. SINGH
JUDGE
jjj
WP(C) NO. 36329 OF 2024
2024:KER:77054
APPENDIX OF WP(C) 36329/2024
PETITIONER EXHIBITS
Exhibit P1 THE TRUE COPY OF THE E AUCTION SALE NOTICE ISSUED BY
THE RESPONDENT BANK TO THE PETITIONER DATED
12.09.2024
