Allowed

Rajesh Kumar N. v. Repco Home Finance Ltd.

Kerala HC30 Aug 2016WP(C)/22965/2016

Case brief

AI extract

What is this about?

Petitioner challenged Bank's SARFAESI proceedings. Court observed petitioner's willingness to repay. Disposed writ by directing payment of overdue amount with interest in eight monthly instalments plus regular relief, with clause for Bank to act on default.

What did the court decide?

Petitioner directed to pay overdue amount with accrued interest in eight equal monthly instalments starting 26/09/2016 and remit future monthly instalments as per agreed terms.

Rajesh Kumar N. Vs Repco Home Finance Ltd. — 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.M.SHAFFIQUE

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TUESDAY, THE 30TH DAY OF AUGUST 2016/8TH BHADRA, 1938

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WP(C).No. 22965 of 2016 (U) ----------------------------

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PETITIONER(S):

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RAJESH KUMAR N. 'GOWRI VINAYAKA', KAVIYOTTUMUKAL, CHELLAMCODE, NEAR PUTHUMANGALAM DEVI TEMPLE, NEDUMANGADU, THIRUVANANTHAPURAM.

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BY ADV. SRI.G.SUDHEER

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RESPONDENT(S):

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REPCO HOME FINANCE LTD. REPRESENTED BY ITS AUTHORIZED OFFICER, TC.25/1655(6), FIRST FLOOR, REMA PLAZA, S.S. KOVIL ROAD, THAMAPNOOR, THIRUVANANTHAPURAM - 695 001.

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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 30-08-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 22965 of 2016 (U)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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P1: TRUE COPY OF THE LOAN SANCTION LETTER DATED 28.11.2013 ISSUED BY THE REPCO HOME FINANCE LIMITED P2: TRUE COPY OF THE LOAN SANCTION LETTER DATED 29.11.2014 ISSUED BY THE REPCO HOME FINANCE LIMITED P3: TRUE COPY OF THE REPAYMENT RECEIPTS ISSUED BY REPCO HOME FINANCE LTD.

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P4: TRUE COPY OF THE DEMAND NOTICE SENT BY REPCO HOME FINANCE LIMITED TO THE PETITIONER DATED 23.5.2016

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RESPONDENT(S)' EXHIBITS : NIL.

//TRUE COPY//

P.A. TO JUDGE

A.M. SHAFFIQUE, J.

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W.P.(C) No.22965 of 2016

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Dated this the 30^th day of August, 2016

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JUDGMENT

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

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Petitioner had taken a loan for Rs.19 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 the willingness to repay the amount in instalments,

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W.P.(C) No. 22965 of 2016

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-2-

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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

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accrued interest in eight equal monthly instalments starting from 26/09/2016.

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

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(iii) If there is default in payment of any of the aforesaid

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amounts, it shall be open for the respondent Bank to take such

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steps in accordance with law.

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Sd/-

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A.M. SHAFFIQUE JUDGE

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Scl/30.08.2016

Rajesh Kumar N. v. Repco Home Finance Ltd.

Case brief

What is this about?

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Rajesh Kumar N. v. Repco Home Finance Ltd.

Case brief

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