Kerala High Court
Ajith Kumar.S vs Tata Capital Housing Finance Limited on 26 September, 2024
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W.P.(C.) No. 33752 of 2024
2024:KER:71813
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE BASANT BALAJI
THURSDAY, THE 26TH DAY OF SEPTEMBER 2024 / 4TH ASWINA, 1946
WP(C) NO. 33752 OF 2024
PETITIONERS:
AJITH KUMAR.S,
AGED 48 YEARS
S/O SIVANKUTTY NAIR SARALA BHAVAN,CHOWALLOOR ,
VILAPPILSALA.P.O, TRIVANDRUM,KERALA,, PIN - 695573
BY ADV M.R.JAYALATHA
RESPONDENTS:
1 TATA CAPITAL HOUSING FINANCE LIMITED
HAVING ITS REGIONAL OFFICE AT GROUND FLOOR,
JAIN TOWER-II, NH-17,NEAR LULU MALL, EDAPPALLY,
KOCHI, ERNAKULAM, PIN - 682024
2 THE AUTHORIZED OFFICER,
TATA CAPITAL HOUSING FINANCE LIMITED,
GROUND FLOOR, JAIN TOWER-II, NH-17,NEAR LULU MALL,
EDAPPALLY, KOCHI, ERNAKULAM, PIN - 682024
3 THE BRANCH MANAGER,
TATA CAPITAL HOUSING FINANCE LIMITED , BRANCH
OFFICE AT TRIVANDRUM, PIN - 695001
BY ADV.SRI. P. PAULOCHAN ANTONY, SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 26.09.2024, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
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W.P.(C.) No. 33752 of 2024
2024:KER:71813
JUDGMENT
th
(Dated this the 26 day of September, 2024)
The petitioner has approached this Court to set aside Ext. P1 Notice
dated 05.04.2024 and the proceedings in M.C. No. 594 of 2024 on the files of
Chief Judicial Magistrate Court, Thiruvananthapuram. Further direction sought
is to hand over the possession of the mortgaged property back to the
petitioner. The petitioner has availed loan of Rs. 45,00,000/- from the
respondent bank and another loan of Rs.6,50,000/-. The tenure of the loan
period is 15 years. Since there was default in payment of the instalments,
proceedings under the SARFAESI Act were initiated against the petitioner and
notice under Section 13(2) of the Act was issued. The property was already
taken possession by the respondent bank.
2. The learned standing counsel appearing for the respondents submits
that the over due amount as on today is Rs. 10,48,205/- and if the same is
remitted within a reasonable time, the possession shall be given back to the
petitioner.
3. The counsel for the petitioner submits that the petitioner will pay an
amount of Rs. 7,00,000/- within a period of two weeks and the balance in 6
installments.
2024:KER:71813
4. Having heard the learned counsel for the petitioner as well as the
respondents, I dispose of the said writ petition on the following terms:-
(i) The petitioner shall pay a lumpsum amount of Rs.7,00,000/-
(Rupees Seven Lakh only) on or before 10.10.2024.
(ii) After making a payment of Rs.7,00,000/- as directed above, the
petitioner shall pay the remaining overdue amount in six equal
monthly instalments along with regular EMI.
(iii) The first instalment is to be paid on or before 05.11.2024, and the
remaining five instalments on or before the 5th day of each
succeeding month, along with regular instalments.
(iv) After making payment of the entire overdue amount along with
regular instalments, the petitioner shall continue to pay the regular
instalments till the entire loan liability is discharged.
(v) In case of failure to make payment of the amount of Rs.7,00,000/-
or anyone of the instalments as directed above, the Bank shall be
free to take possession of the secured assets. The Bank shall proceed
against the petitioner, in accordance with law, to realize its dues.
(vi) Till such time, all coercive proceedings against the secured assets
shall be deferred.
Sd/-
BASANT BALAJI
JUDGE
sjb/26-9
APPENDIX OF WP(C) 33752/2024
PETITIONER EXHIBITS
Exhibit P1 TRUE COPY OF THE DEMAND NOTICE DATED
5.4.2024 ISSUED BY THE 2NDRESPONDENT
UNDER SECTION 13(2) OF THE SECURITIZATION
AND RECONSTRUCTION OF FINANCIAL ASSETS
AND ENFORCEMENT OF SECURITY INTEREST ACT,
Exhibit P2 TRUE COPY OF THE PROCEEDING DATED
2.8.2024 OF THE M.C. NO.594/2024 ON THE
FILES OF THE LEARNED CHIEF JUDICIAL
MAGISTRATE COURT, THIRUVANANTHAPURAM
Exhibit P3 TRUE COPY OF THE RELEVANT PAGES OF THE
BANK STATEMENT FOR THE PERIOD OF 05-11-
2023 TO 11-12-2023 ISSUED ON 24-09-2024
Exhibit P4 TRUE COPY OF THE NOTICE DATED 23.8.2024
ISSUED BY THE ADVOCATE COMMISSIONER
RESPONDENTS' EXHIBITS:NIL
//TRUE COPY//
P.A. TO JUDGE
