Kerala High Court
T. Abiju Suresh vs Repco Home Finance Limited on 17 October, 2024
Author: D. K. Singh
Bench: D. K. Singh
2024:KER:77348
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. 24201 OF 2024
PETITIONER:
T. ABIJU SURESH
AGED 47 YEARS
S/O. SURESH RAJU, KRISHNA KRIPA, NIKATHIL LANE,
CORREYA ROAD, PACHALAM, ERNAKULAM DISTRICT, PIN -
682012
BY ADVS.
P.VIJAYAKUMAR
C.R.REGHUNATHAN
M.V.ASHIM
R.BALAKRISHNAN
B.HARRYLAL
U.RESHMA GOPAN
ARJUN C.A.
RESPONDENTS:
1 REPCO HOME FINANCE LIMITED
3 RD FLOOR, ALEXANDER SQUARE, NEW NO. 2 (OLD NO.
34 AND 35), SARDAR PATEL ROAD, GUINDY, CHENNAI,
REPRESENTED BY ITS AUTHORISED OFFICER, PIN -
600032
2 THE AUTHORISED OFFICER & DEPUTY GENERAL MANAGER
INDIAN RED CROSS BUILDING, REPCO HOME FINANCE
LTD. 8/26 HOZUR ROAD, COIMBATORE, CHENNAI, PIN -
641018
3 THE BRANCH MANAGER
REPCO HOME FINANCE LIMITED, 41/4057-A, OLD
RAILWAY STATION ROAD, COCHIN, KERALA, PIN -
682018
2
W.P.(C).No.24201 of 2024
2024:KER:77348
2
4 MS. ANN MARY BERNAD
ADVOCATE, K.X. BERNARD GEORGE & ASSOCIATES KOCHI
COURT COMPLEX, KOCHI BAR ASSOCIATION KOCHI, PIN -
682005
BY ADVS.
P.PAULOCHAN ANTONY P
SREEJITH K.(K/380/2005)
THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD
ON 17.10.2024, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
3
W.P.(C).No.24201 of 2024
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3
JUDGMENT
(Dated this the 17th day of October, 2024)
In partial compliance with the interim order dated
08.07.2024, the petitioner has produced a Bank draft of
Rs.6,75,000/- which has been accepted by the learned
Counsel for the Bank. As per the calculation handed over by
the learned counsel for the Bank, the principal amount is
Rs.30,63,155/- and the interest at the rate of 12.5% comes
to 23,55,136/-. Penal charges have been completely
calculated at the rate of 24%, which comes to
Rs.30,28,258/-. Beside the aforesaid amount, CERSAI
charges of Rs.3,540/- and other charges of Rs.1,14,769/-
has been added, and the total amount is calculated to be
Rs.85,64,858/-.
2. The learned counsel for the Bank submits that
the Bank is ready to waive off the penal charges up to 95%.
He further submits that the other charges of Rs.1,14,769/-,
which cannot be considered. He further submits that if the
petitioner discharges the entire outstanding liability after
adjusting Rs.6,75,000/- for which the Bank draft has been
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handed over by him to the Bank, the Bank will not proceed
further under the provisions of the SARFAESI Act and Rules
made thereunder.
3. Considering the stand of the Bank, the present
writ petition is disposed of on the following terms:
i) The Bank shall issue a demand notice of principal
amount of Rs.30,63,155/- plus interest of Rs.23,55,136/-
and penal charges at the rate of 5% only, besides, the
CERSAI charges and other charges after giving credit to Rs
6,75,000/- for which the Bank draft was handed over to
them.
ii) The petitioner shall pay Rs.5,00,000/- on or
before 07.11.2024 and the remaining amount as directed
above in six equal monthly instalments.
iii) The 1st instalment is to be paid on or before
07.12.2024 and the remaining five instalments on or before
7th day of each succeeding month thereafter.
iv) In case of failure to make payment of Rs
5,00,000/- or any other instalments as directed above, the
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Bank shall be free to proceed further against the petitioner
to realize its outstanding dues.
v) It is made clear that no application or writ
petition shall be filed before this Court for extending the
time for payment, and if such an application is filed the
same shall be dismissed with heavy costs. The petitioner
may also approach the Bank for a One Time Settlement.
Sd/-
D. K. SINGH
JUDGE
Mms
2024:KER:77348
APPENDIX OF WP(C) 24201/2024
PETITIONER'S EXHIBITS
EXHIBIT P1 TRUE COPY OF THE JUDGMENT IN WP(C)
23442/2019 DATED 30/08/2019
EXHIBIT P2 TRUE COPIES OF THE NOTICES DATED
02.09.2022
EXHIBIT P3 TRUE COPY OF THE NOTICE ISSUED BY THE 4
TH RESPONDENT DATED 05/07/2023
EXHIBIT P4 TRUE COPY OF THE REPRESENTATION DATED
02.07.2024 SUBMITTED BY THE PETITIONER
BEFORE RESPONDENTS 1 AND 3
EXHIBIT P5 TRUE COPY OF THE D.D NO. 831863 DATED
26.09.2024 FOR RS. 5 LAKHS DRAWN ON
FEDERAL BANK AND PAYABLE TO RESPONDENT
EXHIBIT P6 TRUE COPY OF THE PRINT OUT OF THE SMS
MESSAGES RECEIVED BY PETITIONER ON
25.09.2024
