IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
FRIDAY, THE 1ST DAY OF JULY 2022 / 10TH ASHADHA, 1944
WP(C) NO. 18374 OF 2022
PETITIONER:
MOIDHEEN SHA,
AGED 54 YEARS
S/O. ABDUL RAHIMAN, PUTHUVEETTIL HOUSE,
KADAPPURAM, ANCHAMGADI, CHAVAKKAD,
THRISSUR-680514.
BY ADV R.DIVAKARAN
RESPONDENTS:
1 THE AUTHORISED OFFICER,
MANAPPURAM HOUSE FINANCE LIMITED, COMBARA ARCADE,
OPPOSITE KALOOR BUS STAND, ERNAKULAM-682017.
2 THE MANAGER,
MANAPPURAM HOME FINANCE LIMITED, N.R. COMPLEX,
1ST FLOOR, NEAR ASWANY HOSPITAL,
OPPOSITE. BIG BAZAR, NORTH STAND,
THRISSUR-680020.
BY ADVS.
HARIKUMAR C (SC)
SANDRA SUNNY(K/926/2020)
ARUN KUMAR M.A(K/1197/2021)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 01.07.2022, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
W.P.(C) No.18374/2022
-:2:-
JUDGMENT
Petitioner has approached this Court being aggrieved by proceedings initiated against the petitioner under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) for recovery of the amounts due upon a loan availed by the petitioner.
2. When this matter is taken up for consideration today, the learned counsel appearing for the 1 st respondent submits that as a special case, the 1 st respondent has decided to waive all charges etc. that have been levied in respect of the account and if the petitioner pays a sum of Rs.3,61,263/-(Three Lakhs Sixty One Thousand Two Hundred and Sixty Three Only) which is the amount representing the principal outstanding as on date along with pending installments, the entire loan account can be settled.
3. The learned counsel appearing for the petitioner submits that the petitioner will remit, upfront, a sum of W.P.(C) No.18374/2022 -:3:- Rs.50,000/-(Fifty Thousand Only) on or before 30-07-2022, and he may be given the chance to pay of the remaining liability in installments.
4. The learned Standing Counsel appearing for the 1st respondent has no objection to the proposal.
5. Having regard to the circumstances of the case and the situation now prevailing, apart from the submissions made as recorded above, I am of the view that the petitioner can be granted an opportunity to repay the outstanding amount in 15 installments.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.3,61,263/-(Three Lakhs Sixty One Thousand Two Hundred and Sixty Three Only) from the petitioner on the following conditions:
(i) The petitioner shall pay an amount of Rs.50,000/- (Rupees Fifty Thousand Only) on or before 30-07-2022 and the balance amount together with any accrued interest in 15 equated monthly installments commencing from 16-08-2022.
W.P.(C) No.18374/2022 -:4:-
(ii) The subsequent installments shall be paid on or before the 16th day of every succeeding month.
(iii) In the event of default of any one installment, the 1st respondent shall be entitled to proceed in accordance with law.
(iv) In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE ats W.P.(C) No.18374/2022 -:5:- APPENDIX OF WP(C) 18374/2022 PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE DISCHARGE SUMMARY OF THE PETITIONER ISSUED BY THE RAJAH CHARITABLE MEDICAL TRUST HOSPITAL, CHAVAKKAD DATED 06/05/2019.
Exhibit P2 THE TRUE COPY OF THE CERTIFICATE ISSUED BY THE PRESIDENT, KADAPPURAM GRAMA PANCHAYATH TO THE PETITIONER DATED 01/06/2022.
Exhibit P3 THE TRUE COPY OF THE ORDER IN M.C. NO.
75/2022 DATED 14/02/2022.
Exhibit P4 THE TRUE COPY OF THE FORECLOSURE LETTER ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER DATED 11/05/2022.
Exhibit P5 THE TRUE COPY OF THE REPRESENTATION ISSUED BY THE PETITIONER TO THE 2ND RESPONDENT DATED 30/05/2022.
RESPONDENT EXHIBITS EXHIBIT R2(A) THE TRUE COPY OF THE RELEVANT PAGES OF THE LOAN AGREEMENT DATED 29.10.2018 EXHIBIT R2(B) THE TRUE COPY OF THE PAPER PUBLICATION IN 'THE NEW INDIAN EXPRESS' DAILY DATED 28.11.2020