Allowed

Jaseena, v. the Manager

Kerala HC20 Jul 2023WP(C)/179/2023

Case brief

AI extract

What is this about?

In a writ petition, the Kerala High Court allowed a debtor to pay a housing loan overdue amount in ten instalments, temporarily suspending coercive recovery proceedings initiated under the SARFAESI Act, while warning that any default would restore recovery actions immediately.

What did the court decide?

Directing the respondent to defer further coercive proceedings to enable the petitioner to pay the overdue amount in ten equated monthly instalments starting from 20.08.2023.

Jaseena, Vs the Manager — Banking and Recovery | 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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THURSDAY, THE 20TH DAY OF JULY 2023 / 29TH ASHADHA, 1945
WP(C) NO. 179 OF 2023

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PETITIONER:

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JASEENA,
AGED 37 YEARS
D/O. KAMARUDHEEN THEKKEPURATH HOUSE, MEENADATHOOR,
THANALUR.P.O, TIRUR, MALAPPURAM DISTRICT 676307.,
PIN - 676307

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BY ADV M.M.LAIJU NISSA

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RESPONDENT:

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THE MANAGER,

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THE TIRUR URBAN CO-OPERATIVE BANK LTD, AMBALATHINGAL
BRANCH, THANALUR, MALAPPURAM DISTRICT., PIN - 676307

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BY ADV P.C.SASIDHARAN

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
20.07.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C) NO. 179 OF 2023

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Dated this the 20^th day of July, 2023

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JUDGMENT

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The writ petition is filed to direct the respondent

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to permit the petitioner to pay the overdue amount in equated monthly instalments and regularise the loan account.

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The petitioner’s case is that, she had availed a housing loan from the respondent – Bank - by creating an equitable mortgage by deposit of title deeds. Due to reasons beyond her control, the petitioner could not pay the instalments on time. The Bank has now proceeded against the secured asset under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (in short, ‘Act’). The petitioner is ready to pay the overdue amount in equated monthly instalments. Hence, the writ petition.

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WP(C) NO. 179 OF 2023

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The respondent has filed a counter affidavit, inter alia, contending that the total outstanding amount is Rs.13,49,153/- and the overdue amount is Rs.6,66,580/- as on 31.8.2022. The writ petition is devoid of any merits and may be dismissed.

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Heard; Sri. Laiju Nissa M.M, the learned counsel appearing for the petitioner and Sri.P.C. Sasidharan, the learned counsel appearing for the respondent.

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Sri.P.C. Sasidharan, on instructions, submitted that, notwithstanding the contentions raised by the respondent in the counter affidavit, the overdue amount as on today is Rs.8,23,019/- and the respondent is willing to permit the petitioner to pay off the overdue amount in equated monthly instalments. The said submission is recorded.

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The learned counsel appearing for the petitioner submitted that the petitioner is ready to

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WP(C) NO. 179 OF 2023

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accept the above offer.

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Having considered the pleadings and 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 respondent is directed to defer further coercive proceedings pursuant to Ext.P1, to enable the petitioner to pay the overdue amount in equated monthly instalments as stated below.

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(ii) The petitioner is permitted to pay the overdue

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amount as stated above with future interest and cost to the respondent – Bank – in ten equated monthly

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WP(C) NO. 179 OF 2023

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instalments commencing from 20.8.2023 along with regular EMIs.

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(iii) Needless to mention, if the petitioner commits default of the condition ordered above, the petitioner would lose the benefit of this judgment and the respondent 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

rmm20/7/2023

WP(C) NO. 179 OF 2023

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APPENDIX OF WP(C) 179/2023

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PETITIONER EXHIBITS

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Exhibit P 1

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COPY OF THE DEMAND NOTICE UNDER SECTION
13(2) OF SARFAESI ACT 2002 DATED 28-06-
2022 ISSUED BY THE TIRUR URBAN CO-
OPERATIVE BANK LTD.

Jaseena, v. the Manager

Case brief

What is this about?

What did the court decide?

Jaseena, v. the Manager

Case brief

What is this about?

What did the court decide?

What the court decided

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