Kerala High Court
Rajesh vs Kerala Financial Enterprises Limited on 6 February, 2024
Author: V Raja Vijayaraghavan
Bench: V Raja Vijayaraghavan
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE RAJA VIJAYARAGHAVAN V
TUESDAY, THE 6TH DAY OF FEBRUARY 2024 / 17TH MAGHA, 1945
WP(C) NO. 4459 OF 2024
PETITIONER:
RAJESH
AGED 42 YEARS
S/O. RAJAN, UNDASSAN VEETTIL, PADEETTATHIL,
MUTHUKULAM NORTH, CHOOLATHERUVU P.O., MUTHUKULAM,
ALAPPUZHA, PIN - 690506
BY ADVS.
SHAKTHI PRAKASH
MUHASIN K.M.
AMJATHA D.A.
FARHANA K.H.
RESPONDENTS:
1 KERALA FINANCIAL ENTERPRISES LIMITED
REPRESENTED BY THE MANAGER REGISTERED OFFICE,
'BHADRATHA', P. B. NO. 510, MUSEUM ROAD, CHEMBUKKAVU,
THRISSUR, PIN - 680020
2 THE BRANCH MANAGER
KERALA FINANCIAL ENTERPRISES LIMITED, HARIPPAD I
BRANCH OFFICE, HARIPPAD, ALAPPUZHA, PIN - 690514
SRI. SALIL NARAYANAN K A, SC FOR KSFE
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 06.02.2024, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
W.P.(C).4459 of 2024 2
JUDGMENT
The petitioner states that he secured financial facilities from the 1st
respondent financier. According to the petitioner, he suffered a serious loss in
his business and could not make prompt repayments on time. This has led
the respondents to initiate coercive proceedings to realize the amounts due.
It is on these assertions that this Writ Petition is filed seeking direction to the
2nd respondent to grant the opportunity to the petitioner to remit the
amounts in installments.
2. The learned Standing Counsel appearing for the respondents
submits that the petitioner has subscribed two chits and one loan, and as of
14.01.2024 total outstanding due from the petitioner is Rs.17,63,136/-. It is
further submitted that the first respondent is not averse to granting an
opportunity to the petitioner to clear the amount due in installments.
However, he submits that no more than six installments be granted.
3. Upon careful consideration of the submissions made by both
parties, it is evident that the petitioner owes in excess of Rs.17 lakhs to the
first respondent. The respondents, very fairly, have agreed to permit the
petitioner to settle these debts through a limited number of installments. As
a measure of last resort, I am inclined to issue directions to facilitate the
petitioner in discharging his financial obligations to the first respondent. This
approach is deemed necessary to provide a structured pathway for the
petitioner to clear off his monetary liabilities in a manageable manner.
Resultantly, this writ petition is ordered, and the following directions
are issued:
1. The petitioner shall approach the 1st respondent with
a request to inform him of the details of the
outstanding, together with interest and other charges
due from him in respect of the loan account. If such a
request is made within two weeks from the date of
receipt of a copy of this judgment, the respondent
shall forthwith issue a statement in writing detailing
the amounts.
2. On receipt of such a statement, the petitioner shall
pay the amounts shown therein in twelve (12) equal
monthly installments commencing from 15.3.2024 and
continue to pay the same on every successive month
thereafter until the entire dues are wiped off.
3. If the amounts are diligently paid in terms of the
directions above, coercive proceedings initiated
against him by the respondent for the realization of
the amount shall be kept in abeyance.
4. It is made clear that if the petitioner commits default
of any two installments, he will lose the benefit of this
judgment, and the concerned respondent will be free
to continue the recovery proceedings against him
from the stage at which he presently stands and
recover the entire amount along with interest and
other charges.
5. It is further made clear that no application for an
extension of time will be entertained.
Sd/-
RAJA VIJAYARAGHAVAN V,
JUDGE
IAP
APPENDIX OF WP(C) 4459/2024
PETITIONER'S EXHIBITS:
Exhibit P1 TRUE COPY OF THE NOTICE NO.3/2019/A1-29
DATED 26.12.2023 ISSUED BY THE 2ND
RESPONDENT BRANCH MANAGER
Exhibit P2 TRUE COPY OF THE NOTICE NO.62/2019/A2-109
DATED 26.12.2023 ISSUED BY THE 2ND
RESPONDENT BRANCH MANAGER
Exhibit P3 TRUE COPY OF THE NOTICE NO.RCL-1529 DATED
26.12.2023 ISSUED BY THE 2ND RESPONDENT
BRANCH MANAGER
