Mohanan.T.P vs The Manappuram Home Finance Ltd
2023 Latest Caselaw 5512 Ker

                 IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                 PRESENT
           THE HONOURABLE MR.JUSTICE MURALI PURUSHOTHAMAN
       TUESDAY, THE 2ND DAY OF MAY 2023 / 12TH VAISAKHA, 1945
                         WP(C) NO. 14655 OF 2023
PETITIONER/S:

           MOHANAN.T.P, AGED 49 YEARS
           S/O PURUSHOTHAMAN, THANNIMOOTTIL HOUSE,
           VAZHOOR.P.O, CHANGANASSERY,                      KOTTAYAM
           DISTRICT, PIN-686 504.
           BY ADVS.
           C.H.ABDUL RASAC
           ABDUL RAOOF PALLIPATH
           K.R.AVINASH (KUNNATH)


RESPONDENT/S:

           THE MANAPPURAM HOME FINANCE LTD
           FIRST FLOOR, LOGOS CENTRE, LOGOS JUNCTION,
           KOTTAYAM, PIN-686001
           REP.BY ITS AUTHORISED OFFICER., PIN - 686001
OTHER PRESENT:

           SRI. C. HARIKUMAR-SC


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
02.05.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 14655 OF 2023       ..2..

                          JUDGMENT

The petitioner has availed a loan from the respondent

financial institution in the year 2021. Since the petitioner

committed default in repayment, the respondent initiated

steps under the SARFAESI Act and Ext.P2 is the notice issued

by the Advocate Commissioner, informing the petitioner that

the secured assets will be taken possession of on 03.05.2023.

Aggrieved by the same, the petitioner has filed this writ

petition.

2. When the matter is taken up for consideration, the

learned Standing Counsel for the respondent Bank submits,

on instructions, that the overdue amount as on today comes to

Rs.2,03,367/- and the respondent is willing to regularise the

account provided the petitioner clears off the overdue amount

in twelve equated monthly installments along with regular

EMIs.

4. On the basis of the submission made by the learned

Standing Counsel for the respondent Bank as well as the WP(C) NO. 14655 OF 2023 ..3..

learned counsel for the petitioner, I am of the view that the

petitioner can be granted an opportunity to repay the overdue

amount in installments and thereafter, if the amount so

directed is repaid within the time as directed, to have the loan

account regularised.

5. Accordingly, there will be a direction to the petitioner

to clear off the entire overdue amount of Rs.2,03,367/- in

twelve equated monthly installments, commencing from

01.06.2023, along with regular EMI. In case the petitioner

defaults payment of any one of the installments as aforesaid,

the respondent will be free to proceed in accordance with law.

In order to enable the petitioner to repay the amounts as

above, coercive steps shall be kept in abeyance.

The writ petition is disposed of as above.

Sd/-

                              MURALI PURUSHOTHAMAN
                                      JUDGE
SB
 WP(C) NO. 14655 OF 2023       ..4..

                          APPENDIX

PETITIONER EXHIBITS

Exhibit P1     TRUE COPY OF THE RELEVANT PAGES OF THE LOAN
               AGREEMENT.
Exhibit P2     TRUE COPY OF THE NOTICE DATED 20.04.2023

ISSUED BY THE ADVOCATE COMMISSIONER.