Shameer M S vs Piramal Capital And Housing Finance ...
2024 Latest Caselaw 26689 Ker

Kerala High Court

Shameer M S vs Piramal Capital And Housing Finance ... on 5 September, 2024

Author: Dinesh Kumar Singh

Bench: Dinesh Kumar Singh

W. P. (C) No. 31431 of 2024
                                     -1-

                                                  2024:KER:67360
              IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                   PRESENT

         THE HONOURABLE MR. JUSTICE DINESH KUMAR SINGH

THURSDAY, THE 5TH DAY OF SEPTEMBER 2024 / 14TH BHADRA, 1946

                         WP(C) NO. 31431 OF 2024

PETITIONER/S:

              SHAMEER M S
              AGED 34 YEARS
              MAYAPPALLI HOUSE, MADAVANA, PANANGAD PO,
              ERNAKULAM, PIN - 682506


              BY ADVS.
              K.S.ARUNDAS
              AMBILY JOSHY
              ANAMIKA




RESPONDENT/S:

              PIRAMAL CAPITAL AND HOUSING FINANCE LIMITED
              REPRESENTED BY ITS MANAGER, 5TH FLOOR, SL PLAZA,
              PALARIVATTAM, ERNAKULAM, KERALA, PIN - 682025



OTHER PRESENT:

              MOHIZEENA V.Z.


       THIS    WRIT     PETITION    (CIVIL)     HAVING    COME    UP    FOR
ADMISSION      ON    05.09.2024,     THE     COURT   ON   THE    SAME   DAY
DELIVERED THE FOLLOWING:
 W. P. (C) No. 31431 of 2024
                                  -2-

                                                      2024:KER:67360
                              JUDGMENT

The present writ petition has been filed for the following

relief:-

"Issue a Writ of Mandamus or appropriate writ, order, or direction directing the respondent bank to allow the petitioner to pay the overdue amount as instalments along with regular monthly instalments to close the loan account."

2. Petitioner had obtained a loan of Rs. 18,10,000/- from

the respondent financial institution in the year 2015 and

purchased a residential house by mortgaging and deposit of its

title deed (Sale Deed No. 635 of 2015 of Maradu SRO,

Ernakulam). Petitioner had committed default in making

repayment of the loan and therefore the financial institution, after

classifying the loan account as NPA, proceeded against the

petitioner under the provisions of the SARFAESI Act and the

Rules thereunder. As on today, the total outstanding is Rs.

27,72,106/- and the overdue amount is Rs. 12,56,266/-.

3. Learned counsel for the financial institution submits

that if the petitioner pays a substantial amount upfront and the

2024:KER:67360 remaining overdue amount in installments along with the regular

installments as this Court may direct, the financial institution will

regularize the loan account of the petitioner for making payments

in terms of the loan agreement.

Considering the above submission, the present writ

petition is disposed of in the following terms:-

i) The petitioner shall make an upfront payment of Rs.

3,00,000/- on or before 05.10.2024 and the remaining overdue

amount in 10 equal monthly installments along with the regular

installments. The 1st installment is to be paid on or before

07.11.2024 and the remaining 9 installments on or before the 7 th

day of every succeeding month;

ii) In case of failure to make payment of Rs. 3,00,000/-

or any installments, the financial institution shall be free to

proceed against the petitioner, in accordance with law;

iii) If the petitioner pays the entire overdue amount along

with regular installments as directed above, the financial

2024:KER:67360 institution shall regularize the loan account of the petitioner for

making payments in terms of the loan agreement.

Sd/-

DINESH KUMAR SINGH JUDGE

Eb

2024:KER:67360 APPENDIX OF WP(C) 31431/2024

PETITIONER EXHIBITS

Exhibit P1 A TRUE COPY OF THE NOTICE DATED 12.08.2024 ISSUED BY ADV ROJA R