This writ petition concerns a home loan default. The court imposed a direction for deposit and staggered payments while staying the SARFAESI coercive action, warning that a single default would resume the action.
Petitioner to deposit Rs.75,000 and clear balance in eight EMIs starting 09.04.2021; SARFAESI action stayed conditionally.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE A.M.BADAR
THURSDAY, THE 04TH DAY OF FEBRUARY 2021 / 15TH MAGHA,1942
WP(C).No.1930 OF 2021(M)
PETITIONER:
SOMAN S. AGED 62 YEARS S/O SADASIVAN, TCT6/545(1), JNPRA-129, VARUVILAKATHU VEEDU, KUDAPPANKUNNU, THIRUVANANTHAPURAM-695043.
BY ADV. SRI.LIJU. M.P
RESPONDENTS:
1 THE AUTHORIZED OFFICER, THE KARAMANA CO-OPERATIVE, URBAN BANK LTD-1761, HEAD OFFICE, KARAMANA, THIRUVANANTHAPURAM-695002.
2 THE KARAMANA CO-OPERATIVE URBAN BANK LTD-1761, HEAD OFFIE, KARAMANA, THIRUVANANTHAPURAM-695002, REPRESENTED BY ITS BRANCH MANAGER.
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04.02.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C).No.1930 OF 2021(M)
2
JUDGMENT
Dated this the 4th day of February 2021
Heard both sides.
year 2018. The term of loan is upto 2028. It is the case of the petitioner that because of financial difficulty suffered by him and because of Covid-19 pandemic, he could not repay the loan in due time rendering it as a non-performing asset. Learned counsel for the petitioner argued that petitioner is ready and willing to repay the entire overdue amount in installments. Learned counsel for the respondents argued that as of now, the overdue amount of loan is Rs.3,94,070/-. Considering the fact that this is a financial year end, the petitioner should deposit substantial amount by the end of March, 2021 and then he can clear the overdue amount in installments.
WP(C).No.1930 OF 2021(M)
3
commencing from 09.04.2021 apart from payment of regular EMIs. If the petitioner abides by these directions, the respondents shall keep
the SARFAESI action in abeyance. Needless to mention that a single default in compliance with these directions shall entail the respondents to continue with the coercive action under the SARFAESI Act. The petitioner shall not be granted any extension of time to comply with this order.
Sd/-
A.M.BADAR
Nsd //true copy// PA to Judge
JUDGE
WP(C).No.1930 OF 2021(M)
4
APPENDIX
PETITIONER'S/S EXHIBITS:
EXHIBIT P1 TRUE COPY OF THE NOTICE DATED 24.02.2020 ISSUED BY ADVOCATE COMMISSIONER. EXHIBIT P2 TRUE COPY OF THE RECEIPT DATED 12.03.20 FOR AN AMOUNT OF RS. 30,000/- ISSUED BY 2ND RESPONDENT BANK. EXHIBIT P3 TRUE COPY OF THE RECEIPT DATED 12.03.20 FOR AN AMOUNT OF RS. 20,000/- ISSUED BY 2ND RESPONDENT BANK. EXHIBIT P4 TRUE COPY OF THE NOTICE DATED 08/01/21 ISSUED BY ADVOCATE COMMISSIONER.
2 issues framed by the court
How to resolve the default in the home loan caused by financial difficulties and the Covid-19 pandemic.
Whether a waiver of SARFAESI action is permissible if the petitioner adheres to a modified repayment schedule.
1 provisions across 1 enactments
Soman S.
The Authorized Officer, The Karamana Co-operative, Urban Bank Ltd
The Karamana Co-operative Urban Bank Ltd
A.M. Badar
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
