SABU VARGHESE GEORGE Vs. AUTHORIZED OFFICER

JUDGEMENT

(1.) The petitioner, the borrower of a housing loan has adopted all possible tactus installing the proceedings initiated under the Securitisation and Reconstruction of Financial Asset and Enforcement of Security Interest Act ('the Act' in short), which are demonstrated herein below. On 21.03.2011, a loan of Rs.37 lakhs was obtained from the Housing Development Finance Corporation Ltd., and creating security interest over the secured asset viz., 11 Ares of property comprised in Sy.No.190/9 of Ulloor Village, Trivandrum Taluk on account of the default in payment after declaration of the account as 'NPA' vide on 04.08.2014 in notice under Section 13(2) of the Act dated 18.08.2014 demanding a sum of Rs.37,44,343/- as due on 31 st July 2014 was issued.

(2.) The petitioner approached this Court by filing W.P.(C) No.27247/2014 and sought some breathing time. As per the judgment dated 28.10.2014, the applicant was given liberty to pay the overdue amount of Rs.9,61,291/- in five equal monthly installments with a condition of default, bank was liberty to continue with the proceedings. Petitioner did not comply with the aforementioned direction. Bank proceeded with the SARFAESI by moving an application under Section 14 of the Act. On 23.02.2015, the Authorised Officer has taken over the possession and published the possession notice in Hindu and Mangalam dailies on 26.02.2015. The first sale notice did not culminate to sale, however in the second date of sale i.e. on 17.08.2015, the

(3.) rd respondent acquired the interest of the property by virtue of the sale certificate dated 8 th September 2015 and execution of registered sale deed on 29th January, 2016. The 3rd respondent has already been put into possession on 8th September 2015. 3. In this background the Securitisation Application 378/2015 was preferred challenging the sale on various grounds including non-serving of the sale notice as the petitioner was the resident of Saudi Arabia. During the pendency of the Securitisation Application, on 30th September 2015 i.e. before execution of the registered sale deed an attempt was made on behalf of the petitioner to redeem the property to deposit a sum of Rs.15 lakhs by 01.10.2015 in a no lien account opened with the bank and the balance of the secured debt be deposited in the said account within a month. Though the applicant deposited Rs.15 lakhs as directed, he did not remit the balance secured debt. An application to permit the balance amount in five monthly installments was rejected. Considering all the facts, the Securitisation Application was dismissed vide order dated 7 th September 2018.