Kerala High Court
Raji Raju vs The Authorized Officer on 19 April, 2024
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MRS. JUSTICE SHOBA ANNAMMA EAPEN
FRIDAY, THE 19TH DAY OF APRIL 2024 / 30TH CHAITHRA, 1946
WP(C) NO. 15814 OF 2024
PETITIONER:
RAJI RAJU,
AGED 44 YEARS,
W/O. PRADEEP, ROADUVILA PUTHEN VEEDU, THACHAKKODU,
MEEYANNUR P.O, KOLLAM DISTRICT, PIN - 691 537.
BY ADVS.
K.V.ANIL KUMAR
SWAPNA VIJAYAN
RADHIKA S.ANIL
RESPONDENTS:
1 THE AUTHORIZED OFFICER,
CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LTD.,
BRANCH OFFICE AT FOUR SQUARE BUILDING, 2ND FLOOR,
OPP. RAJA KESAVADAS NSS HS SCHOOL, SANKAR ROAD,
SASTHAMANGALAM, THIRUVANANTHAPURAM, PIN - 695 010.
2 THE BRANCH MANAGER,
CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LTD.,
MANDANNADA BRANCH, MADANNADA, KOLLAM DISTRICT,
PIN - 691 010.
BY SRI. PAULOCHAN ANTONY, FOR CHOLAMANDALAM INVESTMENT
& FINANCE COMPANY LTD.
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
19.04.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 15814 OF 2024
2
JUDGMENT
The petitioner has approached this Court challenging proceedings under the SARFAESI Act which have been initiated by the financial institution for recovery of the amounts due from the petitioner.
2. During the course of hearing, petitioner had confined the relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation of the loan account.
3. It was submitted on behalf of the respondent financial institution that the petitioner committed default in repayment and the total overdue amount as on 19.04.2024 is Rs.3,48,863/-(Rupees three lakhs forty eight thousand eight hundred and sixty three only) and the total outstanding amount as on 19.04.2024 is Rs.29,87,030/- (Rupees twenty nine lakhs eighty seven thousand and thirty only). It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent financial institution is willing to accept repayment of the overdue amount in limited instalments and regularise the loan account.
4. I have heard the learned counsel for the petitioner as well as WP(C) NO. 15814 OF 2024 3 the learned counsel for the respondents.
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 total overdue amount on condition that Rs.1,00,000/- shall be paid on or before 15.05.2024 and the balance amount shall be paid in 8 equal monthly instalments, if the amount so directed is repaid within the time as directed above, to have the loan account regularised.
6. Accordingly, there will be a direction to the respondent financial institution to accept repayment of the entire overdue amount of Rs.3,48,863/-(Rupees three lakhs forty eight thousand eight hundred and sixty three only) along with any accrued interest, costs and charges from the petitioner and regularise the loan account of the petitioner on the following conditions:-
i. The petitioner shall pay a sum of Rs.1,00,000/- (Rupees one lakh only) on or before 15.05.2024; balance overdue amount along with any accrued interest, costs and charges shall be repaid in 8 equal monthly instalments.
ii. The first instalment shall be paid on or before 15.06.2024 and the subsequent instalments shall be paid on the 15 th day of every succeeding months.
iii. Petitioner shall continue to pay the regular EMIs along with the instalments directed above.
WP(C) NO. 15814 OF 2024 4 iv. In the event of default of any one instalment, the respondent financial institution shall be entitled to proceed in accordance with law.
v. 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/-
SHOBA ANNAMMA EAPEN JUDGE DK WP(C) NO. 15814 OF 2024 5 APPENDIX OF WP(C) 15814/2024 PETITIONER EXHIBITS Exhibit-P1 A TRUE COPY OF THE NOTICE DATED 08.09.2023 ISSUED BY THE 1ST RESPONDENT Exhibit-P2 A TRUE COPY OF THE NOTICE GIVEN BY THE ADVOCATE COMMISSIONER DATED 04.04.2024 IN M.C. NO. 313/2024 OF THE C.J.M COURT, KOLLAM