Allowed

Abduroof M.K. v. Dewan Housing Finance Corporation Limited

Kerala HC2 Mar 2016WP(C)/630/2016

Case brief

AI extract

What is this about?

The High Court allowed the petition, directing the bank to suspend recovery proceedings and return possession of the secured asset if the petitioners pay the total overdue amount of Rs. 6,29,663/- plus interest in ten monthly installments starting from 15.03.2016.

What did the court decide?

Recovery proceedings suspended and possession of secured asset to be handed over upon payment of total overdue amount of Rs. 6,29,663/- and accrued interest in ten equal monthly installments.

Abduroof M.K. Vs Dewan Housing Finance Corporation Limited — Specific Performance | 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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WEDNESDAY, THE 2ND DAY OF MARCH 2016/12TH PHALGUNA, 1937

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WP(C).No. 630 of 2016 (C)

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PETITIONER(S) :

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1. ABDUROOF M.K., AGED 49 YEARS, S/O.MAMMU, RESIDING AT AMINA MANZIL, PADIKKACHAL, ULIYIL, MATTANNUR, KANNUR DISTRICT.

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2. SALEENA ABDUROOF, AGED 37 YEARS, W/O.ABDUROOF, RESIDING AT AMINA MANZIL, PADIKKACHAL, ULIYIL, MATTANNUR, KANNUR DISTRICT.

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BY ADVS.SRI.C.KHALID SRI.T.V.MAMMOOTTY SRI.V.P.MAHAMMOOD SRI.N.A.JOSEPH SRI.K.P.MOHAMED SHAFI SMT.K.S.HASEENA SMT.K.REEHA KHADER SMT.K.K.NESNA

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RESPONDENT(S) :

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DEWAN HOUSING FINANCE CORPORATION LIMITED, COMPANY INCORPORATED UNDER THE COMPANIES ACT 1956, HAVING ITS REGISTERED OFFICE AT WARDEN HOUSE, 2ND FLOOR, SIR P.M.ROAD, FORT, MUMBAI-400 001, REPRESENTED BY THE AUTHORIZED OFFICER, SAJITH KUMAR.M, S/O.R.MADHAVAN, AGED 45 YEARS, DEWAN HOUSING FINANCE CORPORATION LIMITED, DOOR NO.TV 33/363 N, 2ND FLOOR, GRAND PLAZA, FORT ROAD, KANNUR, KERALA-670 001.

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BY ADVS. SRI.P.PAULOCHAN ANTONY SRI.G.AJITH KUMAR

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02-03-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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Msd.

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WP(C).No. 630 of 2016 (C)

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APPENDIX

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PETITIONER(S)' EXHIBITS :

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P1: TRUE COPY OF THE CMP NO.1067/2015 FILED BEFORE CHIEF JUDICIAL MAGISTRATE, THALASSERY ON 20.02.2015.

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P2: TRUE COPY OF THE NOTICE SIGNED BY SHIRSATADAR OF CHIEF JUDICIAL MAGISTRATE,THALASSERY ON 16.03.2015.

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P3: THE COPY OF THE COUNTER STATEMENT IN CMP NO.1067/2015 FILED BEFORE THE CHIEF JUDICIAL MAGISTRATE,THALASSERY ON 19.11.2015.

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P4: THE COPY OF THE REPORT OF THE COMMISSIONER FILED BEFORE CHIEF JUDICIAL MAGISTRATE,THALASSERY ON 19.11.2015.

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P5: THE COPY OF THE MAHAZAR ISSUED BY ADVOCATE COMMISSIONER DATED 20.10.2015.

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P6: THE COPY OF THE INVENTORY LIST ISSUED BY ADVOCATE COMMISSIONER ON 20/10/2015.

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P7: THE COPY OF THE ORDER IN CMP NO.1067/2015 PASSED BY THE CHIEF JUDICIAL MAGISTRATE,THALASSERY DATED 10/07/2015.

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P8: THE COPY OF THE LIST OF REMITTANCE.

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RESPONDENT(S)' EXHIBITS :

NIL

//TRUE COPY//

P.A.TO JUDGE.

Msd.

A.K.JAYASANKARAN NAMBIAR, J.

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W.P.(C) No. 630 of 2016

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- - - - Dated this the 2^nd day of March 2016

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JUDGMENT

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The petitioners, who had availed a loan from the respondent bank, defaulted in repayment of the same. Consequently, the respondent bank 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.P7 is the order of the Chief Judicial Magistrate. It is stated that consequent to Ext.P7 order, the physical possession of the secured asset has also been taken. In the writ petition, the petitioners impugn the steps initiated by the respondent bank for recovery of the loan amounts.

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I have heard the learned counsel appearing on behalf of the petitioners as also the learned Standing Counsel appearing on behalf of the respondents.

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On a consideration of the facts and circumstances of the

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case and the submissions made across the bar, I note that the sole prayer of the petitioners is to permit them to remit the balance

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W.P.(c).No.630 of 2016

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: 2 :

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amounts outstanding to the bank in easy installments. Taking into account the plea of financial hardship raised by the petitioners, I dispose the writ petition with the following directions:-

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(i) The total overdue amount, in respect of the loan is stated to be Rs.6,29,663/- together with accrued interest. Accordingly, if the petitioners pay the aforesaid amount of Rs.6,29,663/- together with accrued interest, in ten equal and successive monthly installments commencing from 15.03.2016, and continue to keep up the regular installment payments as per the original loan schedule, then the recovery steps initiated against them by the respondent bank shall be kept in abeyance.

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(ii) It is made clear that if the petitioners commit a default in respect of any of the installments, they will lose the benefit of this judgment and the respondent bank will be free to continue the recovery proceedings against them from the stage at which they presently stand.

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(iii)The respondent bank shall furnish the petitioners with an up-to-date statement of the dues position, within 10 days from today, so as to enable the petitioners to effect repayment as per the directions in this judgment.

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(iv) It is made clear that on the petitioners paying the said amount of Rs.6,29,663/- together with accrued interest, either in accordance with the directions in this

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W.P.(c).No.630 of 2016

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: 3 :

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judgment or earlier, the respondent bank shall handover the possession of the secured asset to the petitioners. The respondent bank shall also permit the petitioner to remove the movable items of property within the residential premises, in the meanwhile.

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Sd/-

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A.K.JAYASANKARAN NAMBIAR JUDGE

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sm/

Abduroof M.K. v. Dewan Housing Finance Corporation Limited

Case brief

What is this about?

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Abduroof M.K. v. Dewan Housing Finance Corporation Limited

Case brief

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What did the court decide?

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