Deena.B. Tellas vs Authorized Officer, HDFC Bank Ltd

C.S Dias, J

The writ petition is filed to direct the respondents to permit the petitioners to pay the overdue amount in equated monthly instalments and regularise the loan account.

The petitioners’ case is that, they had availed a housing loan from the second respondent – Bank - in the year 2020. Due to reasons beyond their control, they could not pay the instalments on time. The Bank has now proceeded against the secured asset under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (in short, ‘Act’). The petitioners are ready to pay the overdue amount in equated monthly instalments and regularise the loan account. Hence, the writ petition.

Heard; Sri.R.T.Pradeep, the learned counsel appearing for the petitioners and Smt.S. Ambily, the learned counsel appearing for the respondents.

Smt.S. Ambily, on instructions, submitted that the overdue amount as on today is Rs.4,07,941/-. The tenure of the loan is till 2029. The respondents are willing to permit the petitioners to pay off the overdue amount in eight equated monthly instalments. The said submission is recorded.

Sri.R.T.Pradeep, on the contrary, submitted that as the tenure of the loan is till 2029, petitioners may be granted at least fifteen equated monthly instalments to pay the overdue amount.

Having considered the pleadings and materials on record, the submissions made by the learned counsel appearing for the parties, the consensus arrived at between the parties and to provide the petitioners one last opportunity to clear off the liability, I am inclined to exercise the powers of this Court under Article 226 of the Constitution of India and entertain the writ petition.

Resultantly, I dispose of the writ petition in the following manner:

(i) The respondents are directed to defer further coercive proceedings pursuant to Ext.P6, to enable the petitioners to pay the overdue amount in equated monthly instalments as stated below.

(ii) The petitioners are permitted to pay the overdue amount as stated above with future interest and cost to the second respondent – Bank – in twelve equated monthly instalments commencing from 25.8.2023 along with regular EMIs.

(iii) Needless to mention, if the petitioners commit default of the condition ordered above, the petitioners would lose the benefit of this judgment and the respondents would be at liberty to proceed with recovery proceedings from the stage it presently stands.

(iv) It is made clear that, no further application for modification/extension of time shall be entertained.