Kerala High Court
Sreenath Ramaswamy vs The Cholamandalam Investment & Finance ... on 12 November, 2024
Author: D. K. Singh
Bench: D. K. Singh
WP(C) NO. 39805 OF 2024
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IN 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. 39805 OF 2024
PETITIONERS:
1 SREENATH RAMASWAMY
AGED 59 YEARS
S/O P.RAMA SWAMY, ARUNASREE, VETTIPUZHA SOUTH, PUNALUR.P.O,
PUNALUR VILLAGE, VALACODE PART, KOLLAM KERALA, PIN - 691305
2 VARUNA SREENATH MURUKESH
AGED 50 YEARS
S/O P.RAMA SWAMY, ARUNASREE, VETTIPUZHA SOUTH, PUNALUR.P.O,
PUNALUR VILLAGE, VALACODE PART, KOLLAM KERALA, PIN - 691305
BY ADV VIJAYAKUMARI
RESPONDENT:
THE CHOLAMANDALAM INVESTMENT &FINANCE COMPANY
REPD BY ITS AUTHORIZED OFFICER , 2ND FLOOR RAJA COMMERCIAL
COMPLEX, OPPOSITE AKSHARA OFFSET PRINTERS, VANCHIYOOR,
THIRUVANANTHAPURAM,, PIN - 695035
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
order or direction, quashing Ext.P2 notice and stay all
further proceedings initiated under Securitization Act.
ii. To direct the respondents to allow 18 installments to
pay off the over due amount along with the current EMI
and to regularize the loan account.
iii. Such other reliefs this Honorable Court may deem fit
and proper to grant in the facts and circumstances of
the case.
2. The petitioners, who are husband and wife, had
availed a housing loan of Rs.1,25,00,000/- from the
respondent Finance Company in the year 2021. The said
loan liability has to be discharged along with interest up to
the year 2036 in equal monthly instalments. The petitioners
have mortgaged their joint property having an extent of
10.93 Ares along with a 2200 sq.ft two storied residential
building comprised in Sy.No.402/1/72 of Punalur Village,
Punalur Taluk, Kollam District, to secure the loan. The
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petitioners have defaulted in making repayment of the loan
taken from the respondent Finance Company. Therefore, the
Finance Company after classifying the petitioners' loan
account as NPA, has proceeded under the provisions of the
SARFAESI Act and Rules made thereunder.
3. The learned counsel for the respondent Finance
Company submits that if the petitioners make payment of
substantial amount upfront and remaining overdue amount
in few instalments, along with the regular instalments, the
Finance Company shall regularize the loan account of the
petitioners. As of today, the overdue amount is
Rs.11,28,600/- and the total outstanding amount is
Rs.1,26,81,070/-.
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 petitioners 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 12 equal monthly instalments,
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along with the regular instalments. The 1 st
instalment is to be paid on or before 25.12.2024,
and the remaining 11 instalments on or before the
25th day of each succeeding month.
ii. Once the petitioners pay the entire overdue
amount, the Finance Company shall regularize
the loan account of the petitioners.
iii. In case of failure to make payment of
Rs.2,00,000/- or any subsequent instalments as
directed above, the Finance Company 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. 39805 OF 2024
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APPENDIX OF WP(C) 39805/2024
PETITIONER EXHIBITS
Exhibit.P 1 TRUE COPY OF THE DEMAND NOTICE DATED 12/12/2023
ISSUED BY THE RESPONDENT TO THE PETITIONERS
Exhibit.P 2 TRUE COPY OF THE NOTICE DATED 29/10/2024 ISSUED
BY THE ADVOCATE COMMISSIONER TO THE PETITIONERS
