Sunil Kumar Chambayil vs Manappuram Home Finance Limited
2023 Latest Caselaw 9317 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. 27242 OF 2023
PETITIONER/S:

    1       SUNIL KUMAR CHAMBAYIL, AGED 47 YEARS
            S/O. RAMADASAN CHAMBAYIL, CHAMBAYIL HOUSE, MARADU ROAD,
            NADUVATTOM, ARAKKINAR P.O, KOZHIKODE, PIN - 673028

    2       NISHA, AGED 42 YEARS, W/O. ABIRAJ CHAMBAYIL HOUSE,
            MARADU ROAD, NADUVATTOM, ARAKKINAR P.O, KOZHIKODE, PIN
            - 673028

    3       SREEKANTH, AGED 45 YEARS
            S/O. RAMADASAN CHAMBAYIL HOUSE, MARADU ROAD,
            NADUVATTOM, ARAKKINAR P.O, KOZHIKODE, PIN - 673028

    4       ABIRAJ N, AGED 43 YEARS
            S/O. RAMADASAN CHAMBAYIL HOUSE, MARADU ROAD,
            NADUVATTOM, ARAKKINAR P.O, KOZHIKODE, PIN - 673028

    5       AMBIKA, AGED 73 YEARS
            W/O. RAMADASAN, CHAMBAYIL HOUSE, MARADU ROAD,
            NADUVATTOM, ARAKKINAR P.O, KOZHIKODE, PIN - 673028

            BY ADV S.K.SAJU


RESPONDENT/S:

            MANAPPURAM HOME FINANCE LIMITED , REGISTERED OFFICE,
            5TH FLOOR, IV/470A, MANAPPURAM HOUSE, VALAPPAD P.O,
            THRISSUR DISTRICT REPRESENTED BY ITS AUTHORIZED
            OFFICER, PIN - 680567

            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. 27242 OF 2023
                             2

                          JUDGMENT

The writ petition is filed to direct the respondent to

permit the petitioners to pay the overdue amount in

installments and regularise the loan account.

2. The petitioners' case is that they had availed a

loan from the respondent- Company, by creating an

equitable mortgage by deposit of title deeds. Due to

reasons beyond their control, they could not pay the

installments on time. The respondent has 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 petitioners are willing to pay the overdue

amount in installments and regularise the loan account.

Hence, the writ petition.

3. Heard; Sri. S.K.Saju, the learned Counsel

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

learned Counsel appearing for the respondent. WP(C) NO. 27242 OF 2023

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

the overdue amount as on today is Rs.2,67,372/-. The

tenure of the loan is till 2030. The respondent is willing

to permit the petitioners to pay the overdue amount in

eight equated monthly installments. The said

submission is recorded.

5. The learned Counsel appearing for the

petitioners prayed that the petitioners may be granted

atleast twelve equated monthly installments to pay the

overdue 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. 27242 OF 2023

Resultantly, I dispose of the writ petition in the

following manner:

(i) The respondent is directed to defer further

proceedings pursuant to Ext.P1, to enable the

petitioners to pay the overdue amount in

installments.

(ii) The petitioners are permitted to pay the

overdue amount as stated above, with future

interest and cost to the respondent -Company

in twelve equated monthly installments

commencing from 25.09.2023, along with

regular EMIs.

(iii) Needless to mention, if the petitioners default

in payment of any one of the installments as

directed above, the petitioners would lose the

benefit of this judgment and the respondent

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. 27242 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. 27242 OF 2023

APPENDIX OF WP(C) 27242/2023

PETITIONER EXHIBITS

Exhibit P1 A TRUE COPY OF THE LETTER DATED 10.07.2023 ISSUED BY THE RESPONDENT TO THE PETITIONERS