Kerala High Court
Annamma P.R vs Authorized Officer on 12 April, 2024
Author: N.Nagaresh
Bench: N.Nagaresh
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE N.NAGARESH
FRIDAY, THE 12TH DAY OF APRIL 2024 / 23RD CHAITHRA, 1946
WP(C) NO. 15070 OF 2024
PETITIONERS:
1 ANNAMMA P.R.
AGED 51 YEARS
KATTIPARAMBIL HOUSE, MUHAMMA,
THANNEERMUKKOM SOUTH ALAPPUZHA, PIN - 688525
2 VARGHESE T.T.
AGED 56 YEARS
S/O THOMAS, KATTIPARAMBIL HOUSE,
MUHAMMA, THANNEERMUKKOM SOUTH ALAPPUZHA,
PIN - 688525
BY ADV R.AZAD BABU
RESPONDENTS:
1 AUTHORIZED OFFICER
MANAPPURAM HOME FINANCE LTD.
MANAPPURAM HOUSE, VALAPAD P.O.,
THRISSUR, PIN - 680567
2 MANAPPURAM HOME FINANCE LTD
DOOR NO. 11534 C, 1ST FLOOR,
PARAYIL BUILDING, SHASTRI ROAD, KOTTAYAM
REPRESENTED BY ITS BRANCH MANAGER, PIN - 686001
BY ADV SRI.C. HARIKUMAR-R1 AND R2
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
12.04.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) No.15070 Of 2024
2
JUDGMENT
Dated this the 12th day of April, 2024
The petitioners have approached this Court aggrieved by
the coercive proceedings for recovery of financial advance
made by the Manappuram Home Finance Limited to the
petitioners, invoking the provisions of the Securitisation and
Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002.
2. The 2nd respondent paid ₹6,48,352/- to the
petitioners as Home Loan in the year 2022. The petitioners
state that though the petitioners made remittances promptly
during the initial repayment period of the financial advance,
they could not pay the repayment installments promptly later
due to financial difficulties. The repayment of loan fell into
arrears. It happened due to reasons beyond the control of the
petitioners.
WP(C) No.15070 Of 2024
3. Though the petitioners requested the 1st
respondent to permit the petitioners to repay the overdue
amounts in easy monthly installments, the respondent
authorities were not yielding. The authorities, instead started
coercive proceedings invoking the provisions of the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 and the Security
Interest (Enforcement) Rules, 2002 and issued Ext.P2 notice.
4. The petitioners state that they are still in a position
to clear the overdue amounts towards the loan, if sufficient
time is given to clear the dues in easy monthly installments. If
the respondents are permitted to continue with the coercive
proceedings and auction the secured assets provided by the
petitioners, they will be put to untold hardship and loss.
5. Standing Counsel entered appearance on behalf of
the respondents and denied all the statements made by the
petitioners. On behalf of the respondents, it is submitted that
WP(C) No.15070 Of 2024
the loan was given to the petitioners in the year 2022. The
petitioners committed default in repaying the loans.
6. The respondents repeatedly reminded the
petitioners and required them to clear the dues. The
petitioners deliberately omitted to do so. In the circumstances,
the respondents had no other go than to proceed against the
petitioners invoking the provisions of the Securitisation and
Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002. The impugned Ext.P2 notice was
issued in these circumstances. The petitioners have not
advanced any legal reasons to thwart the coercive
proceedings initiated by the respondents.
7. The Standing Counsel, however, submitted that if
the petitioners are ready and willing to make a substantial
payment soon and remit the outstanding amount immediately
thereafter, a short breathing time can be granted to the
petitioners to clear the dues. The Standing Counsel submitted
WP(C) No.15070 Of 2024
that the outstanding amount due to the respondents from the
petitioners as on 12.04.2024 is ₹7,87,657/-.
8. I have heard the counsel for the petitioners and the
Standing Counsel representing the respondents
9. The specific case of the petitioners is that the
petitioners have been making the repayment and maintaining
the loan account initially. The default in repayment of the
loans occurred lately due to reasons beyond the control of the
petitioners. The petitioners have provided substantial security
which will safeguard the interest of the respondents.
10. In the facts and circumstances of the case, I am
inclined to dispose of the writ petition giving a short and
reasonable time to the petitioners to clear off the liability.
11. The writ petition is therefore disposed of with the
following directions:
(i) The petitioners shall remit the
outstanding amount of ₹7,87,657/- in ten
WP(C) No.15070 Of 2024
consecutive and equal monthly installments
along with accruing interest and other
administrative charges, if any. First of such
installments shall be paid on or before
13.05.2024.
(ii) If the petitioners commit default in
making payments as directed above, the
respondents will be at liberty to continue with
the coercive proceedings against the
petitioners in accordance with law.
(iii) If the petitioners make payments as
directed above, coercive proceedings, if any,
against the petitioners shall stand deferred.
Sd/-
N.NAGARESH
JUDGE
hmh
WP(C) No.15070 Of 2024
APPENDIX OF WP(C) 15070/2024
PETITIONER EXHIBITS
Exhibit P1 THE TRUE COPY OF THE NOTICE DATED 04-
01-2024 ISSUED TO THE PETITIONERS BY
THE 1ST RESPONDENT
Exhibit P2 THE TRUE COPY OF THE NOTICE DATED 02-
04-2024 ISSUED TO THE PETITIONERS BY
SHRI. THOMAS P. ISSAC, ADVOCATE,
ALAPPUZHA
Exhibit P3 THE TRUE COPY OF THE LETTER DATED 01-
08-2022 ISSUED TO THE PETITIONERS BY
THE 2ND RESPONDENT AT THE TIME OF
AVAILING THE LOAN WITH DETAILS OF THE
LOAN AND THE SCHEDULE OF PAYMENT
