Disposed

Shyam K.L. v. the Authorised Officer

Kerala HC1 Aug 2014WP(C)/17018/2014

Case brief

AI extract

What is this about?

This writ petition concerned regularization of a default in a housing loan. The court directed the bank to regularize the account and close recovery proceedings provided the petitioner cleared arrears in ten installments and adhered to the repayment schedule. The petition was disposed of with these directed terms.

What did the court decide?

Direction to respondent Bank to regularize loan account and permit petitioner to pay amounts as per original agreement upon satisfaction of arrears in ten instalments; recovery proceedings to stand cl

Shyam K.L. Vs the Authorised Officer — Banking and Recovery | Kerala HC (2014)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT:

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THE HONOURABLE MR.JUSTICE K.VINOD CHANDRAN

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FRIDAY, THE 1ST DAY OF AUGUST 2014/10TH SRAVANA, 1936

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WP(C).No. 17018 of 2014 (B) ----------------------------

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PETITIONER(S):

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SHYAM K.L. AGED 36 YEARS S/O. LATE K.K. LALAN, KUDAVATHUM HOUSE MANAKKAPPADY.P.O., CHETTIKKADU, KARUMALOOR PARAVOOR, ERNAKULAM.

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BY ADVS.SRI.N.SASI SMT.T.M.BINITHA

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RESPONDENTS:

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1. THE AUTHORISED OFFICER DEWAN HOUSING FINANCE CORPORATIONLTD. DHFL 1ST FLOOR, KMM BUILDING, PALARIVATTOM KOCHI-682025.

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2. DEWAN HOUSING FINANCE CORPORATION LTD., DHFL 1ST FLOOR, KMM BUILDING, PALARIVATTOM KOCHI-682025, BY ITS BRANCH MANAGER. R-R1 BY ADV. SRI.P.PAULOCHAN ANTONY R-R1 BY ADV. SRI.G.AJITH KUMAR

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THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 01-08-2014, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 17018 of 2014 (B)

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APPENDIX

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PETITIONER(S)' EXHIBITS:

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EXHIBIT P1 : TRUE COPY OF THE NOTICE DATED 26-4-2014 ISSUED BY THE 1ST RESPONDENT TO THE PETITIONER.

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RESPONDENT(S)' EXHIBITS:NIL

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True Copy /

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P.A to Judge

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K.VINOD CHANDRAN, J

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- - - - W.P.(C).No. 17018 of 2014

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Dated this the 01^st day of August, 2014

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JUDGMENT

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The petitioner availed of a housing loan and had committed default in the same. The loan was sanctioned in the year 2012 and was for a period of fifteen years. Since default was committed, the respondent Bank has initiated SARFAESI proceedings, in the context of there being arrears for reason of failure to pay the equated monthly instalments. Learned counsel for the Bank submits that the total outstanding amount in the loan account is Rs.1,61,000/- as on 31.07.21014.

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In the circumstances of the petitioner satisfying the entire arrears/default in ten instalments along with the regular payment of EMIs, on the respective due dates, there shall be a direction to the respondent Bank to regularize the loan account and permit the petitioner to pay the amounts as per the original agreement. The recovery proceedings shall stand closed on the

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WP(C).17018/14

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satisfaction of the arrears and also on regular EMIs being paid. If two consecutive defaults are committed during the instalment period granted by this Court, Bank shall proceed with the recovery proceedings initiated. First instalment shall be paid on 01.09.2014 and the balance instalments shall be

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paid on the 01^st of the succeeding months.

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Writ petition disposed of.

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Sd/-

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K.VINOD CHANDRAN, Judge

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Sbna

Shyam K.L. v. the Authorised Officer

Case brief

What is this about?

What did the court decide?

Shyam K.L. v. the Authorised Officer

Case brief

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