IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 24984 of 2010(W)
1. UNNIKRISHNAN T.M., S/O.NARAYANAN,
... Petitioner
Vs
1. HOUSING DEVELOPMENT FINANCE CORPORATION
... Respondent
2. THE MANAGER,
For Petitioner :SRI.SAJU.S.A
For Respondent : No Appearance
The Hon'ble MR. Justice P.R.RAMACHANDRA MENON
Dated :18/08/2010
O R D E R
P.R. RAMACHANDRA MENON J.
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W.P. (C) No. 24984 of 2010
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Dated, this the 18th day of August, 2010
JUDGMENT
The petitioner availed a housing loan of Rs. 2.75 lakhs from the
respondent Corporation, creating security interest over the property in
question, agreeing to repay the same in 180 installments @ Rs. 2998/-.
But, the petitioner did not choose to effect timely installments and turned to
be a defaulter, under which circumstance, the respondents proceeded with
further steps under the SARFAESI Act, after declaring the account as
‘NPA’, also by filing necessary petition before the concerned Chief Judicial
Magistrate’s Court, for getting assistance to take over the physical
possession of the property, which in turn is under challenge in this Writ
Petition.
2. Mr. Chandran Pillai, the learned Senior Counsel appearing for
the respondent Bank, submits that, eventhough the petitioner had issued
different cheques at different point of time, they have been dishonoured for
want of sufficient funds and in the said circumstances, the Bank is
constrained to proceed with further steps, which hence is strictly in
conformity with the statutory prescription and not assailable under any
circumstances. The learned Senior Counsel also submits that, the
‘overdue’ amount as on date will come nearly Rs. 27,000/-.
W.P. (C) No. 24984 of 2010
2
3. After hearing both the sides, particularly taking note of the
persuasive submissions made from the part of the petitioner and the fact
that the loan facility availed by the petitioner pertains to ‘housing sector’,
this Court finds it fit and proper to give one more chance to the petitioner to
save his property. Accordingly, the petitioner is directed to clear the entire
‘overdue’ amount under the loan transaction within one month, on which
event, the loan account of the petitioner will stand regularized. This will be
in addition to the liability of the petitioner to remit the regular EMIs as well.
Subject to this, the coercive proceedings stated as being pursued against
the petitioner shall be kept in abeyance, for the time being. It is made
clear that, if the petitioner commits any default in clearing the ‘overdue’
amount as above, or if any two consecutive defaults are made with regard
to the regular EMIs, the respondents will be at liberty to proceed with
further steps for realization of the entire amount in lump sum.
The Writ Petition is disposed of accordingly.
P. R. RAMACHANDRA MENON, JUDGE
kmd