{"id":163259,"date":"2010-09-13T00:00:00","date_gmt":"2010-09-12T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/stoy-t-muttath-vs-authorised-officer-on-13-september-2010"},"modified":"2018-08-25T19:42:13","modified_gmt":"2018-08-25T14:12:13","slug":"stoy-t-muttath-vs-authorised-officer-on-13-september-2010","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/stoy-t-muttath-vs-authorised-officer-on-13-september-2010","title":{"rendered":"Stoy T.Muttath vs Authorised Officer on 13 September, 2010"},"content":{"rendered":"
Kerala High Court<\/div>\n
Stoy T.Muttath vs Authorised Officer on 13 September, 2010<\/div>\n
       \n\n  \n\n  \n\n \n \n  IN THE HIGH COURT OF KERALA AT ERNAKULAM\n\nWP(C).No. 25091 of 2010(J)\n\n\n1. STOY T.MUTTATH, MUTTATH HOUSE,\n                      ...  Petitioner\n\n                        Vs\n\n\n\n1. AUTHORISED OFFICER,\n                       ...       Respondent\n\n2. AIG HOME FINANCE INDIA LTD.,\n\n                For Petitioner  :SRI.RAJIT\n\n                For Respondent  :SRI.RAJESH THOMAS\n\nThe Hon'ble MR. Justice C.K.ABDUL REHIM\n\n Dated :13\/09\/2010\n\n O R D E R\n                 C.K. ABDUL REHIM, J\n                 ------------------------------\n              WP(C) NO. 25091 OF 2010\n                 ------------------------------\n      Dated this the 13th day of September, 2010\n\n\n                        JUDGMENT\n<\/pre>\n
      Challenge in this Writ Petition is against proceedings<\/p>\n
initiated under the Securitisation and Reconstruction of<\/p>\n
Financial Assets and Enforcement of Security Interest Act,<\/p>\n
2002 (SARFAESI Act). Consequent to default committed<\/p>\n
in repayment of housing loan availed by the petitioner<\/p>\n
from the respondents, steps were initiated against the<\/p>\n
secured assets, the immovable property belonging to the<\/p>\n
petitioner. A notice regarding the steps under Section 13<\/p>\n
(4) was issued as per Ext.P1 to take over possession of the<\/p>\n
property. According to the petitioner there was default in<\/p>\n
payment of only few instalments and the repayment<\/p>\n
period is upto the year 2015. He is expressing willingness<\/p>\n
to clear the outstanding arrears and to continue payment<\/p>\n
of regular instalments without any further default.<\/p>\n
     2.   Learned counsel appearing for the respondents<\/p>\n
                              2<\/span>
\nWP(C) No. 25091\/2010<\/p>\n
submitted that the outstanding arrears itself is more than<\/p>\n
Rs.90,000\/- and that the total arrears nearly Rs.3 lakhs.<\/p>\n
However, considering the fact that the petitioner has got<\/p>\n
an effective remedy against the proceedings as provided<\/p>\n
under Section 17 (1) of the Act, and also considering the<\/p>\n
fact that the petitioner has not raised any effective<\/p>\n
objections against the demand under Section 13 (2), I am<\/p>\n
not inclined to interfere on the merits of the case.<\/p>\n
     3.     When the matter came up for admission, this<\/p>\n
Court had granted an interim order subject to condition<\/p>\n
of the petitioner remitting a sum of Rs.50,000\/-.     It is<\/p>\n
conceded by both sides that the condition imposed has<\/p>\n
already been complied with. However, considering the<\/p>\n
totality of circumstances attendant in this case, I am<\/p>\n
inclined to permit the petitioner to regularize the loan<\/p>\n
account by paying the overdue amounts within a short<\/p>\n
period.\n<\/p>\n
     4.     In the result, the Writ Petition is disposed of<\/p>\n
directing the respondents to keep all further proceedings<\/p>\n
pursuant to Ext.P1 notice in abeyance, provided the<\/p>\n
                              3<\/span>
\nWP(C) No. 25091\/2010<\/p>\n
petitioner remits the entire amounts outstanding less the<\/p>\n
amount paid by virtue of the interim order, in 2 (two)<\/p>\n
equal monthly instalments, falling due on or before<\/p>\n
30.10.2010 and 31.11.2010. The petitioner shall also<\/p>\n
remit regular instalments due for these two months along<\/p>\n
with such payments. If the outstanding arrears is cleared<\/p>\n
payment as directed above, the respondent shall permit<\/p>\n
the petitioner to continue payment of future instalments<\/p>\n
as per the original schedule.\n<\/p>\n
      5.    It is made clear that on the event of default in<\/p>\n
payment of any of the instalment as stipulated as above,<\/p>\n
the respondent will be free to proceed with further steps.<\/p>\n
It is also made clear that the relief granted as above will<\/p>\n
be subject to the condition that the petitioner is<\/p>\n
precluded from raising any subsequent challenge against<\/p>\n
the proceedings, either by approaching this Court or any<\/p>\n
other Forum.\n<\/p>\n<\/p>\n
                                    C.K. ABDUL REHIM
\n                                         JUDGE
\ndnc<\/p>\n","protected":false},"excerpt":{"rendered":"
Kerala High Court Stoy T.Muttath vs Authorised Officer on 13 September, 2010 IN THE HIGH COURT OF KERALA AT ERNAKULAM WP(C).No. 25091 of 2010(J) 1. STOY T.MUTTATH, MUTTATH HOUSE, … Petitioner Vs 1. AUTHORISED OFFICER, … Respondent 2. AIG HOME FINANCE INDIA LTD., For Petitioner :SRI.RAJIT For Respondent :SRI.RAJESH THOMAS The Hon’ble MR. Justice C.K.ABDUL […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,21],"tags":[],"class_list":["post-163259","post","type-post","status-publish","format-standard","hentry","category-high-court","category-kerala-high-court"],"yoast_head":"\nStoy T.Muttath vs Authorised Officer on 13 September, 2010 - Free Judgements of Supreme Court & High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/stoy-t-muttath-vs-authorised-officer-on-13-september-2010\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stoy T.Muttath vs Authorised Officer on 13 September, 2010 - 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