Kerala High Court
Sureshkumar Surendran vs M/S Cholamandalam Investment & ... on 9 August, 2023
1
WP(C) No.26127 of 2023
THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE C.S.DIAS
WEDNESDAY, THE 9TH DAY OF AUGUST 2023 / 18TH SRAVANA, 1945
WP(C) NO. 26127 OF 2023
PETITIONER/S:
SURESHKUMAR SURENDRAN
AGED 45 YEARS
S/O SURENDRAN, KANJIRAMKADU PUTUVAL PUTHEN VEEDU,
NALOORVATTOM,PLAMUTTUKADA, KULATOOR NEYYATTINKARA.,
THIRUVANANTHAPURAM, PIN - 695122
BY ADVS.
R.HARIKRISHNAN (H-308)
G.SUDHEER
SMRITHI S.S.
RESPONDENT/S:
M/S CHOLAMANDALAM INVESTMENT & FINANCE COMPANY LTD.
REPRESENTED BY ITS AUTHORIZED OFFICER, DARE HOUSE ,
2 N.S.C.BOSE ROAD, PARRYS, CHENNAI, TAMILNADU, PIN -
600001
OTHER PRESENT:
Sri Paulochan Antony
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
09.08.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
2
WP(C) No.26127 of 2023
C.S DIAS,J.
---------------------------
WP(C) No.26127 of 2023
-----------------------------
Dated this the 9th day of August, 2023 .
JUDGMENT
The writ petition is filed to direct the respondent to
permit the petitioner to pay off the overdue amount in
equated monthly instalments and regularise the loan
account.
2. The petitioner's case is that he had availed
financial assistance from the respondent - Company -
for the purpose of constructing his residence. The
petitioner has created an equitable mortgage, by deposit
of title deeds. Due to reasons beyond his control, he
could not pay the instalments on time. Now, the Bank
has initiated proceedings against the secured asset under
WP(C) No.26127 of 2023
the Securitization and Reconstruction of Financial
Assets and Enforcement of Security Interest Act, 2002
( in short, 'Act') and is threatening to take physical
possession of the secured asset. The petitioner is willing
to pay the overdue amount in equated monthly
instalments. Hence, the writ petition.
3. Heard; Sri.R.Harikrishnan, the learned counsel
appearing for the petitioner and Sri.Paulochan Antony,
the learned counsel appearing for the respondent.
4. Sri.Paulochan Antony, on instructions,
submitted that the overdue amount as on today is
Rs.4,97,000/-. The tenure of the loan is till 2043. The
respondent is willing to permit the petitioner to pay the
overdue amount in six equated monthly instalments
WP(C) No.26127 of 2023
along with regular EMIs. The said submission is
recorded.
5. The learned counsel appearing for the petitioner
submitted that the petitioner may be granted at least
twelve equated monthly instalments to pay the overdue
amount.
6. Having considered the pleadings and materials
on record, the submissions made by the learned counsel
appearing for the parties, the consensus arrived at
between the parties and to provide the petitioner one last
opportunity to clear off the liability, I am inclined to
exercise the powers of this Court under Article 226 of
the Constitution of India and entertain the writ petition.
Resultantly, I dispose of the writ petition in the
following manner:
WP(C) No.26127 of 2023
(i) The respondent is directed to defer further coercive
proceedings pursuant to Ext P2, to enable the petitioner to pay
the liability in equated monthly instalments as stated below.
(ii) The petitioner is permitted to pay the overdue amount
as stated above with future interest and cost to the respondent
- Company - in ten equated monthly instalments commencing
from 9.9.2023 along with regular EMIs.
(iii) Needless to mention, if the petitioner commits default
in any of the conditions ordered above, the petitioner would
lose the benefit of this judgment and the respondent would be
at liberty to proceed with recovery proceedings from the stage
it presently stands.
(iv) It is made clear that, no further application for
modification/extension of time shall be entertained.
SD/-
sks/9.8.2023 C.S.DIAS, JUDGE
WP(C) No.26127 of 2023
APPENDIX OF WP(C) 26127/2023
PETITIONER EXHIBITS
Exhibit 1 COPY OF THE STATEMENT OF ACCOUNTS FROM
01.03.2020 TO 05.02.2022
Exhibit P2 COPY OF THE NOTICE ISSUED BY THE ADVOCATE
COMMISSIONER DATED 25.07.2023
