IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 23446 of 2009(A)
1. RAMAKRISHNA PANICKER, AGED 54 YEARS,
... Petitioner
2. YAMUNA UNNI, `AMBADI',
Vs
1. DEWAN HOUSING FINACE CORPORATION
... Respondent
2. THE AUTHORISED OFFICER, DEWAN HOUSING
3. THE AUTHORISED OFFICER,
For Petitioner :SRI.R.MANOJ
For Respondent :SRI.P.PAULOCHAN ANTONY
The Hon'ble MR. Justice S.SIRI JAGAN
Dated :14/10/2009
O R D E R
S.SIRI JAGAN, J.
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W.P(C).No.23446 of 2009
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Dated this the 14th day of October, 2009
J U D G M E N T
The petitioners are defaulters in repayment of loan amounts due
from them to the 1st respondent. Therefore, the respondents initiated
proceedings under the Securitisation and Reconstruction of Financial
Assets and Enforcement of Security Interest Act, 2002, which is under
challenge in this writ petition. The petitioners do not dispute the
liability to pay or the quantum. The petitioners only seek facility to
regularise the loan account and permit them to continue to pay the
EMIs on the due dates as per the loan agreement.
2. The learned counsel for the respondents submits that in
order to regularise the loan account the petitioners have to pay
Rs.1,23,000/-. The petitioners seek instalment facility to pay the said
amount.
3. Having considered the submissions on both sides, this writ
petition is disposed of with the following directions:
The petitioners shall pay the amount of Rs.1,23,000/- required
for regularisation of the loan account in four equal monthly instalments
on 1.11.2009, 1.12.2009, 1.1.2010 and 1.2.2010, along with the
interest due thereon upto the date of payment and the EMIs for those
months as per the loan agreement. If the petitioners pay the same as
2
directed above, the respondents shall regularise the petitioners’ loan
account and allow the petitioners to continue to pay the EMIs in
accordance with the loan agreement. If the petitioners pay the above
said amounts and future EMIs on the due dates without default,
further proceedings under the Act shall be kept in abeyance. However,
if the petitioners commit default in complying with any of the above
directions, it would be open to the respondents to continue
proceedings as now initiated without having to issue any fresh notice
or proceedings in that regard.
Sd/-
sdk+ S.SIRI JAGAN, JUDGE
///True copy///
P.A. to Judge