Allowed

Susha.S v. Sundaram Bnp Paribas Home Finance Ltd.

Kerala HC4 Oct 2017WP(C)/11670/2017

Case brief

AI extract

What is this about?

The High Court of Kerala, in a writ petition challenging SARFAESI proceedings for loan recovery, directed the respondent to allow the petitioner to pay the outstanding principal and interest by a deadline to get further proceedings stayed and to return possession of the secured asset, subject to future default conditions.

What did the court decide?

Petitioner directed to pay Rs.5,50,850 plus interest by 31.12.2017; respondent to stay proceedings and hand over possession of secured asset; future default leads to immediate forfeiture.

Susha.S Vs Sundaram Bnp Paribas Home Finance Ltd. — Consumer Protection | Kerala HC (2017)

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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 4TH DAY OF OCTOBER 2017/12TH ASWINA, 1939

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WP(C).No. 11670 of 2017 (G)

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PETITIONER :

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SUSHA.S., W/O. CHARNDRA BOSE, AGED 57 YEARS, PRASANNA BHAVAN, NJAKKAD, VADASSERYKONAM P.O., THIRUVANANTHAPURAM.

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BY ADVS.SRI.ENOCH DAVID SIMON JOEL SRI.V.S.VISWAMBHARAN

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RESPONDENT :

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SUNDARAM BNP PARIBAS HOME FINANCE LTD., 2ND FLOOR, ELIZABETH ALEXANDER MEMORIAL BUILDING, MARINE DRIVE, ERNAKULAM - 682 031, REPRESENTED BY ITS AUTHORIZED OFFICER.

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BY ADV. SRI.VARGHESE C.KURIAKOSE

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THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 04-10-2017, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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sts

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WP(C).No. 11670 of 2017 (G)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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EXHIBIT P1 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER.

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EXHIBIT P2 TRUE COPY OF THE NOTICE DATED 21.3.2017 ISSUED BY THE RESPONDENT UNDER SECTION 13(4) OF THE SARFAESI ACT, 2002.

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RESPONDENT(S)' EXHIBITS:

NIL

/TRUE COPY/

P.S.TO JUDGE

sts

A.K.JAYASANKARAN NAMBIAR, J.

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

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W.P.(C).No.11670 Of 2017

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............................................................. Dated this the 4^th day of October, 2017

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J U D G M E N T

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The petitioner, who had availed 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.P1 is the notice issued by the Advocate Commissioner. It is stated that, pursuant to the said notice, the respondent company has since taken physical possession of the secured asset also. 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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W.P.(C).No.11670 Of 2017

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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 prayer of the petitioner is to permit her 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 overdue amount, in respect of the loan availed by the petitioner, as of today, is stated to be Rs.5,50,850/-. Accordingly, if the petitioner pays the said amount of Rs.5,50,850/- together with accrued interest on or before 31.12.2017, and continues to keep up the regular installment payments as per the original loan schedule, then the further proceedings initiated against her by the respondent company shall be kept in abeyance.

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(ii) On the petitioner paying the amount of Rs.5,50,850/- either in accordance with the directions in this judgment or earlier, the respondent company shall handover possession of the secured asset to the petitioner. This,however, shall be subject to the condition that, if the petitioner commits a default in respect of any of the installments, the petitioner

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W.P.(C).No.11670 Of 2017

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shall, without awaiting any orders from this Court or direction from the respondent company, forthwith handover possession of the secured asset to the respondent company.

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(iii) It is further made clear that if the petitioner commits a default in respect of the payments, she will lose the benefit of this judgment and the respondent company will be free to continue the recovery proceedings against her from the 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 the dues position together with interest, within ten days from today so as to enable the petitioner to discharge the liability in accordance with the directions in this judgment.

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The writ petition is disposed as above.

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Sd/-

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A.K.JAYASANKARAN NAMBIAR JUDGE

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mns/04.10.17

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W.P.(C).No.11670 Of 2017

Susha.S v. Sundaram Bnp Paribas Home Finance Ltd.

Case brief

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Susha.S v. Sundaram Bnp Paribas Home Finance Ltd.

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