IN THE HIGH COURT OF JUDICATURE AT PATNA CWJC No.10685 of 2008 1. SHYAM BABU @ SHYAM BABU YADAV S/O SRI RAGHU NANDAN GOPE R/O DURUKHIGALI, BAKARGANJ, PS-PIRBAHORE,DISTT- PATNA 2. DEVANTI DEVI W/O SHYAM BABU, ADDRESS AS ABOVE-- ----- ------------------------------------------PETITIONERS Versus 1. THE L.I.C.HOUSING FINANCE LTD. THROUGH G.M. LIC, HOUSING FINANCE LTD. REGISTERED & CORPORATE OFFICE, BOMBAY LIFE BUILDING 22ND FLOOR 45/47, VEER NARIMAN ROAD, MUMBAI 2. THE REGIONAL MANAGER LIC HOUSING FINANCE LTD. CALCUTTA BANK OFFICE, HINDUSTAN BUILDING (GROUND FLOOR) 4 CHITRANJAN AVENUE, CALCUTTA 70002 3. DEPUTY REGIONAL MANAGER LIC. HOUSING FINANCE LTD. FRASER ROAD, PATNA 4. THE CHIEF BRANCH MANAGER, LIC OF INDIA, JEEWAN DEEP BUILDING PATNA BRANCH-3 EXHIBITION ROAD, PATNA------- -------------------------------RESPONDENTS ----------- For the Petitioners: Mr. D.K.Prasad Sinha, Advocate For the Respondents: Mr. Rajeev Ranjan Pd. Advocate ------------ 6 15.2.2010 Heard learned counsel for the parties. Petitioner had obtained a housing loan from the L.I.C. Housing Finance Ltd. for construction of residential house. Thereafter there has been default in repayment of loan from the year 2002. The respondents Corporation therefore communicated to petitioners vide their letter dated 2.2.2008 contained in annexure-11 that they have the option to either close the account by taking the benefit of special offer with some leverage in waiver of some extra amount or to get the account regularized by paying the entire EMI as well as the interest for the period of default. This writ application has been filed by the petitioners to exonerate them from payment of additional interest which has been termed to be punitive by respondent. They are willing to settle the housing loan as one time measure by payment of a sum of Rs. 5,44,750.50 paise. - 2 - No legal ground has been shown or urged by the petitioners based on which the interest component can be waived when there is admitted default in payment of EMI and there is no challenge to the proceeding which the Corporation has been forced to initiate under SARFAESI Act. The submission of learned counsel for the petitioners and the desire of the petitioners to settle the account can best be entertained by the respondents and for that no intervention of the Court is required. If the petitioners are seriously interested for resolution of the dispute then they may come with concert proposal with regard to repayment and the respondents will consider the same and will take a decision in terms of their policy within a time frame. This writ application is disposed of with the above indulgence. RPS (Ajay Kumar Tripathi,J.)