High Court of KeralaWP(C)/27108/2015disposed of

Babu K. v. The Authorised Officer

2015-10-12Honourable Dr. Justice A.K.Jayasankaran Nambiar5 pages

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR MONDAY, THE 12TH DAY OF OCTOBER 2015/20TH ASWINA, 1937 WP(C).NO. 27108 OF 2015 (K) ---------------------------- PETITIONER(S):

-------------- BABU K.

RAJ BHAVAN, PALACKAL, THEVALKARA KOLLAM.

BY ADV. SRI.M.R.SASITH RESPONDENT(S):

-------------- AUTHORISED OFFICER LIC HOUSING FINANCE LTD, KANNANPURATHU BUILDING 1ST FLOOR, MC ROAD, STAR JUNCTION ERNAKULAM 682230.

*ADDL.R2 IMPLEADED:

ADDL.2. LIC HOUSING FINANCE LIMITED KUNNAMPURAM BUILDING, 1ST FLOOR, M.C.ROAD NEAR STAR JUNCTION, KOTTAYAM.

*( ADDL.R2 IS IMPLEADED AS PER ORDER DATED 30.09.2015 IN IA 13837/15) BY ADV. SRI.R.S.KALKURA,SC,LIC HOUSING FINANCE THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12-10-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

WP(C).NO. 27108 OF 2015 (K) ---------------------------- APPENDIX PETITIONER(S)' EXHIBITS ------------------------ P1 - TRUE COPY OF DEMAND NOTICE ISSUED BY THE RESPONDENT BANK. P2 - TRUE COPY OF THE OBJECTION FILED BY THE PETITIONER BEFORE THE RESPONDENT.

RESPONDENT(S)' EXHIBITS:NIL ------------------------ //TRUE COPY// P.A TO JUDGE

A.K.JAYASANKARAN NAMBIAR, J.

............................................................. ............................................................. Dated this the 12th day of October, 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.P1 is the demand notice issued by the respondent company. 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.1,83,130/- together with accrued interest. Accordingly, if the petitioner pays the aforesaid amount of Rs.1,83,130/- together with accrued interest in five equal and successive monthly instalments commencing from 01.11.2015, 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/12.10.15