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Judgment
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 installments and regularise the loan account.
The petitioners' case is that they had availed financial assistance from Devan Housing Finance Ltd., which was subsequently got amalgamated with the 1st respondent, by creating an equitable mortgage by deposit of title deeds. Due to reasons beyond their control, they could not pay the installments on time. The respondents have now proceeded against the secured asset under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short, 'Act'). The petitioners are willing to pay the overdue amount in installments and regularise the loan account. Hence, the Writ Petition.
Heard; Sri. George Mathew, the learned Counsel appearing for the petitioners and Sri.Poulochan Antony, the learned Counsel appearing for the respondents.
Sri.Poulochan Antony, on instructions, submitted that the overdue amount as on 11.08.2023 is Rs.6,52,835/-. The tenure of the loan is till 2035. The respondents are willing to permit the petitioners to pay the overdue amount in six equated monthly installments. The said submission is recorded.
The learned Counsel appearing for the petitioners prayed that as the tenure of the loan is till 2035, the petitioners may be granted atleast 12 equated monthly installments to pay the overdue amount.
Having considered the pleadings and materials on record and the submission made by the learned Counsel appearing for the parties; the broad consensus arrived at between the parties and to provide the petitioner one last opportunity to pay off the loan amount, I am inclined to exercise the powers of this Court under Article 226 of the Constitution of India and dispose of the writ petition.
Resultantly, I dispose of the writ petition in the following manner:
(i) The respondents are directed to defer further proceedings pursuant to Exts.P1 and P2, to enable the petitioners to pay the overdue amount in instalments.
(ii) The petitioners are permitted to pay the overdue amount as stated above with future interest and cost to the 1st respondent institution in ten equated monthly installments commencing from 11.09.2023 along with regular EMIs.
(iii) Needless to mention, if the petitioners default in payment of any one of the installments as directed above, the petitioners would lose the benefit of this judgment and the respondents would be at liberty to revive the recovery proceedings from the stage it presently stands, and bring it to its logical conclusion in accordance with law.
(iv) It is made clear that, no further application for modification/extension of time shall be entertained.