Writ petition filed by borrowers challenging SARFAESI proceedings due to housing loan default. Court admitted liability and impecunious circumstances, allowing relief request.
Recovery proceedings kept in abeyance if petitioner repays arrears via ten monthly installments and regular EMIs without default.
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR.JUSTICE K.VINOD CHANDRAN
WEDNESDAY, THE 11TH DAY OF JANUARY 2017/21ST POUSHA, 1938
WP(C).No. 411 of 2017 (B)
PETITIONER(S):
1. NAZAR, AGED 41 YEARS, S/O. KUNHIMOIDU, KUTTIYIL HOUSE, PERUMPILAVU P.O, THRISSUR DISTRICT.
2. HAWA, AGED 31, W/O. NAZAR, KUTTIYIL HOUSE, PERUMPILAVU P.O, THRISSUR DISTRICT.
BY ADVS.SRI.K.S.ARUN KUMAR
SRI.JUSTINE JACOB SMT.RESMI THOMAS SRI.M.S.DILEEP
RESPONDENT(S):
1. THE STATE BANK OF TRAVANCORE, PERUMPILAVU BRANCH, THRISSUR,PIN - 680 001. REPRESENTED BY ITS MANAGER.
2. THE AUTHORISED OFFICER UNDER SARFASI ACT, ZONAL OFFICE, THE STATE BANK OF TRAVANCORE, REGION II, THRISSUR, PIN - 680 001.
BY SRI.T.SETHUMADHAVAN (SENIOR ADVOCATE) BY ADV. SRI.K.JAYESH MOHANKUMAR, SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11-01-2017, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
mbr/
WP(C).No. 411 of 2017 (B)
APPENDIX
PETITIONER(S)' EXHIBITS:
EXHIBIT P1 : TRUE COPY OF THE NOTICE DATED 21/12/2016 ISSUED BY THE SECOND RESPONDENT.
RESPONDENT(S)' EXHIBITS: NIL
//TRUE COPY//
P.S. TO JUDGE
mbr/
K. VINOD CHANDRAN, J
W.P(C) No. 411 of 2017 - B
Dated this the 11th day of January, 2017
The petitioner availed a housing loan in the year
2011 from the respondent bank. On default being committed
the respondents initiated SARFAESI proceedings against the
property of the petitioner. The liability and the default is admitted. Considering the facts of the case and the alleged impecunious circumstances of the petitioner, this writ petition
is disposed of on the following terms.
(i) The total defaulted arrears is said to be
Rs.1,90,000/- as on 10.01.2017.
(ii) The respondents shall grant ten monthly
instalments for the payment of the arrears, starting from 13.02.2017 along with the regular EMIs.
WPC.No.411/2017
: 2 :
(iii) Recovery proceedings shall be kept in
abeyance on condition that the remittances as per this order
are made without any default, along with regular EMIs on the
respective due dates.
(iv) On the petitioner making two defaults in
repaying the installments as also the regular EMIs, the
recovery steps initiated shall revive and continue.
(v) On the 10th instalment being satisfied, the
respondent shall issue a statement of future interest accrued
from 10.01.2017 which shall be satisfied by the petitioner on
the 13th of the succeeding month as 11th instalment.
(vi) On the petitioner satisfying the entire arrears,
as also the EMI's the recovery proceedings shall be unenforceable and the petitioner shall be permitted to satisfy
the EMI as per the original agreement.
WPC.No.411/2017
: 3 :
Writ Petition is disposed of as above, making it clear
that the respondent will be free to proceed with the recovery
if the above conditions are not complied with.
Sd/-
(K. VINOD CHANDRAN, JUDGE)
jma //true copy//
P.A to Judge
1 issue framed by the court
Whether the recovery proceedings can be suspended on payment of defaulted arrears in installments.
1 provisions across 1 enactments
Nazar
Hawa
The State Bank of Travancore
The Authorised Officer Under SARFASI Act
K.Vinod Chandran
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
