S. LALITHA Vs. DISTRICT COLLECTOR

JUDGEMENT

(1.) CHALLENGE in this petition is to the order dated 27 -10 -2014 passed by the District Collector cum District Magistrate in exercise of his power under provisions of Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short "the Act 2002").

(2.) THE facts as projected by the petitioner are that the petitioner has obtained the housing loan with the Trichy Branch of the ICICI Home Finance Company Limited on 08 -07 -2003 to the extent of Rs.6,85,000/ -(Rupees Six Lakhs Eighty five thousand only) payable in 204 months in equal instalments. The petitioner paid a total sum of Rs.2,31,072/ -(Rupees Two lakhs thirty one thousand seventy two only) till 2007. The petitioner was served with a notice under Section 13(2) of the Act 2002, calling upon her to deposit the balance amount of Rs.12,04,964.85/ -(Rupees Twelve lakhs four thousand nine hundred sixty four and eighty five paise only)with interest. It appears that no balance amount was deposited and as a sequel, the petitioner was served with a possession notice.

(3.) THE petitioner has not taken any steps to make good the default on her part, to make payment of the balance amount. Consequently, on the application made by the secured creditor, the impugned order was passed by the District Collector -cum - District Magistrate directing the Deputy Collector (Revenue), Karaikal as Nodal Officer to take possession of the property and to handover the same to the Officer of the Bank.