Allowed

Sajumon John v. the Branch Manager

Kerala HC12 Feb 2016WP(C)/145/2016

Case brief

AI extract

What is this about?

The petitioner defaulted on a term loan. The respondent initiated SARFAESI proceedings. Granting relief on plea of financial hardship, the Court allowed a time-bound installment scheme to remit the overdue amount, keeping further recovery proceedings in abeyance.

What did the court decide?

Permitting the petitioner to remit the balance dues of Rs.7,03,800/- plus interest in 10 equal monthly installments commencing 24.02.2016, keeping further recovery proceedings in abeyance.

Sajumon John Vs the Branch Manager — Contract and Commercial Disputes | 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.K.JAYASANKARAN NAMBIAR

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FRIDAY, THE 12TH DAY OF FEBRUARY 2016/23RD MAGHA, 1937

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WP(C).No. 145 of 2016 (P)

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PETITIONER(S):

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SAJUMON JOHN, S/O JOHN M.S, AGED 45 YEARS, PULIYANIPUTHAMPURA, PALAKUZHA DESOM, AAROOR, KARIMANA P.O., MUVATTUPUZHA, ERNAKULAM DISTRICT.

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BY ADVS.SMT.M.R.REENA, SRIP.S.SUJETH.

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RESPONDENT(S):

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1. THE BRANCH MANAGER, SUNDARAM BNP PARIBAS HOME FINANCE LIMITED, MUVATTUPUZHA BRANCH, AMRITHA TOWER, VELLOORKUNNAM, MUVATTUPUZHA, PIN-686 662.

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2. THE AUTHORIZED OFFICER, SUNDARAM BNP PARIBAS HOME FINANCE LIMITED, SUNDARAM TOWERS, 46, WHITES ROAD, CHENNAI-600 014.

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BY ADV. SRI.VARGHESE C.KURIAKOSE, SC.

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12-02-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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rs.

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WP(C).No. 145 of 2016 (P)

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APPENDIX

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PETITIONER'S EXHIBITS:-

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EXT.P1: A TRUE COPY OF THE DEMAND NOTICE DTD. 01/11/2015 OF THE TERM LOAN. EXT.P2: A TRUE COPY OF THE POSSESSION NOTICE DTD. 08/12/2015 OF THE HOUSING LOAN. EXT.P3: A TRUE COPY OF THE REPRESENTATION DTD. 21/12/2015 SENT BY THE PETITIONER.

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RESPONDENT'S EXHIBITS:- NIL.

//TRUE COPY//

P.S. TO JUDGE

rs.

A.K.JAYASANKARAN NAMBIAR, J.

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.............................................................

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W.P.(C).No.145 Of 2016

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............................................................. Dated this the 12^th day of February, 2016

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J U D G M E N T

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The petitioner, who had availed of a loan from the respondent company, defaulted in repayment of the same. Consequently, the respondent company initiated proceedings under the Securitisation and Reconstructions of Financial Assets and Enforcement of Security Interest Act, 2002, hereinafter referred to as the 'SARFAESI Act', to recover the loan amounts. Ext.P2 is the possession notice. In the writ petition, the petitioner impugns the steps initiated by the respondent company for recovery of the loan amounts.

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I have heard the learned counsel appearing for the petitioner as also the learned Standing counsel appearing for the respondent company.

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On a consideration of the facts and circumstances of the case and the submissions made across the bar, I note that the sole

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-2-

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W.P.(C). No.145 of 2016

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prayer of the petitioner is to permit him to remit the balance amounts outstanding to the respondent company in easy installments. Taking into account the plea of financial hardship raised by the petitioner, I dispose the writ petition with the following directions:-

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(i) The total overdue amount, in respect of the loan availed by the petitioner, as on today, is stated to be Rs.7,03,800/- together with accrued interest. Accordingly, if the petitioner pays the said amount of Rs.7,03,800/- together with accrued interest in 10 equal and successive monthly installments commencing from 24.02.2016, and continues to keep up the regular installment payments as per the original loan schedule, then the further proceedings initiated against him by the respondent company shall be kept in abeyance.

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(ii) It is further made clear that if the petitioner commits a default in respect of any of the installments, he will lose the benefit of this judgment and the respondent company will be free to continue the recovery proceedings against him from the

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-3-

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W.P.(C). No.145 of 2016

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stage at which they presently stand.

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(iii) The respondent company shall furnish the petitioner with an up-to-date statement of dues within ten days from today, so as to enable the petitioner to comply with the directions in this judgment.

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A.K.JAYASANKARAN NAMBIAR JUDGE

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mns/12.02.16

Sajumon John v. the Branch Manager

Case brief

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What did the court decide?

Sajumon John v. the Branch Manager

Case brief

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