SANJU DEVI Vs. TATA CAPITAL HOUSING FINANCE LIMITED

JUDGEMENT

(1.) This writ petition has been preferred on behalf of the petitioner under Article 226/227 of the Constitution of India with the following prayers:-

(2.) The brief facts of the case are that the petitioner purchased a plot of land ad-measuring 1068.75 sq. feet from Smt. Santosh by way of a registered sale deed dtd. 5/3/2018 in the sum of Rs.30,00,000.00 out of the total consideration of sum of Rs.30,00,000.00. A sum of Rs.26,63,099.00 was taken as a loan by the petitioner from the respondent-company Tata Capital Housing Finance Limited.

(3.) As per the loan agreement between the petitioner and the respondent-company, a total sum of Rs.27,00,000.00 was disbursed to the petitioner for a period of 240 months with 9% as rate of interest with monthly installment of Rs.24,293.00. The petitioner regularly made all the payments of installments with the respondent-company, however, due to unavoidable circumstances, the petitioner could not deposit the installment amount for a month and the monthly installment became overdue. The petitioner received notice for depositing the overdue amount in sum of Rs.34,886.00. The first loan installment was due and the first overdue notice dtd. 9/3/2018 was issued to the petitioner showing the overdue amount as Rs.34,886.00. But shockingly, on 17/5/2018, the petitioner without any prior notice or granting an opportunity of hearing, received a loan recall notice-cum-demand notice which stated that the respondent are terminating the loan agreement as a foreclosure statement dtd. 17/5/2018 for a sum of Rs.85,22,563.00, which has to be paid by the petitioner within a period of seven days. On 29/8/2018, the respondent-company issued notice to the petitioner under Sec. 13(2) of the Secularization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the "Act of 2002"), by stating that the petitioner failed to honour the repayment commitments and thereby demanded an amount of Rs.28,14,649.00 as on 29/8/2018. On that day, the due installment was only Rs.1,53,081.00. Thereafter, the respondent issued another possession notice dtd. 26/11/2018, stating therein that the borrower has failed to repay the amount, therefore, the company has taken over the possession of the property in exercise of powers under Sec. 13(4) of the Act read with Rule 9 of the Rules.