Dismissed

Veeran Kutty K v. Sundaram Home Finance Ltd.

Kerala HC24 Mar 2021WP(C)/6194/2021

Case brief

AI extract

What is this about?

The High Court disposed of the writ petition filed against possession notices under the SARFAESI Act. It granted the petitioner time to pay 20% of the overdue amount immediately and balance in installments, directing respondents to keep coercive action in abeyance pending compliance.

What did the court decide?

Petitioner directed to pay 20% of overdue amount by 31.03.2021 and balance in 15 instalments; respondents to keep SARFAESI action in abeyance.

Veeran Kutty K Vs Sundaram Home Finance Ltd. — Banking and Recovery | Kerala HC (2021)

¶1

IN THE HIGH COURT OF KERALA AT ERNAKULAM

¶2

PRESENT

¶3

THE HONOURABLE MR. JUSTICE A.M.BADAR

¶4

WEDNESDAY, THE 24TH DAY OF MARCH 2021 / 3RD CHAITHRA, 1943

¶5

WP(C).No.6194 OF 2021(Y)

¶6

PETITIONER:

¶7

VEERAN KUTTY K AGED 49 YEARS S/O.KUNCHAYIN, HIBA HOUSE, KURUNGOTTUMMAL, PANTHEERANKAVU P.O., PERUMANNA, KOZHIKODE-673 019.

¶8

BY ADVS. SRI.T.D.SUSMITH KUMAR SRI.C.SIVADAS

¶9

RESPONDENTS:

¶10

1 M/S.SUNDARAM HOME FINANCE LTD 2ND FLOOR, BMT CENTRE, MINI BYE PASS ROAD, PUTHIYARA P.O., KOZHIKODE-673004, REPRESENTED BY ITS MANAGER.

¶11

2 THE AUTHORIZED OFFICER, M/S.SUNDARAM HOME FINANCE LTD., SUNDARAM TOWERS, 5TH FLOOR, NO.46, WHITES ROAD, CHENNAI-600 014.

¶12

BY ADV. SRI.VARGHESE C.KURIAKOSE, SC.

¶13

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 24.03.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

W.P.(C) No.6194/2021

JUDGMENT

Dated this the 24^th day of March 2021

¶18

Heard both sides. The petitioner had availed three loans;

¶19

first one for Rs.4.5 lakhs, second for Rs.11.40 lakhs and third one for Rs.30 lakhs. Two properties are mortgaged for availing these loans. According to the learned counsel for the petitioner, as of this day, the petitioner had repaid an amount of Rs.1.34 crores in discharge of his liability. However, the petitioner could not repay the loan because of unforeseen financial exigencies.

¶20

On the last date of hearing, learned Standing Counsel appearing for respondents pointed out that the overdue amount is about Rs.21,56,462/- and 25% of the overdue amount is required to be paid by the petitioner by the end of March 2021.

¶21

Today, learned counsel for the petitioner, on instructions, submits that the petitioner is in a position to pay 20% of the overdue amount by the end of March 2021 and the rest of the amount can be paid by him in instalments.

¶22

Learned Standing Counsel appearing for respondents submits that the petitioner may repay the balance amount with regular EMIs in ten instalments.

¶23

W.P.(C) No.6194/2021

¶24

¶25

I have considered the submissions so advanced and perused the materials placed before me. Since the respondents are willing to grant instalments to the petitioner for regularising his loan account, this writ petition is disposed of with the following directions:

¶26

The petitioner to pay 20% of the overdue amount, interest and incidental charges on or before 31.03.2021. The petitioner should repay the balance overdue amount with interest and incidental charges in 15 equated successive monthly instalments commencing from 26.04.2021 along with regular EMIs. If the petitioner follows these directions, then the respondents are directed to keep the pending action under the SARFAESI Act initiated against the petitioner in abeyance. A single default on the part of the petitioner in compliance with these directions shall entail the respondents to continue with the coercive action initiated against the petitioner. No further extension of time shall be granted to the petitioner for compliance with these directions.

Sd/-

A.M.BADAR

JUDGE

smp

W.P.(C) No.6194/2021

APPENDIX

PETITIONER'S EXHIBITS:

¶35

EXHIBIT P1 THE TRUE COPY OF THE POSSESSION NOTICE DATED 4.3.2021 ISSUED BY THE 2ND RESPONDENT, THE AUTHORIZED OFFICER, M/S.SUNDARAM HOME FINANCE LTD., PERTAINING TO THE LOAN NO.71000665. EXHIBIT P2 THE TRUE COPY OF THE POSSESSION NOTICE DATED 4.3.2021 ISSUED BY THE 2ND RESPONDENT, THE AUTHORIZED OFFICER, M/S.SUNDARAM HOME FINANCE LTD., PERTAINING TO THE LOAN NO.71000818. EXHIBIT P3 THE TRUE COPY OF THE POSSESSION NOTICE DATED 4.3.2021 ISSUED BY THE 2ND RESPONDENT, THE AUTHORIZED OFFICER, M/S.SUNDARAM HOME FINANCE LTD., PERTAINING TO THE LOAN NO.71000623.

¶36

RESPONDENTS' EXHIBITS: NIL.

¶37

True Copy

¶38

P.S to Judge

¶39

smp

Veeran Kutty K v. Sundaram Home Finance Ltd.

Case brief

What is this about?

What did the court decide?

Veeran Kutty K v. Sundaram Home Finance Ltd.

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

Sikal.S.K. Vs the Authorised Officer

Dr. Prabhakaran Nair V.R Vs Mahatma Gandhi University

Jency T George, Vs the Branch Manager

M.T.Phalgunan Vs the District Collector

The Kerala State Road Transport Corporation Vs the Kerala Micro and Small Enterprises Facilitation Council

K.K.Kunhi Vs the Union Territory of Lakshadweep