Madhavi C.P. vs Aadhar Housing Finance Limited

Easwaran S, J

The proceedings under the Securitisation Act are impugned in the present Writ Petition.

When the matter is taken up for consideration today, learned Counsel appearing for the petitioner confines his prayer for regularisation of the loan account, provided the respondent financial institution agrees for the same.

The learned Standing Counsel appearing for the respondents submitted that there are two credit facilities availed by the petitioner; housing loan and a top up loan. In the housing loan, an amount of Rs.11,81,780/- is due and in top up loan, an amount of Rs.1,63,187/- is due. Both the loans together, an amount of Rs.4,68,165/- is the total over due amount. The learned Counsel appearing for the respondents submits that if the petitioner remits the aforesaid amount, the loan account can be regularised.

Recording the above submissions, the Writ Petition is disposed of with the following directions:

(i) The petitioner is directed to pay the overdue amount of Rs.4,68,168/- (Rupees four lakh sixty eight thousand one hundred sixty eight only) together with interest and all charges in eight equal months instalments, starting from 15th of January 2025;

(ii) The petitioner shall continue to remit the instalments on 15th of every successive month;

(iii) The petitioner shall continue to pay the regular instalments along with the instalments directed above;

(iv) In order to facilitate the payment as directed above, all further proceedings for taking possession of the secured asset as per orders of the Chief Judicial Magistrate Court, Kozhikode in C.M.P. No.1839/2024 shall be kept in abeyance.

(v) If the petitioner pays the amount as directed above, the 1st respondent is free to regularise the account.

(vi) In case of any default, the benefit ordered under this judgment will stand withdrawn and the respondents are free to take possession of the property.