High Court of KeralaWP(C)/26895/2015disposed of

Benazir Hussain v. Authorized Officer, Dewan Housing Finance Corporation

2015-09-17Honourable Dr. Justice A.K.Jayasankaran Nambiar5 pages

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR THURSDAY, THE 17TH DAY OF SEPTEMBER 2015/26TH BHADRA, 1937 WP(C).No. 26895 of 2015 (J) ---------------------------- PETITIONER(S):

--------------- BENAZIR HUSSAIN, AGED 30 YEARS W/O.SAFEEQ MUHAMMED, KARUPARAMBATHU, THENJIPPALAM THIROORANGADY, MALAPPURAM.

BY ADVS.SRI.BINU GEORGE SMT.HEMALATHA RESPONDENT(S):

---------------

1. AUTHORIZED OFFICER, DEWAN HOUSING FINANCE CORPORATION LTD. D NO.299/D2/D3, 2ND FLOOR, MARINA MALL YMCA CROSS ROAD, KOZHIKODE DISTRICT, PIN-673 001.

2. BRANCH MANAGER DEWAN HOUSING FINANCE CORPORATION LTD.

D NO.299/D2/D3, 2ND FLOOR, MARINA MALL YMCA CROSS ROAD, KOZHIKODE DISTRICT, PIN-673 001. R1-R2 BY ADV. SRI.P.PAULOCHAN ANTONY R1-R2 BY ADV. SRI.G.AJITH KUMAR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17-09-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

WP(C).No. 26895 of 2015 (J) ---------------------------- APPENDIX PETITIONER(S)' EXHIBITS ----------------------- P1 - A TRUE COPY OF STATEMENT OF ACCOUNT P2 - A TRUE COPY OF RECEIPT DATED 29.4.2015 P2(A) - A TRUE COPY OF RECEIPT DATED 30.4.2015 P2(B) - A TRUE COPY OF RECEIPT DATED 9.6.2015 P3 - A TRUE COPY OF PAPER PUBLICATION DATED 20.11.2014 IN THE HINDU DAILY P4 - A TRUE COPY OF ADVOCATE COMMISSIONER NOTICE DATED 19.8.2015 RESPONDENT(S)' EXHIBITS:NIL ---------------------- //TRUE COPY// P.A TO JUDGE

A.K.JAYASANKARAN NAMBIAR, J.

............................................................. ............................................................. Dated this the 17th day of September, 2015 J U D G M E N T The petitioner, who had availed of a loan from the respondent company, defaulted in repayment of the same. Consequently, the respondent company initiated proceedings under the Securitisation and Reconstructions of Financial Assets and Enforcement of Security Interest Act, 2002, hereinafter referred to as the 'SARFAESI Act', to recover the loan amounts. Ext.P4 is the notice issued by the Advocate Commissioner. In the writ petition, the petitioner impugns the steps initiated by the respondent company for recovery of the loan amounts.

2. I have heard the learned counsel appearing on behalf of the petitioner as also the learned Standing counsel for the respondent company.

3. On a consideration of the facts and circumstances of the case and the submissions made across the bar, I note that the sole prayer of the petitioner is to permit him to remit the balance amounts outstanding to the company in easy instalments. Taking into account the plea of financial hardship raised by the petitioner, I dispose the

writ petition with the following directions:- (i) The total overdue amount in respect of the loan availed by the petitioner is stated to be Rs.6,73,124/- together with accrued interest. Accordingly, if the petitioner pays the aforesaid amount of Rs.6,73,124 /- together with accrued interest in four equal and successive monthly instalments commencing from 15.10.2015, and continues to keep up the regular instalments as per the original loan schedule, the recovery steps initiated against the petitioner by the respondent company shall be kept in abeyance. (ii) It is made clear that, if the petitioner commits a default in respect of any of the instalments, he will lose the benefit of this judgment and the respondent company will be free to continue the recovery proceedings against him from the stage at which they presently stand.

A.K.JAYASANKARAN NAMBIAR JUDGE mns