Kerala High Court
Anarkali A vs The Authorized Officer Under ... on 24 October, 2024
Author: D. K. Singh
Bench: D. K. Singh
WP(C) NO. 36300 OF 2024
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2024:KER:79331
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE D. K. SINGH
THURSDAY, THE 24TH DAY OF OCTOBER 2024 / 2ND KARTHIKA, 1946
WP(C) NO. 36300 OF 2024
PETITIONER/S:
ANARKALI A, AGED 41 YEARS, W/O ANVAR KHAN; RESIDING AT: VALIYA VEEDU,
EDANADU, NEAR HOSPITAL, MEENAD, KOLLAM, PIN - 691579
BY ADVS. R.RAJESH (VARKALA); M.KIRANLAL; MANU RAMACHANDRAN
T.S.SARATH; SAMEER M NAIR; SAILAKSHMI MENON
RESPONDENT/S:
THE AUTHORIZED OFFICER UNDER SECURITIZATION ACT,
YES BANK, OFFICE AT: FIRST FLOOR, PUTHURAN PLAZA, NORTHERN SIDE, KPCC
JUNCTION, M.G. ROAD, KOCHI, PIN - 682011
OTHER PRESENT:
SRI.P.PAULOCHAN ANTONY-SC
THIS WRIT PETITION (CIVIL) HAVING FINALLY HEARD ON 24.10.2024, THE COURT ON THE SAME
DAY DELIVERED THE FOLLOWING:
WP(C) NO. 36300 OF 2024
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JUDGMENT
The petitioner, along with her husband, took a housing loan of
Rs.75 lakhs from the respondent Bank in 2023. The loan tenure for
repayment, along with interest, is nine years in equal monthly
instalments.
2. The petitioner committed default in repaying the loan
amount in terms of the loan agreement. Therefore, the Bank, after
classifying the petitioner's loan account as NPA, proceeded against the
petitioner under the provisions of the SARFAESI Act and the Rules made
thereunder.
3. The learned Counsel for the respondent Bank, on
instructions, submits that the overdue amount is Rs.6,67,865/- and the
outstanding amount comes to Rs.75 lakhs. If the petitioner makes a
substantial upfront payment along with one regular EMI and the
remaining overdue amount in a few instalments as this Court may
WP(C) NO. 36300 OF 2024
2024:KER:79331
direct along with regular instalments, the Bank shall regularize the
loan account of the petitioner for making further payment in terms of
the loan agreement and the Bank shall not proceed against the
petitioner under the provisions of the SARFAESI Act and the Rules
made thereunder.
4. Considering the said stand of the learned Counsel for the
respondent Bank, the present writ petition is disposed of on the
following terms:
(i) The petitioner shall pay an upfront amount of Rs.2 lakhs along with
one regular EMI on or before 07.11.2024.
(ii) The remaining overdue amount, along with regular instalments, is
to be paid in six equal monthly instalments.
(iii) The first instalment is to be paid on or before 07.12.2024, and the
remaining five instalments on or before the 7th day of each succeeding
month, along with regular instalments.
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(iv) If the petitioner pays the entire overdue amount, the Bank shall
regularize the petitioner's loan account for making payments in terms
of the loan agreement.
(v) After making payment of the entire overdue amount along with
regular instalments, the petitioners shall continue to pay the regular
instalments till the entire loan liability is discharged.
(vi) In case of failure to make payment of the upfront amount of Rs.2
lakhs or any instalments as directed above, the Bank shall be free to
proceed against the petitioners in accordance with the law.
The writ petition stands disposed of.
Sd/-
D. K. SINGH
JUDGE
jjj
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APPENDIX OF WP(C) 36300/2024
PETITIONER EXHIBITS
Exhibit P1 A TRUE COPY OF LEGAL DEMAND NOTICE ISSUED BY RESPONDENT
ADVOCATE DATED 07.05.2024
Exhibit P2 A TRUE COPY OF NOTICE ISSUE BY RESPONDENT BANK LOAN RECALL
AGENTS DATED 09.08.2024
Exhibit P3 A TRUE COPY OF NOTICE ISSUED UNDER SECTION 13(2) OF SARFESI
ACT BY RESPONDENT TO PETITIONER AS ON 24.09.2024
