Kerala High Court
Mambilakkil Noushad vs Cholamandalam Investment And Finance ... on 12 November, 2024
Author: D. K. Singh
Bench: D. K. Singh
WP(C) NO. 39881 OF 2024
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2024:KER:84209
1IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE D. K. SINGH
TUESDAY, THE 12TH DAY OF NOVEMBER 2024 / 21ST KARTHIKA, 1946
WP(C) NO. 39881 OF 2024
PETITIONER:
MAMBILAKKIL NOUSHAD
AGED 48 YEARS
S/O KUNHAMMED MAMBILAKKAL HOUSE, NEDIYANAD DESAM, NARIKKUNI
P O, NARIKKUNI VILLAGE,THAMARASSERY TALUK , KOZHIKODE,
KERALA-, PIN - 673585
BY ADV AJITH M. JIJI
RESPONDENT:
CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LTD
REP. BY THE AUTHORIZED OFFICER , CHOLA CREST”,C54-55
&SUPER B-4, THIRU-VI-KA INDUSTRIAL EASTE, GUINDY,
CHENNAI-., PIN - 600032
ADV.PARVATHY KOTTOL
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
12.11.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
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JUDGMENT
Dated this the 12th day of November, 2024
The present Writ Petition has been filed seeking the
following prayers:
i. Issue a writ of mandamus or any other appropriate writ
directing the Respondent to regularize the loan account
by permitting the Petitioner to pay the overdue amount
in 15 installments.
ii. Issue a writ of mandamus or any other appropriate writ
directing the Respondent to issue the Petitioner with
complete and detailed statements of account
iii. Pass such other orders which are incidental and proper
in the interest of justice
2. The petitioner had availed a mortgaged loan of
Rs.49,00,000/- from the respondent bank in the year 2023.
The petitioner has mortgaged his property having an extent
of 10 Ares of land along with a building comprised in
Re.Sy.No.154/75 of Narikkuni Village, Thamarassery Taluk,
Kozhikode district, to secure the loan. The petitioner has
defaulted in making repayment of the loan taken from the
respondent bank. Therefore, the bank after classifying the
petitioner's loan account as NPA, has proceeded under the
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provisions of the SARFAESI Act and Rules made thereunder.
3. The learned counsel for the respondent bank
submits that if the petitioner makes payment of substantial
amount upfront and remaining overdue amount in few
instalments, along with the regular instalments, the bank
shall regularize the loan account of the petitioner. As of
today, the overdue amount is Rs.7,88,964/- and the total
outstanding amount is Rs.52,89,323/-.
4. Considering the said stand of the learned counsel for
the respondent, the present writ petition is disposed of in
the following terms:
i. The petitioner shall pay an upfront amount of
Rs.2,00,000/- along with one regular instalment
on or before 30.11.2024 and the remaining
overdue amount in 10 equal monthly instalments,
along with the regular instalments. The 1 st
instalment is to be paid on or before 15.12.2024,
and the remaining 9 instalments on or before the
15th day of each succeeding month.
ii. Once the petitioner pays the entire overdue
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amount, the bank shall regularize the loan
account of the petitioner.
iii. In case of failure to make payment of
Rs.2,00,000/- or any subsequent instalments as
directed above, the bank shall be free to proceed
further against the petitioners for realizing the
outstanding loan amount.
With the aforesaid directions, the present writ petition
stands finally disposed of.
Sd/-
D. K.SINGH
JUDGE
AP
WP(C) NO. 39881 OF 2024
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APPENDIX OF WP(C) 39881/2024
PETITIONER EXHIBITS
Ext. P1. TRUE COPY OF THE POSSESSION NOTICE DATED 13-09-
2024 ISSUED BY THE RESPONDENT
Ext.P2. TRUE COPY OF SALE NOTICE DATED 28.10.2024 ISSUED
BY THE RESPONDENT TO THE PETITIONER
