Partly allowed

Ismail v. Repco Home Finance Limited

Kerala HC16 Dec 2021WP(C)/7939/2020

Case brief

AI extract

What is this about?

In this writ petition challenging notices under the SARFAESI Act, the Kerala High Court directed the first respondent to regularize the loan account. The petitioner must pay arrears in ten installments, and coercive steps were kept in abeyance pending payment.

What did the court decide?

Petitioner directed to pay arrears in ten monthly installments; coercive steps kept in abeyance.

Ismail Vs Repco Home Finance Limited — Banking and Recovery | Kerala HC (2021)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT

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THE HONOURABLE MR.JUSTICE MURALI PURUSHOTHAMAN

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THURSDAY, THE 16^TH DAY OF DECEMBER 2021/25TH AGRAHAYANA, 1943 WP(C) NO. 7939 OF 2020

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PETITIONER:

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MR.ISMAIL AGED 69 YEARS S/O. AMINA, KAITHAKKATTIL HOUSE, NADACKAL P. O, ERATTUPETTA, KOTTAYAM – 686 121.

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BY ADVS. BINDUMOL JOSEPH SRI. B.S.SYAMANTHAK SRI. SRIVIDYA K.

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RESPONDENTS:

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1 REPCO HOME FINANCE LIMITED REPRESENTED BY ITS AUTHORISED OFFICER, 1ST FLOOR, MARWA SQUARE, WEST NADA, THIRUNAKKARA, KOTTAYAM – 686 001. 2 AUTHORISED OFFICER, REPCO HOME FINANCE LIMITED, 1ST FLOOR, MARWA SQUARE, WEST NADA, THIRUNAKKARA, KOTTAYAM – 686 001.

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BY ADV SRI. P. PAULOCHAN ANTONY

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16.12.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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W.P.(C) NO.7939 OF 2020

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JUDGMENT

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The petitioner has approached this Court challenging Ext.P1 notice issued under Section 13(2) of the SARFAESI Act and Ext.P2 notice issued by the Advocate Commissioner giving notice of intent to take possession of the secured assets.

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When this writ petition came up for admission on 13.03.2020, this Court granted a conditional interim order of dispossession on payment of Rs.50,000/- on or before 23.03.2020.

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The learned counsel for the petitioner as well as the learned counsel for the respondents submits that, the said amount has already been paid. A further amount of Rs.1,00,000/- was also paid pursuant to the direction of this Court dated 17.11.2021.

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W.P.(C) NO.7939 OF 2020

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When the matter came up for further consideration today, the learned counsel for the petitioner prays for a direction directing the 1^st respondent to regularise the loan account and to allow the petitioner to repay the arrears in installments.

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The learned counsel for the 1^st respondent submits that, the overdue as on today is Rs.6,33,000/and that if the petitioner is willing to remit the overdue along with regular EMI in ten installments, the account can be regularised. In the nature of the relief prayed for by the petitioner and the submissions made at the bar, there will be a direction directing the petitioner to pay the overdue amount of Rs.6,33,000/- (Six lakh thirty three thousand only) in ten monthly installments along with the regular EMI commencing from 20.01.2022. In case the petitioner makes default in payment of the said installments, the 1^st respondent

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W.P.(C) NO.7939 OF 2020

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will be free to initiate further proceedings pursuant to

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Ext.P1 notice and in accordance with law. To facilitate the petitioner to pay the amount all coercive steps shall

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be kept in abeyance.

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The writ petition is disposed of with the above direction.

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Sd/-

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MURALI PURUSHOTHAMAN JUDGE

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SPR

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W.P.(C) NO.7939 OF 2020

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APPENDIX

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PETITIONER'S EXHIBITS:-

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EXHIBIT P1 A TRUE COPY OF THE NOTICE ISSUED TO THE PETITIONER UNDER SECTION 13(2) OF THE SARFAESI ACT DATED 22.05.2019 EXHIBIT P2 A TRUE COPY OF THE NOTICE DATED 06.03.2020 ISSUED BY THE ADVOCATE COMMISSIONER.

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RESPONDENTS EXHIBITS: NIL.

Ismail v. Repco Home Finance Limited

Case brief

What is this about?

What did the court decide?

Ismail v. Repco Home Finance Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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