Kerala High Court
M.D.Dhanesh vs Muthoot Vehicle & Asset Finance on 1 February, 2023
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MURALI PURUSHOTHAMAN
WEDNESDAY, THE 1ST DAY OF FEBRUARY 2023/12TH MAGHA, 1944
WP(C) NO. 39564 OF 2022
PETITIONERS:
1 M.D.DHANESH
AGED 59 YEARS
SON OF M.K. DAMODHARAN,
METHANATH HOUSE, K. MURALI ROAD,
KADAVANTHARA P. O., ERNAKULAM,
PIN - 682 020.
2 BINDU DHANESH
AGED 53 YEARS
WIFE OF DHANESH M.D.,
METHANATH HOUSE, K. MURALI ROAD,
KADAVANTHARA P.O., ERNAKULAM.
PIN - 682 020.
BY ADVS.
S.VINOD BHAT
ANAGHA LAKSHMY RAMAN
GREESHMA CHANDRIKA.R
RESPONDENTS:
1 MUTHOOT VEHICLE & ASSET FINANCE
REGISTERED OFFICE,
2ND FLOOR,
MUTHOOT CHAMBERS,
OPPOSITE SARITHA THEATRE,
BANERJI ROAD,
ERNAKULAM - 682 018,
REPRESENTED BY ITS AUTHORISED OFFICER.
2 THE AUTHORISED OFFICER
MUTHOOT VEHICLE & ASSET FINANCE,
CORPORATE OFFICE,
5TH & 6TH FLOOR,
MITHUN TOWER,
K.P.VALLON ROAD,
KADAVANTHARA, ERNAKULAM,
PIN - 682 020.
3 BINOY VARGHESE GEORGE
S/O. GEEVARGHESE GEORGE,
DAIVAPURACKAL HOUSE,
CHEPPAD P.O.,
ALAPPUZHA DISTRICT - 690 507.
WP(C).No.39564 OF 2022
2
4 SHIJI BINOY VARGHESE
W/O. BINOY VARGHESE GEORGE,
DAIVAPURACKAL HOUSE,
CHEPPAD P.O.
ALAPPUZHA DISTRICT,
PIN - 690 507.
BY ADVS.
R1 & R2 - SRI. SABU S.KALLARAMOOLA
SRI. GEORGE MATHEW KARAMAYIL
SRI. M.D.SASIKUMARAN
SRI. SUNIL KUMAR A.G
SRI. DIPU JAMES
SRI. MATHEW K.T.
SRI. GEORGE K.V.
SRI. STEPHY K. REGI
SRI. ADARSH KURIAN
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 01.02.2023, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
WP(C).No.39564 OF 2022
3
JUDGMENT
The petitioners had earlier approached this Court by
filing W.P.(C) No.22453 of 2021 challenging possession
certificate issued by the 2nd respondent under the
SARFAESI Act. This Court by Ext.P1 judgment issued
the following directions:-
"i. The petitioners shall deposit an amount of
Rs.52,40,000/- with the 1st respondent Bank on or
before 25.02.2022.
ii. The balance outstanding amount with interest
shall be paid in 12 equal monthly installments
commencing from March, 2022, payable on or
before 25th of every month.
iii. In case the petitioners fail to make payment of
any of the installments as aforesaid, the
respondents will be free to proceed against the
secured assets of the petitioners, in accordance
with law.
iv. In case the petitioners point out any
discrepancy with regard to the settlement of
accounts, the respondents shall consider the same
and give the petitioners appropriate reply.
However, I make it clear that the same will not
affect the payment of installments directed to be
made as aforesaid.
v. To enable the petitioners to make payments as
aforesaid, all coercive proceedings shall stand
deferred."
WP(C).No.39564 OF 2022
2. Pursuant to the directions in the said
judgment, the petitioners remitted six monthly
installments. Thereafter, they did not pay the amounts.
They have filed this writ petition for direction to
respondents 1 and 2 to give them time to repay the
balance amount with interest in six equal monthly
installments.
3. When the matter came up for admission, this
Court passed an interim order staying coercive
proceedings against the petitioners on condition that the
petitioners deposit an amount of Rs.20 lakhs on or
before 31.12.2022 and posted the matter on
03.01.2023.
4. On 03.01.2023, the learned counsel for the
petitioners submitted that the petitioners could not
deposit the amount of Rs.20 lakhs as directed by this
Court and sought further time.
5. On 30.01.2023, the learned counsel for
respondents 3 and 4, the guarantors, submitted that
WP(C).No.39564 OF 2022
they have deposited an amount of Rs.15,00,000/- with
the Bank on 27.01.2023.
6. When the matter was taken up for
consideration on 31.01.2023, the learned counsel for the
petitioners as well as the learned counsel for
respondents 3 and 4 submitted that the amount of
Rs.1,31,25,000/- outstanding in the loan account will be
paid in two installments and accordingly the writ petition
was posted today for the instructions of the learned
Standing Counsel for the 1st respondent.
7. The learned Standing Counsel for the 1 st
respondent submitted that the original time granted
would expire on 25.02.2023 and an amount of
Rs.50 lakhs shall be remitted by the petitioners on or
before the said date and the balance amount shall be
remitted on or before 25.03.2023.
8. The learned counsel for the petitioners and
learned counsel for respondents 3 and 4 pray that the
petitioners/respondents 3 and 4 may be permitted to
WP(C).No.39564 OF 2022
pay the outstanding amount in two installments and an
amount of Rs.40 lakhs will be remitted by them towards
1st installment on or before 25.02.2023 and the balance
amount will be remitted on or before 25.03.2023.
9. Having heard the learned counsel for the
petitioners, the learned counsel for respondents 3 and 4
and the learned Standing Counsel for the Bank, I am of
the view that, interest of justice would be met, if the
petitioners/respondents 3 and 4 are permitted to pay the
amount of Rs.1,31,25,000/- outstanding in the loan
account in two installments as follows:-
i) The petitioners/respondents 3 and 4 shall
deposit an amount of Rs.40 lakhs with the 1 st
respondent Bank on or before 25.02.2023. The
balance amount with interest shall be paid on or
before 25.03.2023.
ii) In case the petitioners fail to make payment
of the first installment as aforesaid, the
respondents 3 and 4 shall surrender the secured
WP(C).No.39564 OF 2022
assets before the 1st respondent Bank.
10. To enable the petitioners to make payments as
aforesaid, all coercive proceedings shall stand deferred.
It will be open for the petitioners to approach the 1 st
respondent with request for waiver of interest, in which
event, the 1st respondent Bank may consider such
request and pass appropriate orders.
The writ petition is disposed of with the above
directions.
Sd/-
MURALI PURUSHOTHAMAN
JUDGE
SPR
WP(C).No.39564 OF 2022
APPENDIX
PETITIONER'S EXHIBITS:-
EXHIBIT P1 TRUE COPY OF THE JUDGMENT DATED
23-12-2021 IN W.P.(C) NO.22453/2021
OF HIGH COURT OF KERALA.
RESPONDENTS EXHIBITS: NIL.
