Moidheen Sha vs The Authorised Officer
2022 Latest Caselaw 8223 Ker

         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

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

(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

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