MASTER ADRIEL BRYAN CHERIAN Vs. AUTHORIZED OFFICER

JUDGEMENT

(1.) The petitioner, who is an orphan minor and who is represented by his maternal aunt / legal guardian, has filed this OP(DRT) invoking Article 227 of the Constitution of India seeking to call for the records leading to Ext.P19 notice and to quash the same. The petitioner seeks to declare that all measures initiated by the 1st respondent-Authorised Officer of the State Bank of India under Sec. 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 are illegal.

(2.) The petitioner states that his deceased father availed a Home Loan for an amount of ?25,92,580/- for purchasing an Apartment unit in the PVS Apartment Complex, Kozhikode. A one time advance premium of ?92,580/- was also sanctioned towards Life Insurance Policy in the name of the borrower. The petitioner would submit that the one-time advance premium for the Life Insurance Police was directly transferred to the 2nd respondent to be forwarded to the 4th respondent-Insurance Company.

(3.) The EMI towards loan were paid promptly till the death of the borrower on 31/12/2018. On 5/3/2019, the 3rd respondent issued a Sec. 13(2) notice to the petitioner demanding that the loan account may be regularised. The petitioner made request to the Bank to process the Life Insurance Policy in the name of the deceased. The petitioner also issued Ext.P6 legal notice dtd. 3/6/2019 to the 2nd respondent. Ext.P6 notice was replied with Exts.P7 and P8 wherein the Bank stated that the Life Insurance Policy was rejected by the 4th respondent-Insurance Company. It was further stated that upon rejection of the Life Insurance Policy, the insurance premium instalment of ?18,660/- was credited by the 3rd respondent into the NRI account maintained by the borrower.