Noble Dev D J vs the Authorized Officer

Noble Dev D J vs The Authorized Officer

Type Court Judgment Court Kerala Decided May 31, 2023

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https://sooperkanoon.com/case/1359138

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Citation: sooperkanoon.com/1359138
Court: Kerala High Court
Judge: Honourable Mr.Justice N.Nagaresh
Decided On: May 31, 2023
Case Number: WP(C)/15278/2023

Parties & Advocates

Appellant / Petitioner

Noble Dev D J

Respondent

The Authorized Officer

Excerpt

.....6.5 cents together with existing building. due to the covid-19 pandemic, the repayment fell into arrears. the respondents initiated proceedings under the securitization and reconstruction offinancial assets and enforcement of security interest act, 2002 (sarfaesi act) and issued a demand notice dated 13.01.2022 invoking section 13 (2) of the sarfaesi act, 2002.3. the petitioners state that in spite of best efforts, thepetitioners could not repay the outstanding arrears. now, ext.p1 possession notice has been issued whereby symbolic possession of the secured properties has been taken over by the respondents.4. counsel for the petitioners submitted that if thepetitioners are given reasonable time, they will be able to repay the entire over dues. the petitioners bona fide believe that they will be able to clear the entire over dues to the bank within a maximum period of 12 months. unless this court interferes in the matter and passes appropriate orders permitting the petitioners to repay the amount in easy installments, the petitioners will be put to hardship, contend the petitioners.5. standing counsel entered appearance on behalf ofthe respondents and resisted the writ petition. on behalf of the respondents, it is submitted that against a sarfaesi proceeding, a writ petition under article 226 of the constitution of india need not be entertained. the loan was sanctioned in the year 2015. demand was made on 13.12.2021 requiring to pay the arrears. the petitioners did not care to repay the amount.6. there are two loans availed by the petitioners andin one loan account, the total outstanding amount due from the petitioners is ₹4,50,172 as on 04.04.2023 and in the other account ₹18,26,181/-. the overdue amount itself comes to more than ₹7,25,000/-. the petitioners are unable to pay even the monthly installments. in the circumstances, the respondents are justified in invoking the sarfaesi act and issuing ext.p1 notice.7. i have heard the learned counsel for.....

Full Judgment

IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT THE HONOURABLE MR.JUSTICE N.NAGARESH WEDNESDAY, THE 31ST DAY OF MAY 2023 / 10TH JYAISHTA, 1945 WP(C) NO. 15278 OF 2023 PETITIONERS: 1 NOBLE DEV D J AGED 42 YEARS S/O DEVAVARAM, KANJIRAVILAKAM, PAZHAYAKADA, THIRUPURAM, THIRUVANANTHAPURAM DISTRICT, PIN - 695133 2 SOJIYA VARGHESE AGED 35 YEARS W/O NOBLE DEV D J, KANJIRAVILAKAM, PAZHAYAKADA, THIRUPURAM, THIRUVANANTHAPURAM DISTRICT, PIN - 695133 BY ADVS. AJIT G ANJARLEKAR G.P.SHINOD GOVIND PADMANAABHAN ATUL MATHEWS GAYATHRI S.B. RESPONDENTS: 1 THE AUTHORIZED OFFICER UNDER THE SARFAESI ACT, PUNJAB NATIONAL BANK HOUSING FINANCE LIMITED, 1ST FLOOR, KEK TOWER, OPPOSITE THIRUVANANTHAPURAM DEVELOPMENT AUTHORITY, VAZHUTHACAUD, THIRUVANANTHAPURAM DISTRICT, PIN - 695010 2 THE BRANCH MANAGER PUNJAB NATIONAL BANK HOUSING FINANCE LIMITED, 1ST FLOOR, KEK TOWER, OPPOSITE THIRUVANANTHAPURAM DEVELOPMENT AUTHORITY, VAZHUTHACAUD, THIRUVANANTHAPURAM DISTRICT, PIN - 695010 BY ADVS. MADHU RADHAKRISHNAN M.D.JOSEPH(K/839/2008) DEEPAK ASHOK KUMAR(K/1624/2018) NELSON JOSEPH(K/380/2007) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 31.05.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

JUDGMENT

Dated this the 31st day of May, 2023 The petitioners, who have availed a housing loan in the year 2015 for an amount of ₹20,00,000/-, are now before this Court seeking to command the respondents to permit the petitioners to regularise the housing loan bearing No.HOU/TRI/0117/343649 and HOU/TRI/0715/231061 of the respondent-Bank by settling the outstanding arrears within a reasonable time period and in such number of installments to be fixed by this Court.

2. The petitioners state that they have availed a

housing loan for an amount of ₹20,00,000/- in the year 2015 creating an equitable mortgage in favour of the Bank as regards their landed property measuring 6.5 Cents together with existing building. Due to the Covid-19 pandemic, the repayment fell into arrears. The respondents initiated proceedings under the Securitization and Reconstruction of

Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) and issued a Demand Notice dated 13.01.2022 invoking Section 13 (2) of the SARFAESI Act, 2002.

3. The petitioners state that in spite of best efforts, the

petitioners could not repay the outstanding arrears. Now, Ext.P1 Possession Notice has been issued whereby symbolic possession of the secured properties has been taken over by the respondents.

4. Counsel for the petitioners submitted that if the

petitioners are given reasonable time, they will be able to repay the entire over dues. The petitioners bona fide believe that they will be able to clear the entire over dues to the Bank within a maximum period of 12 months. Unless this Court interferes in the matter and passes appropriate orders permitting the petitioners to repay the amount in easy installments, the petitioners will be put to hardship, contend the petitioners.

5. Standing Counsel entered appearance on behalf of

the respondents and resisted the writ petition. On behalf of the respondents, it is submitted that against a SARFAESI proceeding, a writ petition under Article 226 of the Constitution of India need not be entertained. The loan was sanctioned in the year 2015. Demand was made on 13.12.2021 requiring to pay the arrears. The petitioners did not care to repay the amount.

6. There are two loans availed by the petitioners and

in one loan account, the total outstanding amount due from the petitioners is ₹4,50,172 as on 04.04.2023 and in the other account ₹18,26,181/-. The overdue amount itself comes to more than ₹7,25,000/-. The petitioners are unable to pay even the monthly installments. In the circumstances, the respondents are justified in invoking the SARFAESI Act and issuing Ext.P1 notice.

7. I have heard the learned counsel for the petitioners and the learned Standing Counsel representing the respondents.

8. The petitioners had availed a loan of ₹20,00,000/-

in the year 2015. Repayment fell into arrears and demand was made on 13.12.2021. The total outstanding amount as on date comes to more than ₹23,00,000/-. The total overdue arrears itself comes to more than ₹7,25,000/-. The petitioners are seeking installment facility.

9. Taking into consideration the repayment history of

the petitioners and also taking into consideration the law laid down by the Hon’ble Apex Court in Phoenix Arc Private Limited v. Vishwa Bharati Vidya Mandir and others [(2022) 5 SCC 345], I do not think that the writ petition need to be entertained. The writ petition is therefore dismissed. Sd/- N.NAGARESH JUDGE spk APPENDIX OF WP(C) 15278/2023 PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE NOTICE DATED 25.03.2023 ISSUED BY THE RESPONDENTS

Same Court & Year Kerala · 2023 Same Parties Noble Dev D J vs The Authorized Officer Same Judge Honourable Mr.Justice N.Nagaresh