Srinivasan.A v. Aptus Value Housing Finance India Ltd

ORDER (Order of the Court was made by R.SUBRAMANIAN, J.) Mr.V.Sukumar, learned Standing Counsel, takes notice for the respondent – Financial Institution.

¶2The challenge is to the order of the learned Chief Judicial Magistrate, Tirunelveli, passed under Section 14 of the SARFAESI Act, 2002.

¶3The learned counsel appearing for the respondent – Financial Institution, would submit that the amount due as on date is Rs.9,73,686/-.

¶4Considering the fact that the secured asset is a residential house, the petitioner should be permitted to liquidate the entire debt and redeem the property.

¶5In such view of the matter, this writ petition is disposed of with the following directions:

(i) The respondent – Financial Institution shall defer action to take possession of the property pursuant to the order of the learned Chief Judicial Magistrate, Tirunelveli, dated 15.03.2023, if the petitioners pay a sum of Rs.3,73,686/-(Rupees Three Lakhs Seventy Three Thousand Six Hundred and Eighty Six Only), on or before

15.05.2023 either in one lump sum or in parts.

(ii) The remaining amount of Rs.6,00,000/-(Rupees Six Lakhs Only) shall be paid by the petitioners in three equal monthly installments commencing from 15.06.2023 and the subsequent instalments shall be paid on or before the 15th day of succeeding months.

(iii) The interest that accrues during the interregnum shall be paid along with the last instalment.

(iv) If there is any default in payment of the money as directed above, the respondent – Financial Institution can proceed further for taking possession as well as for recovery. No costs. Connected miscellaneous petitions are closed. (R.SUBRAMANIAN, J.) & (L.VICTORIA GOWRI, J.)

17.04.2023 Index : Yes / No Internet : Yes pm W.P(MD)No.8879eofe2023 oR.SUBRAMANIANoo,oJo. and oL.VICTORIAoGOWRIoo,oJo. pm ORDERoMADEoIN W.P(MD)No.8879oofo2023 DATEDo:17.04.2023

BEFORE THE MADURAI BENCH OF MADRAS HIGH COURT DATED :17.04.2023 CORAM : THE HONOURABLE MR.JUSTICE R.SUBRAMANIAN and THE HONOURABLE MRS.JUSTICE L.VICTORIA GOWRI and WMP(MD)Nos.8099, 8101 & 8102 of 2023 1.A.Srinivasan 2.S.Mariammal ... Petitioners vs. APTUS Value Housing Finance India Limite, Rep. by Cluster Manager Authorised person, Mr.S.Ramachandran, 66/1B, South Bypass Road, Vannarpettai, Tirunelveli – 627 002. ... Respondent PRAYER : Writ Petition filed under Article 226 of the Constitution of India, for issuance of a Writ of Certiorari, calling for the records in Crl.M.P.No. 2346 of 2023 passed by the learned Chief Judicial Magistrate, Tirunelveli, dated 15.03.2023 and quash the same. For Petitioners : Mr.S.Devarajan For Respondent : Mr.V.Sukumar, Standing Counsel