Kerala High Court
Shinu Mundothuparamba vs Cholamandalam Investment And Finance ... on 15 November, 2024
WP(C) NO. 40395 OF 2024
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE BASANT BALAJI
FRIDAY, THE 15TH DAY OF NOVEMBER 2024 / 24TH KARTHIKA, 1946
WP(C) NO. 40395 OF 2024
PETITIONER:
SHINU MUNDOTHUPARAMBA,AGED 40 YEARS
S/O VELAYUDHAN, MUNDOTHU PARAMBIL, GANDHI NAGAR,
OTHUKKUNGAL P.O., MALAPPURAM, PIN - 676528
BY ADVS.
C.Y.VINOD KUMAR
AADIL NAZARUDEEN
RESPONDENTS:
1 CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LTD,
HAVING REGISTERED OFFICE AT DARE HOUSE, 2 NSC BOSE
ROAD, PARRYS, CHENNAI. REPRESENTED BY ITS MANAGER,
PIN - 600000
2 BRANCH MANAGER,CHOLAMANDALAM INVESTMENT AND FINANCE
COMPANY LTD., 1ST FLOOR, AARPEES ARCADE, YMCA CROSS
ROAD, VELLAYIL, KOZHIKODE, PIN - 673001
OTHER PRESENT:
SC SRI. PARVATHY KOTTOL
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
15.11.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
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JUDGMENT
(Dated this the15th day of November, 2024)
The petitioner has availed a loan of Rs.28,50,000/- from the
Cholamandalam Investment and Finance Company on 31.07.2022.
The tenure of the loan is 144 months. The residential property is
mortgaged as security. Since there was a default in payment of the
amounts, proceedings under the SARFAESI Act were initiated
against the petitioner. Ext.P2 notice is issued by the Advocate
Commissioner dated 2.9.2024.
2. The learned Standing Counsel appearing for the
respondents, on instructions, submits that as on today, the
outstanding amount comes Rs.35,24,603/-. The overdue amount is
Rs.8,81,150.75/-.
3. The counsel for the petitioner seeks indulgence of this court
to grant 24 installments to wipe off the overdue amount. The
learned counsel for the respondent submits that the entire overdue
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amount has to be paid in one instalment.
4. Having heard the counsel for the petitioner as well as
Standing counsel for the respondents, I deem it appropriate to
dispose of the writ petition as follows:
i. The petitioner shall pay a lump sum of Rs.1,00,000/-
(Rupees one lakh only) on or before 15.12.2024.
ii. After making a payment of Rs.1,00,000/- as directed
above, the petitioner shall pay the remaining overdue
amount in 9 equated monthly instalments.
iii. The 1st instalment shall be paid on or before 15.01.2025.
The remaining 8 instalments shall be paid on or before 15th
day of each succeeding month, along with regular
installments.
iv. After making payment of the entire overdue amount
along with regular installments, the petitioner shall continue
to pay the regular installments till the entire loan liability is
discharged.
v. In case of failure to make the payment of lump sum
amount of Rs.1,00,000/- or any one of the instalments as
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directed above, the bank shall be free to take possession of
the secured assets. The bank shall proceed against the
petitioner in accordance with law.
v. Till such time, all coercive proceedings against the
secured assets shall be deferred.
Sd/-
BASANT BALAJI
JUDGE
saap
WP(C) NO. 40395 OF 2024
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APPENDIX OF WP(C) 40395/2024
PETITIONER EXHIBITS
Exhibit P1 COPY OF THE LOAN SANCTION LETTER DATED
31/07/2022 ISSUED BY THE 1ST RESPONDENT
Exhibit P2 COPY OF THE NOTICE DATED 02/09/24 ISSUED BY
THE ADVOCATE COMMISSIONER
