Prasanth .P.S vs Manappuram Finance Ltd
2022 Latest Caselaw 5863 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                              PRESENT
               THE HONOURABLE MR. JUSTICE GOPINATH P.
      TUESDAY, THE 31ST DAY OF MAY 2022 / 10TH JYAISHTA, 1944
                       WP(C) NO. 4798 OF 2022
PETITIONER:

          PRASANTH .P.S.,
          AGED 43 YEARS, SON OF SIVASANKARAN,
          PRASANTH BHAVAN, KOTTATHALA P.O.,
          KOLLAM DISTRICT, PIN- 691 566.

          BY ADVS.
          ISAC T.PAUL
          JOHN NELLIMALA SARAI



RESPONDENT:

          MANAPPURAM FINANCE LTD.
          MANAPPURAM HOUSE, VALAPPAD P.O., THRISSUR DISTRICT,
          PIN- 680 567,
          REPRESENTED BY ITS ASSISTANT GENERAL MANAGER,
          COLLECTION.

          BY ADVS.
          BIJO FRANCIS
          JOSE KURIAKOSE (VILANGATTIL)




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
31.05.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C) No.4798 of 2022                     2



                               JUDGMENT

Petitioner has approached this Court challenging proceedings initiated

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. During the course of hearing, petitioner has confined the relief to an

opportunity for repaying the outstanding amount in instalments.

3. It was submitted on behalf of the respondent bank that the petitioner

committed default in repayment and the outstanding amount is

Rs.49,08,957/-. It was further submitted that though proceedings for recovery

have been initiated, as a matter of indulgence, the respondent bank is willing

to accept repayment of the outstanding amount in limited instalments.

4. I have heard Adv.Isac T. Paul, learned counsel for the petitioner as

well as Adv.Bijo Francis, the learned Standing Counsel for the respondent.

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 10 instalments.

6. Accordingly, there will be a direction to the respondent bank to

accept repayment of the entire outstanding amount of Rs.49,08,957/- along

with bank charges from the petitioner on the following conditions:

(i) The outstanding amount of Rs.49,08,957/- shall be repaid in 10 equated monthly instalments.

(ii) The first instalment shall be paid on or before 30.06.2022

(iii) In the event of default of any one instalment, the respondent bank 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

APPENDIX OF WP(C) 4798/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE PHOTO COPY OF THE EMAIL DATED 18.08.2021 ISSUED BY THE RESPONDENT THROUGH ITS ASSISTANT GENERAL MANAGER, COLLECTOR TO THE PETITIONER.

Exhibit P2 TRUE PHOTO COPY OF THE RECEIPT DATED 24.08.2021 ISSUED BY THE RESPONDENT TO THE PETITIONER.

Exhibit P3 TRUE PHOTO COPY OF THE RECEIPT DATED 21.12.2021 ISSUED BY THE RESPONDENT TO THE PETITIONER.

Exhibit P4 TRUE PHOTO COPY OF THE M.C. NO. 21/2022 FILED BY THE RESPONDENT BEFORE THE CHIEF JUDICIAL, MAGISTRATE COURT, KOLLAM.

Exhibit P5 THE PHOTOCOPY OF ORDER DATED 31.01.2022 PASSED BY THE CHIEF JUDICIAL MAGISTRATE COURT, KOLLAM.