Partly allowed

G.Unnikrishnan v. Repco Home Finance Limited

Kerala HC2 Apr 2018WP(C)/4971/2018

Case brief

AI extract

What is this about?

Petitioner sought time to clear loan default totaling over Rs.9,75,000 on secured assets. Court permitted three-month moratorium for installment payment of dues, deferring coercive recovery actions during the period contingent upon strict adherence to payment schedule.

What did the court decide?

Petitioner granted three months to clear overdue amount of Rs.9,75,000- in installments; coercive steps deferred subject to compliance.

G.Unnikrishnan Vs Repco Home Finance Limited — Banking and Recovery | Kerala HC (2018)

¶1

IN THE HIGH COURT OF KERALA AT ERNAKULAM

¶2

PRESENT:

¶3

THE HONOURABLE MR. JUSTICE A.MUHAMED MUSTAQUE

¶4

MONDAY, THE 2ND DAY OF APRIL 2018 / 12TH CHAITHRA, 1940

¶5

WP(C).No. 4971 of 2018

¶6

PETITIONER(S)

¶7

G.UNNIKRISHNAN S/O.GOVINDAN ACHARY, AGED 68, RESIDING AT THOTTUVATHALA BHAVAN, AMAYIDA, AMBALAPUZHA P.O., ALAPPUZHA DISTRICT.

¶8

BY ADV.SRI.S.SHYAM

¶9

RESPONDENT(S):

¶10

REPCO HOME FINANCE LIMITED KOTTAYAM BRANCH, 1ST FLOOR, ALFIYA ARCADE, RAILWAY STATION ROAD, KOTTAYAM 686 001, REPRESENTED BY ITS MANAGER.

¶11

THE AUTHORISED OFFICER

¶12

REPSO HOME FINANCE LIMITED,

¶13

KOTTAYAM BRANCH, 1ST FLOOR, ALFIYA ARCADE,

¶14

RAILWAY STATION ROAD, KOTTAYAM 686 001,

¶15

R2 BY ADV. SRI.K.P.SUJESH KUMAR

¶16

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02-04-2018, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

¶17

WP(C).No. 4971 of 2018 (V)

¶18

APPENDIX

¶19

PETITIONER(S)' EXHIBITS

¶20

EXHIBIT P1 TRUE COPY OF NOTICE DATED 10/2/16 ISSUED BY THE SECOND RESPONDENT UNDER SEC.13(2) OF THE SARFAESI ACT

¶21

EXHIBIT P2 TRUE COPY OF THE JUDGMENT DATED 30/12/16 IN WPC NO.41407/2016

¶22

EXHIBIT P3 TRUE COPY OF THE TENDER CUM AUCTION NOTICE DATED 6/9/2016 ISSUED BY THE SECOND RESPONDENT

¶23

EXHIBIT P4 A TRUE COPY OF THE REPRESENTATION DATED 28/7/17 SUBMITTED BY THE PETITIONER

¶24

EXHIBIT P5 A TRUE COPY OF THE INTERIM ORDER DATED 24/10/2017 IN WPC NO.33854/17

¶25

EXHIBIT P6 TRUE COPY OF THE STATEMENT OF ACCOUNT FOR THE PERIOD 1/11/2017 TO 30/11/2017 WITH RESPECT TO THE PETITIONER'S ACCOUNT IN THE FEDERAL BANK, BROADWAY BRANCH

¶26

EXHIBIT P7 TRUE COPY OF THE SALE NOTICE DATED 6.3.2018 ISSUED BY THE RESPONDENTS.

¶27

RESPONDENTS' EXTS: NIL

\TRUE COPY//

PS TO JUDGE

A.MUHAMED MUSTAQUE, J. =========================

¶32

W.P.(C).No.4971/2018

¶33

¶34

Dated this the 2^nd day of April, 2018

¶35

J U D G M E N T

¶36

The petitioner is having a loan liability with the respondents under two accounts. The overdue amount in both the accounts

¶37

would come to nearly more than Rs.9,75,000/-. Petitioner submits that, if he is given three months time, he will clear the amount.

¶38

Considering the fact that the secured asset is a

¶39

residential building, the petitioner is permitted to clear the overdue amount on the following terms and conditions:

¶40

I. The petitioner shall continue to pay the regular E.M.I.

¶41

II. In addition to the regular E.M.I, he shall pay the overdue

¶42

amount in instalments as follows:

¶43

i. An amount of Rs.2,00,000/- (Rupees two lakhs only) shall be paid by the end of April, 2018.

¶44

ii. An another sum of Rs.2,00,000/- (Rupees two lakhs only) shall be paid by the end of May, 2018. iii. Thereafter, the entire balance overdue amount shall be paid by the end of June, 2018.

¶45

v. All coercive steps shall be deferred in tune with the above

¶46

directions.

¶47

WPC 4971/2018

¶48

-:2:-

¶49

vi. If the petitioner clears the liability as above, the loan accounts shall be regularised. However, if the petitioner commits default in remitting any one of the above instalments, the instalment facility shall be revoked and the respondents are at liberty to proceed against the petitioner in accordance with law.

¶50

The writ petition is disposed of as above. No costs.

¶51

Sd/-

¶52

A.MUHAMED MUSTAQUE, JUDGE

¶53

G.Unnikrishnan v. Repco Home Finance Limited

Case brief

What is this about?

What did the court decide?

G.Unnikrishnan v. Repco Home Finance Limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Nizamuddin Vs State of Kerala

A.Nizarudeen Vs the Chief Manager

Kammu Vs State of Kerala

Lisamma Joseph@ Lisamma Tom Vs Shaji.K.G

M.Radhakrishnan Nair Vs the State of Kerala

O.A. Asoka Kumaran Vs State of Kerala