Full Judgment
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. TUESDAY, THE 15TH DAY OF NOVEMBER 2022 / 24TH KARTHIKA, 1944 WP(C) NO. 5103 OF 2022 PETITIONER: 1 ASWIN BHASI AGED 44 YEARS S/O. BHASI M.D. KARIPAKUZHIYIL, KAVIYOOR, KOTTOOR P O, THIRUVALLA, PATHANAMTHITTA, PIN-689582. BY ADVS. T.P.PRADEEP P.K.SATHEES KUMAR R.K.PRASANTH MINIKUMARY M.V. RESPONDENTS: 1 HOUSING DEVELOPMENT FINANCE CORPORATION LTD HDFC HOUSE, P B NO.1667, RAVIPURAM JUNCTION, M G ROAD, KOCHI-15, REPRESENTED BY ITS AUTHORIZED OFFICER. 2 HOUSING DEVELOPMENT FINANCE CORPORATION LTD HDFC HOUSE, P B NO.1667, RAVIPURAM JUNCTION, M G ROAD, KOCHI-15, REPRESENTED BY ITS MANAGER. BY ADVS. K.K.CHANDRAN PILLAI (SR.) S.AMBILY MICKY THOMAS THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15.11.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
JUDGMENT
Dated this the 15th day of November, 2022 The petitioner availed a housing loan from the respondent financial corporation and committed default in repayment. This resulted in proceedings being initiated against the petitioner under the provisions of the SARFAESI Act, 2002.
2. The learned counsel appearing for the
petitioner states that the authorised officer of the respondent financial corporation has already taken physical possession of the secured asset which is an incomplete residential building belonging to the petitioner. It is submitted that the petitioner's cousin, who is working in New Zealand has offered to help the petitioner to clear the liability and the respondent financial corporation may be directed to grant maximum reduction to enable the petitioner to clear the liability by 24.12.2022. It is submitted that the petitioner will remit the amount in full by 24.12.2022, provided substantial concession is granted.
3. The learned counsel appearing for the
respondent financial corporation would submit that on a consideration of the facts and circumstances of the case, an amount of Rs.2,30,000/- can be waived from the total outstanding amount, provided that the entire balance outstanding amount is remitted on or before 24.12.2022. The outstanding as on 04.11.2022 is stated to be Rs.53,10,000/-. Having regard to the facts and circumstances of the case and considering the submissions made as above, this writ petition will stand disposed of directing the 2nd respondent to communicate to the petitioner the amount to be paid by the petitioner for settling the liability after giving waiver as aforesaid. If the petitioner pays the amount as communicated to him by the respondent financial corporation on or before 24.12.2022, further proceedings against the petitioner under the provisions of the SARFAESI Act shall be dropped. If the petitioner does not pay the amount on or before 24.12.2022, it will be open for the respondent financial corporation to continue with the proceedings initiated against the petitioner. Sd/- GOPINATH P. JUDGE SKP/15-11 APPENDIX OF WP(C) 5103/2022 PETITIONER'S EXHIBITS: EXHIBIT P1 A TRUE COPY OF THE DEMAND NOTICE ISSUED UNDER SECTION 13(2) UNDER THE 'SARFAESI ACT, 2002' DATED 05/08/2019. EXHIBIT P2 A TRUE COPY OF THE STATEMENT OF ACCOUNT FOR THE PERIOD 01.04.2019 TO 31.03.2020 DATED 14.12.2021. EXHIBIT P3 A TRUE COPY OF THE POSSESSION NOTICE ISSUED UNDER SECTION 8(6) OF SECURITY INTEREST (ENFORCEMENT) RULES, '2002' DATED 10.01.2022. EXHIBIT P4 A TRUE COPY OF THE ORDER PASSED VT THE CHIEF JUDICIAL MAGISTRATE COURT, PATHANAMTHITTA IN M C 149/2021 DATED 06.11.2021. EXHIBIT P5 A TRUE COPY OF THE INTIMATION LETTER SENT BY THE ADVOCATE COMMISSIONER, ADV.REKHA.R DATED 03.12.2021. EXHIBIT P6 A TRUE COPY OF THE LETTER DATED 10.01.2022 SENT BY THE 1ST RESPONDENT WITH PAPER PUBLICATIONS OF POSSESSION NOTICE. RESPONDENTS' EXHIBITS:NIL TRUE COPY P.A.TO JUDGE