IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 17TH AUGUST 2010 / 26TH SRAVANA 1932 WP(C).No. 24346 of 2010(P) -------------------------------------- [CMP.NO.1901/2010 OF CHIEF JUDICIAL MAGISTRATE'S COURT, THIRUVANANTHAPURAM] .................... PETITIONERS: --------------------- 1. A.V.RAMABHADRAN,CRA-123, CHITRA, CHECHERY LANCE,NALACHIRA P.O., THIRUVANANTHAPURAM 2. SUDHARMA R,CRA-123, CHITHRA, CHECHERY LANE,NALACHIRA P.O., THIRUVANANTHAPURAM. BY ADVS. SRI.D.SAJEEV, SRI.BABU POTHENCODE. RESPONDENTS: ------------------------ 1. THE HDFC LIMITED, REPRESENTED BY ITS AUTHORIZED OFFICER, SRI.M.S.SREEKUAMRAN NAIR, HDFC HOUSE, VAZHUTHACAUD,THIRUVANANTHAPURAM-10. 2. THE BRANCH MANAGER, HDFC LTD. VAZHUTHACAUD,THIRUVANANTHAPURAM – 695 010. R1 & R2 BY SRI. K.K. CHANDRAN PILLAI, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17/08/2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: prv. P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No.24346 of 2010-P ---------------------------- Dated this the 17th day of August, 2010. J U D G M E N T The petitioner had availed four different ‘housing loans’ from the respondent Bank, creating security interest over the property in question. But the re-payment could not be effected on time. In the said circumstances, the Bank declared the account as ‘NPA’ and proceeded with steps under the relevant provisions of the SARFAESI Act, which is under challenge in this Writ Petition. 2. The specific case projected by the petitioner is that, inspite of several demands for furnishing a statement of accounts, the same was never made available to the petitioner at any point of time and the respondent Bank was keen to proceed with the coercive proceedings. Met with the circumstances, the petitioner preferred an application under the Right to Information Act, pursuant to which the outstanding liability under the above four loans has been stated as Rs.1,96,360/- as on 31.5.2010. The Bank filed a petition under Section 14 of the Act before the concerned Chief Judicial Magistrate’s Court for assistance to take over the W.P(C) No.24346 of 2010-P 2 physical possession of the property. In spite of producing the above document procured by the petitioner under the Right to Information Act, the same was not considered by the learned Magistrate who passed Ext.P3 order, which is stated as detrimental to the rights and interests of the petitioner. 3. The learned counsel for the respondent Bank submits on instructions that, the idea and understanding of the petitioner is wrong and misconceived. With regard to the total liability, under the loans it is stated that Rs.6,07,539/- is due as on 30.8.2010. 4. The learned counsel for the petitioner submits that, the default, if any was only because of the default on the part of the Bank in furnishing proper statement of accounts; simultaneously adding that the petitioner, however, does not intend to avail the statutory remedy provided under Section 17 of the Act, by approaching the Debt Recovery Tribunal. The only relief pressed before this Court is to direct the respondents to furnish a proper statement of accounts and to permit the petitioner to clear the liability in a phased manner. The learned counsel also submits that, the petitioner is ready and willing to effect the substantial portion of the liability forthwith. W.P(C) No.24346 of 2010-P 3 5. After hearing both the sides, the petitioner is directed to deposit a sum of ‘Rs.2 lakhs’ within ‘one month’ from the date of receipt of a copy of this judgment. On satisfying the said amount, the respondent Bank shall furnish a detailed statement of accounts within ‘one week’, pointing out the actual balance, after giving credit to the amounts already deposited by the petitioner. The petitioner is permitted to clear the remaining liability by way of ‘five’ equal monthly instalments; the first of which shall be effected on or before the 30th of October, 2010; to be followed by similar instalments to be effected on or before the 30th of the succeeding months. Subject to this, the recovery proceedings shall be kept in abeyance for the time being. It is made clear that, if any default is committed by the petitioner in satisfying the due amount as above, the respondent Bank will be at liberty to proceed with appropriate steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of. P.R.RAMACHANDRA MENON JUDGE ab