Sobha C R vs Manappuram Home Finance Ltd
2023 Latest Caselaw 9315 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                   THE HONOURABLE MR.JUSTICE C.S.DIAS
        FRIDAY, THE 25TH DAY OF AUGUST 2023 / 3RD BHADRA, 1945
                        WP(C) NO. 27341 OF 2023
PETITIONER/S:

            SOBHA C R
            AGED 43 YEARS
            D/O OMANAKUTTAN,PONPOZHINJHATHIL HOUSE, MANALI
            CHUNGATHARA P.O., MALAPPURAM DISTRICT, PIN - 679334

            BY ADVS.
            K.S.PRAVEEN
            ASWATHI SURESH



RESPONDENT/S:

    1       MANAPPURAM HOME FINANCE LTD.
            5TH FLOOR,W/638A(NEW), MANAPPURAM HOUSE, VALAPAD P.O.,
            THRISSUR DISTRICT, REPRESENTED BY ITS AUTHORISED
            OFFICER, PIN - 680567

    2       ASSET RECONSTRUCTION COMPANY(INDIA) LINITED(ARCIL),
            THE RUBY, 29, SENAPATI BAPAT MARG, DADAR WEST, MUMBAI,
            REPRESENTED BY ITS AUTHORISED OFFICER, PIN - 400028

            BY ADVS.
            C.HARIKUMAR
            SANDRA SUNNY(K/926/2020)
            ARUN KUMAR M.A(K/1197/2021)
            FARAH JYOTHI PRADEEP(K/1240/2023)




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
25.08.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 27341 OF 2023
                               2

                          JUDGMENT

The writ petition is filed to direct the respondents

to permit the petitioner to pay the outstanding amount

in installments and close the loan account.

2. The petitioner's case is that she had availed a

housing loan from the 1st respondent - Company, by

creating an equitable mortgage by deposit of title

deeds. Due to extreme financial problems, the

petitioner could not pay the installments on time. The

1st respondent has assigned the loan account in favour

of the 2nd respondent. The respondents have initiated

proceedings under 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 outstanding

amount in installments and close the loan account.

Hence, the writ petition.

3. Heard; Sri. Praveen K.S., the learned Counsel WP(C) NO. 27341 OF 2023

appearing for the petitioner and Sri.C.Harikumar, the

learned Counsel appearing for the respondent.

4. Sri.C.Harikumar, on instructions, submitted that

the outstanding amount as on 25.08.2023 is

Rs.6,00,659/-. The 2nd respondent is willing to permit

the petitioner to pay the outstanding amount in six

equated monthly installments. The said submission is

recorded.

5. The learned Counsel appearing for the petitioner

prayed that the petitioner may be granted atleast 20

installments to pay the outstanding amount.

6. Having considered the pleadings and materials

on record and the submission made by the learned

counsel appearing for the parties; the broad consensus

arrived at between the parties and to provide the

petitioner one last opportunity to pay off the loan

amount, I am inclined to exercise the powers of this

Court under Article 226 of the Constitution of India and

dispose of the writ petition.

WP(C) NO. 27341 OF 2023

Resultantly, I dispose of the writ petition in the

following manner:

(i) The respondents are directed to defer further

proceedings pursuant to Ext.P1, to enable the

petitioner to pay the outstanding amount in

installments.

(ii) The petitioner is permitted to pay the

outstanding amount as stated above with future

interest and cost to the 2nd respondent

Company in fourteen equated monthly

installments commencing from 25.09.2023

along with regular EMIs.

(iii) Needless to mention, if the petitioner defaults

in payment of any one of the installments as

directed above, the petitioner would lose the

benefit of this judgment and the respondents

would be at liberty to revive the recovery

proceedings from the stage it presently stands,

and bring it to its logical conclusion in WP(C) NO. 27341 OF 2023

accordance with law.

(iv) It is made clear that, no further application for

modification/extension of time shall be

entertained.

sd/-

C.S.DIAS JUDGE

rkc/25.08.23 WP(C) NO. 27341 OF 2023

APPENDIX OF WP(C) 27341/2023

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE DATED 27/07/2023 ISSUED BY THE ADVOCATE COMMISSIONER TO THE PETITIONER