Ragesh R vs The Authorized Officer
2024 Latest Caselaw 27424 Ker

Citation : 2024 Latest Caselaw 27424 Ker
Judgement Date : 11 September, 2024

Kerala High Court

Ragesh R vs The Authorized Officer on 11 September, 2024

Author: Dinesh Kumar Singh

Bench: Dinesh Kumar Singh

WP(C) NO. 31674 OF 2024

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                                                     2024:KER:69732
              IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                  PRESENT

           THE HONOURABLE MR. JUSTICE DINESH KUMAR SINGH

   WEDNESDAY, THE 11TH DAY OF SEPTEMBER 2024 / 20TH BHADRA, 1946

                          WP(C) NO. 31674 OF 2024

PETITIONER:

           RAGESH R,
           AGED 36 YEARS
           S/O RAGHUNADHAN, KALKULATHU PUTHEN VEEDU,
           CHENTHAPOOR,DECENT JUNCTION P.O KOLLAM, PIN - 691577


           BY ADVS.
           M.KIRANLAL
           R.RAJESH (VARKALA)
           MANU RAMACHANDRAN
           T.S.SARATH
           SAMEER M NAIR
           HARISANKAR R
           SAILAKSHMI MENON
           SMT.AKHILA B.




RESPONDENT:

           THE AUTHORIZED OFFICER,
           PNB HOUSING FINANCE LTD.1ST FLOOR, KEK TOWER,
           VAZHUTHACAUD,TRIVANDRUM, PIN - 695010



           SRI. A.S.P. KURUP-SC


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
11.09.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 31674 OF 2024

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                                                                      2024:KER:69732
                                   JUDGMENT

Dated this the 11th day of September, 2024

The present Writ Petition has been filed seeking

the following prayers:

1. To issue a Writ, Direction, or order in Mandamus directing the Respondent to grant reasonable time to the petitioner for enabling them to repay the loan amount in such monthly installments as fixed by this Hon'ble Court. AND

2. Issue such other orders or directions which deems necessary for the ends of justice and in the circumstances of the case;

2. The petitioner had availed a housing loan of

Rs.13,00,000/- from the respondent Financial Institution.

The petitioner has defaulted in making repayment of the

loan taken from the respondent Financial Institution.

Therefore, the Financial Institution after classifying the

petitioner's loan account as NPA, has proceeded under the

provisions of the SARFAESI Act and Rules made

thereunder.

3. The learned counsel for the Financial Institution

submits that if the petitioner makes payment of substantial

amount upfront and remaining overdue amount in few WP(C) NO. 31674 OF 2024

2024:KER:69732 instalments, along with the regular instalments, the

Financial Institution shall regularize the loan account of

the petitioner. As on today, Rs.3,16,500/- is the overdue

amount and Rs.14,61,532/- is the total outstanding

amount.

4. Considering the said stand of the learned counsel for

the Financial Institution, the present writ petition is

disposed of in the following terms:

i. The petitioner shall pay an upfront amount of

Rs.1,00,000/- on or before 10.10.2024 and

remaining overdue amount in 6 equal monthly

instalments, along with the regular instalments.

The 1st instalment is to be paid on or before

10.11.2024 and remaining 5 instalments on or

before 10th day of each succeeding months.

ii. After making the payment of the entire overdue

amount along with the regular instalments as

directed above, the petitioner shall continue to

pay the regular instalments in terms of the loan

agreement.

iii. Once the petitioner pays the entire overdue WP(C) NO. 31674 OF 2024

2024:KER:69732 amount, the Financial Institution shall regularize

the loan accounts of the petitioner.

iv. In case of failure to make payment of

Rs.1,00,000/- or any subsequent instalments as

directed above, the Financial Institution shall be

free to proceed further against the petitioner for