Sunitha Joseph [Cb] vs Hdfc Limited,Rep by Its Authorized Officer

Type Court Judgment Court Kerala Decided Aug 30, 2022

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Citation: sooperkanoon.com/1528906
Court: Kerala High Court
Judge: Honourable Mr. Justice Gopinath P.
Decided On: Aug 30, 2022
Case Number: WP(C)/28133/2022

Parties & Advocates

Appellant / Petitioner

Sunitha Joseph [Cb]

Respondent

Hdfc Limited,Rep by Its Authorized Officer

Excerpt

.....(sr. ) adv. s ambily (sc) this writ petition (civil) having come up for admission on 30.08.2022, the court on the same day delivered the following:judgmentpetitioner has approached this court challenging proceedings under the sarfaesi act which have been initiated by the respondent financial institution for recovery of the amounts due from the petitioner.2. it was submitted on behalf of the respondent financialinstitution that the petitioner committed default in repayment and the outstanding amount is rs.17,81,066/- (rupees seventeen lakhs eighty one thousand and sixty six only). adv.k.k.chandran pillai, senior advocate who appears on the instructions of adv.s.ambily, would submit that the possession of the propertywas taken in the year 2021 and the sale is scheduled to be heldon 15.09.2022. it is submitted that the loan period is over and despite the above, if a substantial payment is made before the date of sale, balance amount can be permitted to be paid in instalments.3. i have heard the learned counsel for the petitioner as well as the learned standing counsel for the respondent.4. having heard the learned counsel for the petitioner and the learned senior counsel appearing for the respondentfinancial institution, the writ petition is disposed of in the following manner. the petitioner can be granted an opportunity to repay the outstanding amount on condition that rs.3,00,000/- (rupees three lakhs only) is paid on or before 14.09.2022 and the balance amount is paid in 10 equal monthly instalments, the first of which shall be paid on or before 15.10.2022. the subsequent instalments shall be paid on the 15 th day of every succeeding month.5. accordingly, there will be a direction to the respondentfinancial institution to accept repayment of the outstanding amount of rs.17,81,066/- (rupees seventeen lakhs eighty one thousand and sixty six only) along with accrued interest, costs and charges from the petitioner on the following conditions:(i)the.....

Full Judgment

IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. TUESDAY, THE 30TH DAY OF AUGUST 2022 / 8TH BHADRA, 1944 PETITIONER: SUNITHA JOSEPH (CB), AGED 45 YEARS, C/O JOSEPH,PALACKATHAKADIYIL, PULICKALKAVALA P.O., VAZHOOR, KOTTAYAM - 686 515. BY ADV E.V.MOLY RESPONDENT: HDFC LIMITED, HEFC HOUSE,POST BAG NO. 1667, RAVIPURAM JUNCTION, M.G.ROAD, KOCHI - 682 015. REPRESENTED BY ITS AUTHORIZED OFFICER ADV. CHANDRANPILLAI (SR. ) ADV. S AMBILY (SC) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

JUDGMENT

Petitioner has approached this Court challenging proceedings under the SARFAESI Act which have been initiated by the respondent financial institution for recovery of the amounts due from the petitioner.

2. It was submitted on behalf of the respondent financial

institution that the petitioner committed default in repayment and the outstanding amount is Rs.17,81,066/- (Rupees seventeen lakhs eighty one thousand and sixty six only). Adv.K.K.Chandran Pillai, Senior Advocate who appears on the instructions of Adv.S.Ambily, would submit that the possession of the property

was taken in the year 2021 and the sale is scheduled to be held

on 15.09.2022. It is submitted that the loan period is over and despite the above, if a substantial payment is made before the date of sale, balance amount can be permitted to be paid in instalments.

3. I have heard the learned counsel for the petitioner as well as the learned Standing Counsel for the respondent.

4. Having heard the learned counsel for the petitioner and the learned Senior Counsel appearing for the respondent

financial institution, the writ petition is disposed of in the following manner. The petitioner can be granted an opportunity to repay the outstanding amount on condition that Rs.3,00,000/- (Rupees three lakhs only) is paid on or before 14.09.2022 and the balance amount is paid in 10 equal monthly instalments, the first of which shall be paid on or before 15.10.2022. The subsequent instalments shall be paid on the 15 th day of every succeeding month.

5. Accordingly, there will be a direction to the respondent

financial institution to accept repayment of the outstanding amount of Rs.17,81,066/- (Rupees seventeen lakhs eighty one thousand and sixty six only) along with accrued interest, costs and charges from the petitioner on the following conditions:

(i)The petitioner shall pay a sum of Rs.3,00,000/- (Rupees three lakhs only) on or before 14.09.2022. The balance outstanding amount along with any accrued interest, costs and charges shall be repaid in 10 equal monthly instalments. (ii)The first instalment shall be paid on or before 15.10.2022 and the subsequent instalments shall be paid on the 15th day of every succeeding month.

(iii) In the event of default of any one instalment, the respondent financial institution shall be entitled to proceed in accordance with law.

(iv) In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance.

(v) If the petitioner remits the sum of Rs.3,00,000/- on

or before 14.09.2022, the sale scheduled to be held

on 15.09.2022 shall be adjourned to enable the petitioner to comply with the directions contained in this judgment.

(vi) The possession of the secured asset shall continue to be with the Authorized Officer of the respondent financial institution till the entire liability is cleared. The writ petition is disposed of as above. Sd/- GOPINATH P. JUDGE DK APPENDIX OF WP(C) 28133/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE SALE NOTICE 9.8.22

Same Court & Year Kerala · 2022 Same Parties Sunitha Joseph [Cb] vs Hdfc Limited,Rep by Its Authorized Off... Same Judge Honourable Mr. Justice Gopinath P.