Santhakumar vs Muthoot Vehicle And Asset Finance ...
2023 Latest Caselaw 6284 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
                 THE HONOURABLE MR.JUSTICE C.S.DIAS
    MONDAY, THE 12TH DAY OF JUNE 2023 / 22ND JYAISHTA, 1945
                       WP(C) NO. 4997 OF 2023
PETITIONERS:

    1     SANTHAKUMAR
          AGED 60 YEARS
          S/O KESAVA PANICKER, KACHERIPADAM KALAM,
          VITHANASSERY, NENMARA, CHITTUR TALUK, PIN - 678508

    2     BINDU
          AGED 50 YEARS
          W/O SANTHAKUMAR, KACHERIPADAM KALAM, VITHANASSERY,
          NENMARA, CHITTUR TALUK, PIN - 678508

          BY ADVS.      ABDUL JAWAD K.
                        U.MUHAMMED MUSTHAFA
                        A.GRANCY JOSE


RESPONDENTS:

    1     MUTHOOT VEHICLE AND ASSET FINANCE LTD
          MUTHOOT CHAMBERS, KURIAN TOWERS, BANERJI ROAD,
          ERNAKULAM, KOCHI REP. BY IT'S MANAGER/POWER OF
          ATTORNEY HOLDER, MADHU. E., PIN - 682018

    2     JAYAN THANKAPPAN
          AUTHORIZED OFFICER, MUTHOOT VEHICLE ASSETS AND
          FINANCE LIMITED, CORPORATE OFFICE, KADAVANTHARA,
          KOCHI, PIN - 682020

          SHRI.C.S.MANILAL

      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
12.06.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C)No.4997/2023

                                      -:2:-




                      Dated this the 12th day of June,2023

                             JUDGMENT

The writ petition is filed to direct the respondents

to permit the petitioners to pay off the outstanding

amount in equated monthly instalments and regularise

the loan account.

2. The petitioners' case is that, they are husband

and wife. They had availed financial assistance from

the first respondent - Bank for business purposes by

creating an equitable mortgage. Due to unforeseen

circumstances, they could not pay the instalments on

time. Now, the respondents have initiated proceedings

under the Securitization and Reconstruction of

Financial Assets and Enforcement of Security Interest

Act, 2002 and is proceeding against the secured asset.

The first petitioner is suffering from cancer. The

petitioners are prepared to pay off the outstanding W.P.(C)No.4997/2023

amount in instalments. Hence, the writ petition.

3. Heard; Sri. Abdul Jawad K, the learned

counsel appearing for the petitioners and Sri. C.S.

Manilal,the learned standing counsel appearing for the

respondents.

4. Sri. C.S. Manilal, on instructions, submitted

that as on today, the outstanding amount is

Rs.44,97,380/-. The respondents are ready to permit

the petitioners to pay off the outstanding amount in 10

equated monthly instalments along with the regular

EMIs. The said submission is recorded.

5. The learned counsel appearing for the

petitioners submitted that, as the first petitioner is

suffering from cancer and the petitioners are making

necessary arrangements to pay off the outstanding

amount in equated monthly instalments, they may be

granted at least 15 instalments to pay off the W.P.(C)No.4997/2023

outstanding amount.

6. Having considered the pleadings and

materials on record, and in the light of the submission

made by the learned counsel appearing for parties, to

provide the petitioner one last opportunity, I am

inclined to exercise the powers of this Court under

Article 226 of the Constitution of India and dispose of

the writ petition.

Resultantly, I dispose of the writ petition in the

following manner:

(i) The respondents are directed to defer further proceedings pursuant to Exts P5 & P6, to enable the petitioners to pay off the overdue amount in instalments.

(ii) The petitioners are permitted to pay the outstanding amount as stated above with future interest and cost to the first respondent - Bank in 15 equated monthly instalments commencing from 12.07.2023 along with regular EMIs.

W.P.(C)No.4997/2023

(iii) Needless to mention, if the petitioners commit default in respect of any of the conditions ordered above, they will lose the benefit of this judgment and the respondents 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/-

                                      C.S.DIAS,JUDGE

DST/12.06.23                                         //True copy//

                                                     P.A.To Judge
 W.P.(C)No.4997/2023






                             APPENDIX




PETITIONER EXHIBITS
EXHIBIT - P1        A TRUE COPY OF THE AWARD DATED 14/08/2020
                    OF      THE     SOLE    ARBITRATOR     IN
                    ARB.REF.NO.56/2020

EXHIBIT - P2          A   TRUE  COPY    OF   THE   MEMORANDUM   OP.
                      (ARB).NO.2/2022    BEFORE    THE   COMMERCIAL
                      COURT, PALAKKAD

EXHIBIT - P3          A TRUE COPY OF THE NOTICE DATED 31/08/2021
                      ISSUED BY THE 2ND RESPONDENT

EXHIBIT - P4          A TRUE COPY OF THE REPLY NOTICE DATED

08/09/2021 ISSUED BY THE PETITIONERS THROUGH THEIR ADVOCATE

EXHIBIT - P5 A TRUE COPY OF THE NOTICE DATED 18/05/2022 ISSUED BY THE 2ND RESPONDENT

EXHIBIT- P6 A TRUE COPY OF THE NOTICE DATED 09/02/2023 ISSUED BY THE ADVOCATE COMMISSIONER

EXHIBIT - P7 A TRUE COPY OF THE DISCHARGE SUMMARY ISSUED ON 03/01/2020 AFTER THE SURGERY BY THE LAKESHORE HOSPITAL, KOCHI

RESPONDENT'S EXHIBITS: NIL