Partly allowed

Rejani Omanakuttan v. Repco Home Finance Ltd.

Kerala HC29 Jul 2016WP(C)/13372/2016

Case brief

AI extract

What is this about?

In a writ petition against loan recovery proceedings initiated under the SARFAESI Act, the Court allowed the petitioner to repay the overdue amount with interest in equal monthly instalments and remit monthly instalments as per agreed terms.

What did the court decide?

Direction to pay overdue amount with accrued interest in ten equal monthly instalments starting 29.08.2016 and remit monthly instalments as per agreed terms; bank to seek legal recourse in case of def

Rejani Omanakuttan Vs Repco Home Finance Ltd. — Banking and Recovery | Kerala HC (2016)

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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 A.M.SHAFFIQUE

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FRIDAY, THE 29TH DAY OF JULY 2016/7TH SRAVANA, 1938

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WP(C).No. 13372 of 2016 (V)

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PETITIONER(S):

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RAJANI OMANAKKUTTAN, W/O. OMANAKKUTTAN, MOLUZHATHIL HOUSE, MUNDAMALA P.O., PURAMATTOM, THIRUVALLA.

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BY ADVS.SRI.P.HARIDAS,

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SMT.S.SIKKY, SMT.DIVYA K.NAIR, SRI.P.C.SHIJIN.

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RESPONDENT(S):

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1. REPCO HOME FINANCE LTD., REPRESENTED BY ITS MANAGING DIRECTOR, REPCO TOWERS, 33, NORTH USMAN ROAD, T. NAGAR, CHENNAI -600 017.

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2. MANAGER, REPCO HOME FINANCE LTD.., FIRST FLOOR, ALFIYA ARCADE, OPPOSITE TO RMS, RAILWAY STATION ROAD, KOTTAYAM- 686 001.

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BY ADV. SRI.K.P.SUJESH KUMAR.

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29-07-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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rs.

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WP(C).No. 13372 of 2016 (V)

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APPENDIX

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PETITIONER'S EXHIBITS:-

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P1 TRUE COPY OF THE NOTICE AFFIXED ON PETITIONER'S PREMISES.

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RESPONDENT'S EXHIBITS:- NIL.

//TRUE COPY//

P.S. TO JUDGE

rs.

A.M.SHAFFIQUE, J.

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------------------------------------ W.P.(C).No.13372 of 2016

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----------------------------------- Dated this the 29^th day of July, 2016

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J U D G M E N T

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Petitioner has approached this Court being faced with proceedings initiated by the respondent Bank under the SARFAESI Act.

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Petitioner had taken a loan for `10 lakhs. The petitioner could not repay the monthly instalments in time on account of certain financial difficulties. In the meantime, proceedings had been taken by the respondent Bank under the SARFAESI Act.

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Learned counsel for the petitioner submits that the petitioner is ready and willing to pay the outstanding dues in instalments and will also pay the regular instalments if some time is granted.

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Having regard to the fact that the petitioner had expressed her willingness to repay the amount in instalments, I am of the view that some indulgence can be shown to the petitioner.

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Accordingly, this writ petition is disposed of as under:

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(i) The petitioner shall pay the overdue amount with accrued interest in ten equal monthly instalments starting from 29.08.2016.

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(ii) In addition to payment of the aforesaid amount, petitioner shall also remit monthly instalments as per the agreed terms.

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W.P.(C).No.13372 of 2016

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(iii) If there is default in payment of any of the aforesaid amounts, it shall be open for the respondent Bank to take such steps in accordance with law.

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Sd/-

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A.M.SHAFFIQUE, JUDGE.

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Rejani Omanakuttan v. Repco Home Finance Ltd.

Case brief

What is this about?

What did the court decide?

Rejani Omanakuttan v. Repco Home Finance Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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