Kerala High Court
Sobhana Rajan vs Cholamandalam Investment And ... on 18 March, 2022
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE DEVAN RAMACHANDRAN
FRIDAY, THE 18TH DAY OF MARCH 2022 / 27TH PHALGUNA, 1943
AR NO. 95 OF 2021
PETITIONERS:
1 SOBHANA RAJAN
W/O.RAJAN, VATTAPPARA HOUSE, VELIYANOOR, UZHAVOOR
P.O., KOTTAYAM DISTRICT - 686 634.
2 RAJAN
S/O.KUTTAPAN, VATTAPPARA HOUSE, VELIYANOOR, UZHAVOOR
P.O., KOTTAYAM DISTRICT - 686 634.
BY ADVS.
G.HARIHARAN
PRAVEEN.H.
K.S.SMITHA
S.UMA DEVI
V.R.SANJEEV KUMAR
SMT.ANJALI T.
RESPONDENTS:
1 CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LTD
KOCHUPARAMBIL COMPLEX, KOTTAYAM -KUMILY RD., OPPOSITE
TO BHARAT PETROLEUM, KOTTAYAM, KERALA - 686 004,
REPRESENTED BY ITS BRANCH MANAGER.
2 CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LTD.
DARE HOUSE, NO.2, NSC BOSE ROAD, PARRYS, CHENNAI - 600
001, REPRESENTED BY ITS MANAGING DIRECTOR.
BY ADV BINOY VASUDEVAN
THIS ARBITRATION REQUEST HAVING COME UP FOR ADMISSION ON
18.03.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
AR NO. 95 OF 2021 2
ORDER
Even though this Arbitration Request has been
impelled with several allegations and averments, when
this matter was called today, the learned Standing
Counsel for the respondents - Shri.Binoy Vasudevan,
submitted that if the petitioners are interested in a
settlement, his clients are willing to offer them an
opportunity to pay off the total overdue amount of
Rs.70,000/-, as on 15.03.2022, in their loan account
in instalments. He then left it to this Court to fix
the apposite number of instalments that can be
offered to the petitioners for making such payment.
2. Smt.Anjali T., learned counsel appearing for
the petitioners, submitted that her clients are
willing to accept the afore suggestion and prayed
that at least 10 monthly instalments be afforded to
them to pay off the afore mentioned overdue amount
of Rs.70,000/-.
In the afore circumstances and write down the
appreciation of this Court for the stand taken by
the respondents, I dispose of this Arbitration
Request recording that the parties have arrived at
a consensus; thus permitting the petitioners to pay
off the aforementioned overdue amount of
Rs.70,000/-, as on 15.03.2022, in 10 equal monthly
instalments commencing from 15.04.2022. They shall
also, in addition to this, pay the regular EMIs
without fail.
It goes without saying that if the petitioners
commit default in payment of two or more instalments,
the benefit granted under this order would stand
vacated and the respondents will be at liberty to
recover the entire liability from the petitioners, by
continuing with further action as per the loan
agreement.
Sd/-
DEVAN RAMACHANDRAN
JUDGE
MC/19.3
APPENDIX OF AR 95/2021
PETITIONER ANNEXURES
Annexure I TRUE COPY OF THE RC CERTIFICATE OF THE
VEHICLE BEARING REGISTRATION NO.KL-67A-
4515.
Annexure II TRUE COPY OF THE NOTIFICATION ISSUED BY
THE GOVERNMENT OF INDIA ON 24/03/2020.
Annexure III TRUE COPY OF NOTIFICATION NO.RBI/2021-
22/31 DOR.STR.REC.11/21.04.048/2021-22
ISSUED ON 05/05/2021 BY THE RESERVE BANK
OF INDIA.
Annexure IV TRUE COPY OF NOTIFICATION NO.RBI/2021-
22/32 DOR.STR.REC.12/21, 04.048/2021-22
ISSUED ON 05/05/2021 BY THE RESERVE BANK
OF INDIA.
Annexure V TRUE COPY OF THE STATEMENT DATED
05/05/2021 ISSUED BY THE GOVERNOR OF THE
RESERVE BANK OF INDIA.
Annexure VI TRUE COPY OF LETTER SENT BY 1ST RESPONDENT
OFFICE ADDRESSED TO SRI.N.SIVATHANU,
RETIRED DISTRICT JUDGE INTIMATING HIM FOR
THE APPOINTMENT AS THE SOLE ARBITRATOR ON
12.12.2020.
Annexure VII TRUE COPY OF THE DETAILED OBJECTION FILED
BY THE PETITIONERS AGAINST THE LETTER
DATED 12/12/2020 SENT BY THE 1ST
RESPONDENT.
Annexure VIII TRUE COPY OF THE JUDGMENT PASSED BY THE
HON'BLE HIGH COURT OF KERALA IN A RECENT
DECISION IN TULSI DEVELOPERS INDIA
PVT.LTD., V. DR.APPU BENNY THOMAS IN
A.R.NO.105/2020.
