Dismissed

Raju G.T v. Authorised Officer Magma Housing Finance Limited

Kerala HC18 Jul 2018WP(C)/5180/2018

Case brief

AI extract

What is this about?

Petitioner sought instalment payments for housing loan dues. Court declined to override contractual terms but, per bank's concession, ordered petitioner to pay remaining dues in three equal monthly instalments starting 18.08.2018 to regularize the account.

What did the court decide?

Petitioner directed to pay accumulated dues and regular instalments in three equal monthly instalments starting 18.08.2018; on default of two consecutive instalments, bank may proceed without court re

Raju G.T Vs Authorised Officer Magma Housing Finance… — Banking and Recovery | Kerala HC (2018)

¶1

IN THE HIGH COURT OF KERALA AT ERNAKULAM

¶2

THE HONOURABLE MR. JUSTICE DAMA SESHADRI NAIDU

¶3

WEDNESDAY, THE 18TH DAY OF JULY 2018 / 27TH ASHADHA, 1940

¶4

PETITIONER

¶5

RAJU G.T., S/O.GOVINDAN, AGED 43 YEARS, NADUVILAKKANDY HOUSE, PANAGAD P.O., KOYILANDY TALUK, KOZHIKODE, KERALA, PIN-673612.

¶6

BY ADVS.SRI.TONY THOMAS (INCHIPARAMBIL) SRI.K.ABDUL HAKEEM

¶7

RESPONDENTS:

¶8

AUTHORISED OFFICER, MAGMA HOUSING FINANCE LIMITED, CORPORATE OFFICE AT 8 SANT NAGAR, EAST OF KAILSH, NEW DELHI-110065.

¶9

MAGMA HOUSING FINANCE LIMITED, KOZHIKODE BRANCH, NEAR YMCA, KANNUR ROAD, KOZHIKODE , PIN-673001.

¶10

MAGMA HOUSING FINANCE LIMITED, CORPORATE OFFICE AT 8 SANT NAGAR, EAST OF KAILSH, NEW DELHI-110065.

¶11

BY ADV. SRI.NIRMAL. S

¶12

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18-07-2018, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

¶13

WP(C).No. 5180 of 2018 (V)

¶14

APPENDIX

¶15

PETITIONER(S)' EXHIBITS

¶16

EXHIBIT P1 THE TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 23.01.2018.

¶17

jjj

¶18

DAMA SESHADRI NAIDU, J.

¶19

W.P.(C) No. 5180 of 2018 (V)

¶20

Dated: 18^th July, 2018

¶21

J U D G M E N T

¶22

Heard the learned counsel for the petitioner and the learned

¶23

counsel for the respondent Bank, besides perusing the record.

¶24

The petitioner, a borrower from the respondent Bank,

¶25

assailed Exhibit P1 notice directing payment of the outstanding dues. To have the account regularised, the petitioner has to pay Rs.5,47,930/-.

¶26

The learned counsel for the petitioner has submitted that the petitioner, despite his best efforts, could not repay the loan amount because of his stringent financial conditions. Accordingly, the petitioner wanted this Court to direct the respondent Bank to receive from the petitioner the outstanding loan amount in instalments.

¶27

W.P.(C) No.5180/2018

¶28

-2-

¶29

Before proceeding further, I may observe that expansive as the jurisdiction of Article 226 of the Constitution of India is, I am afraid, it does not go to the extent of interdicting the contractual terms, especially in a financial transaction involving public money, to compel the respondent Bank to agree for instalments.

¶30

But, being aware of the difficulties involved in realising the loan amounts through invidious sale of the property, the learned counsel for the respondent Bank, on instructions, has submitted that the respondent Bank is willing to regularise the loan accounts by collecting the entire outstanding amount in three equal monthly instalments, along with regular instalments.

¶31

So based on the Bank's concession this Court disposes of the writ petition, directing the petitioner to pay the accumulated dues in both the loan accounts, along with regular instalments, in three equal monthly instalments, starting from 18.08.2018. Subject to the petitioner's paying the instalments in the manner indicated above, the respondent Bank, as agreed, will regularise the petitioner's loan

¶32

W.P.(C) No.5180/2018

¶33

-3-

¶34

account. If the petitioner fails to pay any two consecutive instalments within the stipulated time, the respondent Bank can

¶35

proceed further without recourse to this Court.

¶36

Sd/-

¶37

DAMA SESHADRI NAIDU JUDGE

¶38

jjj 18/07/2018

Raju G.T v. Authorised Officer Magma Housing Finance Limited

Case brief

What is this about?

What did the court decide?

Raju G.T v. Authorised Officer Magma Housing 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

A.P. Baby Vs the Authorized Officer/Regional Manager

K.K Praveen Vs Authorized Officer

C. Dileep Vs the Co-Operative Arbitration Court

Reji M.P. Vs the Branch Manager,Karur Vysa Bank

M.R. Rajendran Nair Vs the Corporation of Cochin

T. Rajagopal Vs City Union Bank Ltd.