Disposed

Beeran Koya a, v. Authorised Officer, Aadhar Housing Finance Limited

Kerala HC21 Jun 2023WP(C)/10590/2022

Case brief

AI extract

What is this about?

The High Court directed respondents to defer coercive proceedings to allow petitioners to repay a loan overdue in eight equated monthly instalments, setting a fresh timeline and warning against future defaults.

What did the court decide?

Respondents directed to defer coercive proceedings; petitioners permitted to pay overdue amount with future interest in eight equated monthly instalments commencing 21.07.2023.

Beeran Koya a, Vs Authorised Officer, Aadhar… — Contract and Commercial Disputes | Kerala HC (2023)

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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 C.S.DIAS

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WEDNESDAY, THE 21ST DAY OF JUNE 2023 / 31ST JYAISHTA, 1945

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WP(C) NO. 10590 OF 2022

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PETITIONERS:

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1BEERAN KOYA A
AGED 61 YEARS
S/O.MOIDEEN KOYA, BAITHUL NOOR,
MUNDAKAMPADAM, ARAKKINAR(P.O),
KOZHIKODE DISTRICT.
2SABIRA.P.C,
AGED 50 YEARS
W/O.BEERAN KOYA, BAITHUL NOOR,
MUNDAKAMPADAM, ARAKKINAR(PO),
KOZHIKODE DISTRICT.
BY ADVS.
P.V.ANOOP
PHIJO PRADEESH PHILIP
M.P.PRIYESHKUMAR
K.V.SREERAJ

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RESPONDENTS:

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1AUTHORISED OFFICER, AADHAR HOUSING FINANCE LIMITED
AADHAR HOUSING FINANCE LIMITED,
SANA COMPLEX, NO.3/554N N1 2ND FLOOR,
WAYANAD ROAD, EAST NADAKKAVE,
KOZHIKODE, PIN-673011.
2THE BRANCH MANAGER,
AADHAR HOUSING FINANCE LIMITED,
CALICUT BRANCH, SANA COMPLEX,
NO.3/554 N N1 2ND FLOOR,
WAYANAD ROAD, EAST NADAKKAVE,
KOZHIKODE, PIN-673011.
BY ADV RENNY AUGUSTINE
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
21.06.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WPC No.10590 of 2022

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C.S.DIAS, J.

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W.P.(C.) No.10590 of 2022

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Dated this the 21^st day of June, 2023

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JUDGMENT

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The writ petition is filed to direct the respondents to permit the petitioners to pay the overdue amount in equated monthly instalments and regularise the loan account in equated monthly instalments.

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The petitioners had availed financial assistance from the respondent – Bank – by creating an equitable mortgage. Due to unforeseen circumstances, the petitioners could not pay the instalments on time. The respondents have initiated proceedings against the secured

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asset under the Securitization and Reconstruction of Financial Assets and

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WPC No.10590 of 2022

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Enforcement of Security Interest Act (in short, ‘Act’). The petitioners are ready to pay the overdue amount in equated monthly instalments. Hence, the writ petition.

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Heard; Sri.Anoop P.V., the learned counsel appearing for the petitioners and Sri.Renny Augustine, the learned counsel appearing for the respondents.

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Sri.Renny Augustine, on instructions, submitted that as on today the overdue amount is Rs.8,32,837/-. The respondents are willing to

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permit the petitioners to pay off the overdue amount in six equated monthly instalments. The said submission is recorded.

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The learned counsel appearing for the petitioner submitted that the tenure of the loan is valid till 2038 and the petitioner may be granted atleast twelve instalments to pay off the overdue amount.

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WPC No.10590 of 2022

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Having considered the pleadings and

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materials on record, the submissions made by the learned counsel appearing for the parties, the consensus arrived at between the parties and to provide the petitioner one last opportunity to clear off the liability, I am inclined to exercise the powers of this Court under Article 226 of the Constitution of India and entertain the writ petition.

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Resultantly, I dispose of the writ petition in the following manner:

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(i) The respondentare directed to defer further coercive proceedings pursuant to Ext.P3 to enable the petitioners to pay the liability in equated monthly instalments as stated below.

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(ii) The petitioners are permitted to pay the overdue amount as stated above with future interest and cost to the respondent – Bank – in

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WPC No.10590 of 2022

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eight equated monthly instalments commencing from 21.07.2023 along with regular EMIs.

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(iii) Needless to mention, if the petitioners commit default in any of the conditions ordered above, the petitioners would lose the benefit of this judgment and the respondents would be at liberty to proceed with recovery proceedings from the stage it presently stands.

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(iv) It is made clear that, no further application for modification/extension of time shall be entertained.

Sd/-

C. S. DIAS

JUDGE

SKP/21-06

WPC No.10590 of 2022

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APPENDIX OF WP(C) 10590/2022

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PETITIONERS’ EXHIBITS:
EXHIBIT P1TRUE COPY OF THE SANCTION LETTER DATED NIL
SHOWING THE SANCTION AMOUNT INTEREST DATE AND
THE TENURE OF THE LOAN
EXHIBIT P2TRUE COPY OF THE NOTICE ISSUED TO THE
PETITIONER ON 10.02.2020 DEMANDING A ONETIME
SETTLEMENT
EXHIBIT P3TRUE COPY OF THE NOTICE DATED 17.03.2022 ISSUED
BY THE ADVOCATE COMMISSIONER TO THE
PETITIONERS.

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RESPONDENTS' EXHIBITS:NIL

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TRUE COPY

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P.A.TO JUDGE

Beeran Koya a, v. Authorised Officer, Aadhar Housing Finance Limited

Case brief

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Beeran Koya a, v. Authorised Officer, Aadhar Housing Finance Limited

Case brief

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