Allowed

Fred George v. Dewan Housing Fiancne Corporation Ltd.

Kerala HC27 Oct 2017WP(C)/25485/2017

Case brief

AI extract

What is this about?

In this writ petition, the petitioner challenged recovery proceedings against him under the SARFAESI Act due to loan default. The Court allowed the petition, ordering the petitioner to clear overdue dues in equal monthly installments, directing the respondent to keep proceedings in abeyance upon compliance.

What did the court decide?

Directing the petitioner to pay the overdue amount of Rs.7,07,378/- along with interest and charges in twelve equal monthly installments starting from 6.11.2017; keeping further recovery proceedings i

Fred George Vs Dewan Housing Fiancne Corporation Ltd. — Banking and Recovery | 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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FRIDAY, THE 27TH DAY OF OCTOBER 2017/5TH KARTHIKA, 1939

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WP(C).No. 25485 of 2017 (I)

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PETITIONER:

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FRED GEORGE AGED 35 YEARS, S/O.GEORGE, KURISUVEETIL HOUSE, GI GALAXY NOORAINE, P.J ANTONY ROAD, PALARIVATTOM

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BY ADVS.SRI.A.T.ANILKUMAR SMT.V.SHYLAJA

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RESPONDENTS:

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1. DEWAN HOUSING FINANCE CORPORATION LTD., 1ST FLOOR, KMM BUILDING, PALARIVATTOM, COCHIN -25,REPRESENTED BY ITS MANAGER

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2. THE SENIOR MANAGER/AUTHORIZED OFFICER, DEWAN HOUSING FINANCE CORPORATION LTD., 1ST FLOOR, KMM BUILDING, PALARIVATTOM, COCHIN-25.

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BY ADV. SRI.P.PAULOCHAN ANTONY

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27-10-2017, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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mbr/

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WP(C).No. 25485 of 2017 (I)

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APPENDIX

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PETITIONERS' EXHIBITS:

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EXHIBIT	P1 : THE OF T	TRUE COPY HE SARFEA	OF SI	THE ACT.	NOTICE UNDER SECTION 13(2)
EXHIBIT	P2 : THE DATE	TRUE COPY D 3/7/201	OF 5.	THE	JUDGMENT IN WPC 19209/15
EXHIBIT	P3 : THE	TRUE COPY	OF	THE	LETTER DATED 13/1/2016.
EXHIBIT	P4 : THE DATE	TRUE COPY D 4/2/201	OF 6.	THE	LEGAL NOTICE
EXHIBIT	P5 : THE DATE	TRUE COPY D 10/3/20	OF 15.	THE	REPLY NOTICE
EXHIBIT	P6 : THE WP(C	TRUE COPY ) NO.1888	OF 5/2	THE 016.	JUDGMENT IN
EXHIBIT	P7 : THE	TRUE COPY	OF	THE	REPRESENTATION.
EXHIBIT	P8 : THE THE	TRUE COPY CJM COURT	OF ER	THE NAKUL	M.C 307/2017 FILED BEFORE AM.
EXHIBIT	P9 : THE ADVO	TRUE COPY CATE COMM	OF ISS	THE IONER	NOTICE ISSUED BY THE .
RESPOND	ENTS' EXHIBIT	S :		NIL.	//TRUE COPY//
mbr/					P.S. TO JUDGE

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A.K.JAYASANKARAN NAMBIAR, J.

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W.P.(C).NO.25485 OF 2017 (I)

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Dated this the 27^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.P9 is the notice issued by the Advocate Commissioner. 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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On a consideration of the facts and circumstances of the case and the submissions made across the bar and also taking into account the plea of financial hardship raised by the petitioner, I dispose the

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W.P.(C).No.25485/2017

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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.7,07,378/-. Accordingly, if the petitioner pays the said amount of Rs.7,07,378/- together with accrued interest and other charges in twelve equal and successive monthly installments commencing from 6.11.2017, and continues to keep up the regular installment payments as per the original loan schedule, then the further proceedings initiated against him by the respondent company 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, he will lose the benefit of this judgment and the respondent company will be free to continue the recovery proceedings against him from the stage at which they presently stand.

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(iii) The respondent comany 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 his liability in accordance with the directions in this judgment.

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A.K.JAYASANKARAN NAMBIAR JUDGE

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prp/27/10/17

Fred George v. Dewan Housing Fiancne Corporation Ltd.

Case brief

What is this about?

What did the court decide?

Fred George v. Dewan Housing Fiancne Corporation Ltd.

Case brief

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