Arjun Joseph vs Cholamandalam Investment And Finance ...
2024 Latest Caselaw 31122 Ker

Kerala High Court

Arjun Joseph vs Cholamandalam Investment And Finance ... on 1 November, 2024

WP(C) NO. 38334 OF 2024

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                                                  2024:KER:81342
             IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                 PRESENT

          THE HONOURABLE MR. JUSTICE SYAM KUMAR V.M.

 FRIDAY, THE 1ST DAY OF NOVEMBER 2024 / 10TH KARTHIKA, 1946

                      WP(C) NO. 38334 OF 2024

PETITIONER

             ARJUN JOSEPH,
             AGED 33 YEARS
             S/O JOSEPH, POOPPALLY HOUSE, VETTIKKAL ROAD,
             THIRUVANIYOOR, ERNAKULAM, PIN - 682308


             BY ADV JOSE ANTONY


RESPONDENT

             CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LTD.,
             COMMERCIAL CENTRE, THEKKEKKARA FLATS, 2ND FLOOR,
             PADIVATTOM, KOCHI,REPRESENTED BY ITS AUTHORIZED
             OFFICER, PIN - 682024



OTHER PRESENT:

             SRI.PAULOCHAN ANTONY-SC


      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON   01.11.2024,   THE   COURT    ON   THE   SAME   DAY   DELIVERED   THE
FOLLOWING:
 WP(C) NO. 38334 OF 2024

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                                                         2024:KER:81342
                           JUDGMENT

============

This writ petition has been filed by the petitioner seeking

the following reliefs:

"i) That a writ of mandamus or other order be passed, directing the respondents to grant 15 equated monthly installments to the petitioner to repay the overdue amount as on date and regularize the loan.

ii) Grant such other and further reliefs, as that are appropriate and incidental to this writ petition."

2. The petitioner had availed a loan for an amount of

Rs.36,00,000/- in the year 2019. There were defaults in remitting

the regular EMIs and the account has been classified as NPA in

the year 2021. He prays that he may be given an opportunity to

clear off the entire overdue amounts in installments.

3. Heard the learned Standing Counsel appearing on

behalf of the respondent.

4. The learned Standing Counsel appearing for the

respondent submits that the total outstanding as on date is WP(C) NO. 38334 OF 2024

2024:KER:81342 37,85,255/-, and that the overdue amount would come to

Rs.4,23,091/-. It is further submitted that the Bank is ready and

amenable to extend the installment facility to the petitioner,

provided the petitioner pays an amount of Rs.2 lakhs within a

period of one month, ie; on or before 30.11.2024 and the rest of

the overdue amounts must be cleared off by seven equal monthly

installments.

5. The learned counsel appearing for the petitioner is

ready and amenable to the said arrangement.

6. In view of the above, this writ petition is disposed of

with the following directions:

i) The petitioner shall remit an amount of Rs.2 lakhs on

or before 30.11.2024.

ii) The petitioner shall clear off the overdue amount of

Rs.4,23,091/-in seven equal consecutive monthly installments

along with regular EMIs and other bank charges, if any.

iii) In case of any default by the petitioner in complying

with the above arrangement, the bank shall be free to proceed in

accordance with law.

WP(C) NO. 38334 OF 2024

2024:KER:81342

iv) So as to enable the arrangement as aforementioned,

the coercive steps now underway shall be kept in abeyance.

Sd/-

SYAM KUMAR V.M. JUDGE

smm WP(C) NO. 38334 OF 2024

2024:KER:81342 APPENDIX OF WP(C) 38334/2024

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE JUDGMENT DATED 14.12.2022 IN WP(C) NO 39136 OF 2022 OF THE HON'BLE HIGH COURT OF KERALA

Exhibit P2 TRUE COPY OF THE NOTICE DATED 27.4.2024 ISSUED BY THE ADVOCATE COMMISSIONER TO THE PETITIONER AND ANOTHER APPOINTED BY THE HON'BLE ADDL. CHIEF JUDICIAL MAGISTRATE COURT, ERNAKULAM IN M.C NO. 684 OF 2022