Rajeev R vs Cholamandalam Investment & Finance ...
2024 Latest Caselaw 30147 Ker

Kerala High Court

Rajeev R vs Cholamandalam Investment & Finance ... on 24 October, 2024

Author: D. K. Singh

Bench: D. K. Singh

WP(C) NO. 37464 OF 2024




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                          IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                           PRESENT

                            THE HONOURABLE MR. JUSTICE D. K. SINGH

                THURSDAY, THE 24TH DAY OF OCTOBER 2024 / 2ND KARTHIKA, 1946

                                    WP(C) NO. 37464 OF 2024


PETITIONER/S:

       1        RAJEEV R, AGED 37 YEARS, S/O RAJU RAJEEV BHAVANAM KUDASSANAD (PO)
                KUDASSANAD MAVELIKARA KERALA, PIN - 689512

       2        NEETHU P, AGED 34 YEARS, W/O RAJEEV R RAJEEV BHAVANAM KUDASSANAD (PO)
                KUDASSANAD MAVELIKARA KERALA, PIN - 689512


                BY ADVS. JOMY K. JOSE; ATHIRA V. AJAYAN



RESPONDENT/S:

       1        CHOLAMANDALAM INVESTMENT & FINANCE COMPANY LTD
                REPRESENTED BY ITS AUTHORIZED OFFICER, FIRST FLOOR, PUTHUSSERIL BUILDING,
                ST PETER JUNCTION ,PATHANAMTHITTA, KERALA, PIN - 689645

       2        BRANCH MANAGER, CHOLAMANDALAM INVESTMENT & FINANCE COMPANY LTD. ,
                FIRST FLOOR , PUTHUSSERIL BUILDING, ST PETER JUNCTION, PATHANAMTHITTA ,
                KERALA, PIN - 689645


                BY ADV BINOY VASUDEVAN


       THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 24.10.2024, THE COURT ON
THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 37464 OF 2024




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                                  JUDGMENT

The petitioners availed a vehicle loan of Rs.22 lakhs to purchase

Hitachi's construction equipment. However, the petitioners failed to

discharge the loan in terms of the loan agreement. Therefore, the

Financial Institution, after classifying the petitioners' loan account as

NPA, proceeded against the petitioners under the provisions of the

SARFAESI Act and the Rules made there under to possess the

vehicle/equipment.

2. Learned Counsel for the respondent Finance Institution, on

instructions, submits that the overdue amount is Rs.2,89,442/-, and the

outstanding amount is around Rs.14 lakhs. She further submits that if

the petitioners make substantial payment of the overdue amount, the

remaining amount can be paid in a few instalments.

4. Considering the said stand of the learned Counsel for the

respondent Financial Institution, the present writ petition is disposed of WP(C) NO. 37464 OF 2024

2024:KER:79330

on the following terms:

(i) The petitioners shall pay an upfront amount of Rs.50,000/- along

with one regular EMI on or before 15.11.2024.

(ii) The remaining overdue amount, along with regular instalments, is

to be paid in eight equal monthly instalments.

(iii) The first instalment is to be paid on or before 15.12.2024, and the

remaining five instalments on or before the 15th day of each succeeding

month, along with regular instalments.

(iv) If the petitioners pay the entire overdue amount, the Financial

Institution shall regularize the petitioners' loan account for making

payments in terms of the loan agreement.

(v) In case of failure to make payment of the upfront amount of

Rs.50,000/- or any instalments as directed above, the Financial

Institution shall be free to proceed against the petitioner in accordance

with the law.

WP(C) NO. 37464 OF 2024

2024:KER:79330

The writ petition stands disposed of.

Sd/-

D. K. SINGH JUDGE jjj WP(C) NO. 37464 OF 2024

2024:KER:79330

APPENDIX OF WP(C) 37464/2024

PETITIONER EXHIBITS

Exhibit P1 A TRUE COPY OF THE INTERIM ORDER ISSUED BY CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LTD DATED 24-05-2024