Disposed

Albi Jeba Christy v. Shriram Housing Finance Limited

Madras HC18 Oct 2024WP(MD)/23639/2024

Case brief

AI extract

What is this about?

Debtor challenged a Magistrate's order under Section 14 SARFAESI Act. An OTS for Rs.52,90,000 had been reached; part was paid. The court granted time till 15.01.2025 to pay the balance, with discharge of mortgage and redelivery of possession on payment.

What did the court decide?

Time till 15.01.2025 to pay Rs.29,90,000 balance (Rs.15,00,000 by next day); on payment, discharge of mortgage and re-delivery of possession; no costs; connected MPs closed.

Albi Jeba Christy Vs Shriram Housing Finance Limited — Banking and Recovery | Madras HC (2024)

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W.P.(MD) No.23639 of 2024

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BEFORE THE MADURAI BENCH OF MADRAS HIGH COURT

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DATED : 18.10.2024

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CORAM:

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THE HONOURABLE MR.JUSTICE R.SUBRAMANIAN and THE HONOURABLE MRS.JUSTICE L.VICTORIA GOWRI

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W.P.(MD) No.23639 of 2024 and

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W.M.P.(MD)Nos.20017 and 20018 of 2024

Albi Jeba Christy

... Petitioner

-vs-

Shriram Housing Finance Ltd., Rep. By its Authorized Officer Mr.Shaju Sree Kumar, No.123, Angappa Naicken Street, Chennai – 600 001. Branch Office: 1 Floor, K.P. & Sons Complex, Kattayanvilai, Vetturnimadam, Nagercoil – 629 003, Kaniyakumari District. ... Respondent

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PRAYER: Petition filed under Article 226 of the Constitution of India, to issue a Writ of Certiorari, calling for the records pertaining to the impugned order in Criminal Miscellaneous Petition No.3916 of 2024, dated 24.08.2024, on the file of the learned Chief Judicial Magistrate, Kanyakumari District at Nagercoil and quash the same as illegal. For Petitioner : Mr.T.Lajapathi Roy, Senior Counsel For Mr.S.Rajasekar For Respondent : Ms.Deepa, Standing Counsel

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https://www.mhc.tn.gov.in/judis

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Page 1 of 4

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W.P.(MD) No.23639 of 2024

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O R D E R

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[Order of the Court was made by R.SUBRAMANIAN, J.]

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Ms.Deepa, learned Standing Counsel takes notice for the respondent.

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2.The order under Section 14 of SARFAESI Act is under challenge.

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3.An OTS was arrived at on 30.09.2024 by which, the creditor agreed to receive a total sum of Rs.52,90,000/- in full and final settlement of the dues. The petitioner debitor was permitted to pay the said sum of Rs. 52,90,000/- as follows:-

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(i)Rs.10,00,000/- on or before 30.09.2024.

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(ii)Rs.20,00,000/- on or before 19.10.2024.

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(iii)Rs.22,90,000/- on or before 22.11.2024.

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4.It is admitted that a sum of Rs.10,00,000/- payable on or before 30.09.2024, has been paid. The learned Senior Counsel appearing for the petitioner would submit that if some more time is granted, the petitioner would be able to liquidate the entire debt.

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5.The learned counsel appearing for the Financial Institution is also not averse to the idea.

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https://www.mhc.tn.gov.in/judis

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Page 2 of 4

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W.P.(MD) No.23639 of 2024

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6.Hence, on the agreement reached between the parties, the debtor is granted time till 15.01.2025 to pay the entire debt. A sum of Rs.15,00,000/shall be paid by tomorrow. The remaining amount of Rs.29,90,000/-, which includes penalty and other charges shall be paid on or before 15.01.2025. On such payment, the Financial Institution will discharge the mortgage and

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also re-deliver of possession of the property to the petitioner.

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7.The Writ Petition is disposed of with the above observation. No

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Costs. Consequently, connected miscellaneous petition are closed.

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[R.S.M., J.] [L.V.G., J.]

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18.10.2024

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NCC : Yes/No Index : Yes/No Internet : Yes Mrn

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https://www.mhc.tn.gov.in/judis

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Page 3 of 4

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W.P.(MD) No.23639 of 2024

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R.SUBRAMANIAN, J. and L.VICTORIA GOWRI, J.

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Mrn

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W.P.(MD) No.23639 of 2024

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18.10.2024

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https://www.mhc.tn.gov.in/judis Page 4 of 4

Albi Jeba Christy v. Shriram Housing Finance Limited

Case brief

What is this about?

What did the court decide?

Albi Jeba Christy v. Shriram Housing Finance Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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Statutes considered

Parties & counsel

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