Full Judgment
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT THE HONOURABLE MR.JUSTICE C.S.DIAS MONDAY, THE 31ST DAY OF JULY 2023 / 9TH SRAVANA, 1945 PETITIONER: SUMOD.M., AGED 32 YEARS S/O MOHANAN KOLLARAZHIKATHU PUTHEN VEEDU, KUNNIDA, CHELIKKUZHY.P.O, EZHAMKULAM, PATHANAMTHITTA., PIN - BY ADVS.N.D.ARUN DAS M.C.CHITHRAKALA RESPONDENTS:
1 THE BRANCH MANAGER, ICICI HOME FINANCE COMPANY LIMITED, GROUND FLOOR SHOP NO. V/ 1165 351 C SM TOWERSMADANNADA J.N VADAKKEVILA P.O PALLIMUKKU KOLLAM DISTRICT KERALA., PIN - 691010 2 THE AUTHORISED OFFICER UNDER THE SARFESI ACT ICICI HOME FINANCE COMPANY LIMITED BRANCH, GROUND FLOOR SHOP NO V/ 1165 351 C SM TOWERSMADANNADA J.N VADAKKEVILA P.O PALLIMUKKU KOLLAM DISTRICT KERALA-691010., PIN - 691010 BY ADVS.SREEKALA KRISHNADAS C.VIVEK(K/000304/1999) ASHLY JAMES(K/001573/2018) BONIFUS P.A.(K/2539/2022) DEVIKA WARRIER(K/001703/2023) SRI PRADEESH CHACKO
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 31.07.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: :: 2 ::
JUDGMENT
Dated this the 31st day of July 2023 The writ petition is filed to direct the respondents to permit the petitioner to pay off the outstanding amount in instalments and close the loan account.
2. The petitioner’s case is that, he had availed
financial assistance from the first respondent - Bank - to construct his house, by creating an equitable mortgage by deposit of title deeds. Due to reasons beyond his control, he could not pay the instalments on time. The first respondent - Bank has initiated proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and is threatening to take physical possession of the secured asset. The petitioner is prepared to pay off the outstanding amount in :: 3 :: instalments and close the loan account. Hence, the writ petition.
3. Heard; Sri.N.D.Arundas, the learned counsel appearing for the petitioner and Sri.Sreekala Krishnadas, the learned counsel appearing for the respondents.
4. Sri.Sreekala Krishnadas, on instructions, submitted that the outstanding amount as on today is
Rs.16,54,497/-. Due to the antecedents of the petitioner, the respondents are not willing to extend any instalment facility to the petitioner. Petitioner may be relegated to exhaust his statutory remedy.
5. The Hon’ble Supreme Court in South Indian Bank Ltd vs. Naveen Mathew Philip [2023 LiveLaw (SC) 320], after adverting to a myriad of earlier judicial pronouncements rendered under the Act, has categorically declared that High Courts shall not, unless in extra ordinary circumstances, interfere with :: 4 :: proceedings initiated under the Act, in writ proceedings under Article 226 of the Constitution of India.
6. Having considered the pleadings and
materials on record and taking note of the submissions made by the respective counsel appearing for the parties, I am not inclined to entertain the writ petition by exercising the plenary powers of this Court under Article 226 of the Constitution of India. Nonetheless, it will be up to the petitioner to work out his statutory remedies.
Resultantly, the writ petition is dismissed, without prejudice to the right of the petitioner to work out his remedies, in accordance with law. sd/- C.S.DIAS JUDGE jes :: 5 :: APPENDIX OF WP(C) 18918/2023 PETITIONER’S EXHIBITS: Exhibit P-1 A TRUE COPY OF THE NOTICE OF POSSESSION OF THE PROPERTY ISSUED BY THE SECOND RESPONDENT TO THE PETITIONER DATED 17/4/2023 IS HERE WITH PRODUCED AND MARKED AS EXHIBIT P1. Exhibit P -2 A TRUE COPY OF THE REPRESENTATION GIVEN BY THE PETITIONER TO THE FIRST RESPONDENT DATED EXHIBIT P2. Exhibit P-3 A TRUE COPY OF THE REPRESENTATION GIVEN BY THE PETITIONER TO THE 2ND RESPONDENT DATED EXHIBIT P3.