Allowed

Nisha Basheer v. Bajaj Finance Ltd.

Kerala HC14 Aug 2017WP(C)/23480/2017

Case brief

AI extract

What is this about?

The High Court allowed a writ petition filed by a loan defaulting petitioner challenging SARFAESI Act proceedings. Considering financial hardship, the court permitted the petitioner to clear dues in equal monthly installments. Recovery proceedings will be paused only if she adheres to the schedule.

What did the court decide?

The petitioner is permitted to pay the overdue amount of Rs.12,13,660/- plus interest in 12 equal monthly installments commencing 30.08.2017. Recovery proceedings shall remain in abeyance.

Nisha Basheer Vs Bajaj Finance Ltd. — Contract and Commercial Disputes | 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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MONDAY, THE 14TH DAY OF AUGUST 2017/23RD SRAVANA, 1939

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WP(C).No. 23480 of 2017 (H)

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PETITIONER(S):

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NISHA BASHEER,

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AGED 37 YEARS, W/O DR.ANEES AZAD M.A., TC 44/874(1), EVRA-121, ELANJIMOOTTIL LANE, EDAPAZANJI, TRIVANDRUM DISTRICT-695 014.

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BY ADVS.SRI.C.S.MANU

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SRI.S.K.PREMRAJ

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RESPONDENT(S):

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1. BAJAJ FINANCE LTD., REGISTERED OFFICE, MUMBAI-PUNE ROAD, AKURDI, PUNE, MAHARASHTRA-411 035,

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BRANCH OFFICE AT 4TH FLOOR, CSI BUILDING, PUTHENCHANTHAI, PULIMOODU, M.G.ROAD, TRIVANDRUM, KEARLA-695 001, REPRESENTED BY ITS BRANCH MANAGER.

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2. AUTHORISED OFFICER, BAJAJ FINANCE LTD., BRANCH OFFICE, 4TH FLOOR, CSI BUILDING, PUTHENCHANTHAI, PULIMOODU, M.G.ROAD, TRIVANDRUM, KEARLA-695 001.

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BY ADV. SRI. B.S. SURESH KUMAR

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14-08-2017, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 23480 of 2017 (H)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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----------------------EXHIBIT P1 TRUE COPY OF THE NOTICE DATED 18.4.2017 ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER. EXHIBIT P2 TRUE COPY OF THE POSSESSION NOTICE DATED 10.7.2017 ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER.

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RESPONDENT(S)' EXHIBITS

NIL

TRUE COPY

P.S. TO JUDGE

A.K.JAYASANKARAN NAMBIAR, J. ............................................................. W.P.(C).No.23480 Of 2017 -(H) ............................................................. Dated this the 14^th day of August, 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 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.P2 is the possession notice. In the writ petition, the petitioner impugns the steps initiated by the respondent bank 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 bank.

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On a consideration of the facts and circumstances of the

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-2-

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W.P.(C).No.23480 Of 2017 -(H)

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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 bank 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.12,13,660/- together with accrued interest and other charges. Accordingly, if the petitioner pays the said amount of Rs.12,13,660/- together with accrued interest and other charges in 12 equal and successive monthly installments commencing from 30.08.2017, 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 bank 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, she will lose the benefit of this judgment and the respondent bank 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 bank shall furnish the

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W.P.(C).No.23480 Of 2017 -(H)

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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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Sd/-

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A.K.JAYASANKARAN NAMBIAR JUDGE

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mns/14.08.17

Nisha Basheer v. Bajaj Finance Ltd.

Case brief

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Nisha Basheer v. Bajaj Finance Ltd.

Case brief

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