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Judgment
The petitioner's limited prayer is that the loan facility availed by him from the respondent Financial Institution be directed to be regularised. He, however, concedes that the Financial Institution has already taken physical possession of the secured assets and prays that they be directed to restore possession to him, because he has two young daughters to take care of.
The learned Standing Counsel appearing for the respondent Financial Institution, Sri. T. Rajesh, submits that his client is not inclined to regularise the loan account, but that a limited latitude can be shown to him as a last chance, provided he pays off the entire overdues, which is Rs. 3,89,868/-, as on today, in not more than four monthly installments. He says that the Financial Institution will await such payment and defer the sale of secured assets until that time.
On hearing Sri. T. Rajesh as afore, Sri. John Joseph, the learned counsel for the petitioner, prays that the Financial Institution may also be directed to consider giving back the physical possession of the secured asset on his client paying a minimum of two of the monthly installments to be ordered by this Court.
Taking note of the afore submissions, I order this writ petition and direct the petitioner to pay off the overdues in the loan account, which is stated to be Rs. 3,89,868/- as on today, along with all applicable charges and interest, in four equal monthly installments commencing from 03.06.2019; in which event, by the end of this term, the loan account will be regularised and the petitioner will be permitted to service it in future without default. Needless to say, the petitioner will also pay the regular EMI's falling due hereinafter, in addition to the above.
Once the petitioner pays a minimum of two EMI's as ordered above, he will be at liberty to approach the Financial Institution with a request to have the possession of his residential property, which is the secured asset involved, restored to him and the Financial Institution will consider the same sympathetically, taking note of the fact that he has two young daughters and being without any other place to reside. I am certain that the Financial Institution will bestow their attention to this issue appropriately and that an apposite decision will be taken by them, taking note of all the relevant factors.
It goes without saying that if there is any default in making the payment as directed above, the benefit granted under this judgment would stand vacated and the Financial Institution will be at liberty to recover the entire liability from the petitioner by continuing with the proceedings from the stage it is on this date.
This writ petition is ordered accordingly.
APPENDIX
PETITIONER'S/S EXHIBITS:
EXHIBIT P1 TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 25-03- 2019
EXHIBIT P2 TRUE COPY OF THE LOAN ACCOUNT SUMMARY OF THE PETITIONER ISSUED BY THE RESPONDENTS
EXHIBIT P3 TRUE COPY OF THE JUDGMENT IN W.P.(C) NO.11120/2019 DATED 11-04-2019 OF THIS HON'BLE COURT
EXHIBIT P4 TRUE COPY OF THE REPRESENTATION DATED 04- 05-2019 SUBMITTED BY THE PETITIONER TO THE
RESPONDENTS
EXHIBIT P5 TRUE COPY OF THE REPRESENTATION DATED 16- 05-2019 SUBMITTED BY THE PETITIONER TO THE RESPONDENTS