Allowed

Varghese Devassy @ Biju v. the General Manager

Kerala HC1 Dec 2016WP(C)/33016/2016

Case brief

AI extract

What is this about?

In a writ petition challenged under the SARFAESI Act proceedings initiated by a housing finance company for non-payment of a mortgage loan, the Court, noting the petitioners' readiness to repay, granted indulgence.

What did the court decide?

Payment of overdue amount with accrued interest in six equal monthly installments starting from 03/01/2017 along with regular monthly installments.

Varghese Devassy @ Biju Vs the General Manager — 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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THURSDAY, THE 1ST DAY OF DECEMBER 2016/10TH AGRAHAYANA, 1938

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WP(C).No. 33016 of 2016 (B)

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PETITIONER(S) :

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1. VARGHESE DEVASSY @ BIJU, S/O. LATE DEVASSY, AGED 45 YEARS, 5/185, KUMBALANGI PANCHAYATH, PAZHANGADU KAVALA, COCHIN, PIN- 682 007.

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2. AMBILY BIJU, W/O. VARGHESE DEVASSY @ BIJU, AGED 37 YEARS, 5/185, KUMBALANGI PANCHAYATH, PAZHANGADU KAVALA, COCHIN, PIN- 682 007.

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BY ADV. SRI.ANESH PAUL

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RESPONDENT(S) :

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1. THE GENERAL MANAGER, MUTHOOT HOUSING FINANCE COMPANY LIMITED, 1ST FLOOR, HALYCON BUILDING, CC 54/1734, MAIN AVENUE, NEAR PASSPORT OFFICE, PANAMPALLY NAGAR, ERNAKULAM, PIN- 682 036.

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2. THE AUTHORIZED OFFICER, MUTHOOT HOUSING FINANCE COMPANY LIMITED, 1ST FLOOR, HALYCON BUILDING, CC 54/1734, MAIN AVENUE, NEAR PASSPORT OFFICE, PANAMPALLY NAGAR, ERNAKULAM, PIN- 682 036.

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BY ADV. SRI.SABU S.KALLARAMOOLA

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01-12-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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Msd.

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WP(C).No. 33016 of 2016 (B)

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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 DATED 19.07.2016 OF THE RESPONDENT FINANCE COMPANY.

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RESPONDENT(S)' EXHIBITS :

NIL

//TRUE COPY//

P.A.TO JUDGE.

Msd.

A.M. SHAFFIQUE, J.

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------------------------------------- W.P.(C) No. 33016 of 2016

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Dated this the 1st day of December, 2016

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JUDGMENT

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Petitioners has approached this Court being faced with

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the proceedings initiated by the respondent Bank under the SARFAESI Act.

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Petitioners had taken a mortgage loan for

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Rs.2,50,000/-. The petitioners could not repay the monthly installments 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 petitioners submits that the petitioners are ready and willing to pay the outstanding dues in installments and will also pay the regular installments, if some time is granted.

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Having regard to the fact that the petitioners had

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expressed the willingness to repay the amount in installments,

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I am of the view that some indulgence can be shown to the

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W.P.(C) No. 33016 of 2016

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-2-

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petitioners.

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Accordingly, this writ petition is disposed of as under:

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(i) The petitioners shall pay the overdue amount with

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accrued interest in six equal monthly installments starting from

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03/01/2017 .

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(ii) In addition to payment of the aforesaid amount,

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petitioners shall also remit the monthly installments 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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A.M. SHAFFIQUE JUDGE

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Scl/01.12.2016

Varghese Devassy @ Biju v. the General Manager

Case brief

What is this about?

What did the court decide?

Varghese Devassy @ Biju v. the General Manager

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Statutes considered

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