Kerala High Court

Ajitha vs Manappuram Home Finance Limited on 9 May, 2025

WP(C) NO. 17780 OF 2025                   1

                                                                     2025:KER:33675
                    IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                     PRESENT

                 THE HONOURABLE MR. JUSTICE SYAM KUMAR V.M.

            FRIDAY, THE 9TH DAY OF MAY 2025 / 19TH VAISAKHA, 1947

                            WP(C) NO. 17780 OF 2025


PETITIONER/S:

             AJITHA,
             AGED 50 YEARS
             W/O. RATHNAKARAN V.J.,KALLULLAKANDI HOUSE, NIRMALAGIRI
             P.O.,KANNUR, PIN - 670701


             BY ADVS.
             C.P.PEETHAMBARAN
             KARTHIKA PEETHAMBARAN
             NEERAJA VENUGOPAL
             ARJUN J DAS
             DIVYA VARGHESE




RESPONDENT/S:

     1       MANAPPURAM HOME FINANCE LIMITED,
             5TH FLOOR, IV/470A (OLD), W/638A (NEW), &#96;MANAPPURAM
             HOUSE', VALAPAD P.O., THRISSUR,REPRESENTED BY ITS AUTHORISED
             OFFICER, PIN - 680567

     2       THE BRANCH HEAD,
             MANAPPURAM HOME FINANCE LIMITED, KANNUR BRANCH, KANNUR, PIN
             - 670001


             BY ADVS.
             C.HARIKUMAR
             SANDRA SUNNY(K/926/2020)
             ARUN KUMAR M.A(K/1197/2021)
             FARAH JYOTHI PRADEEP(K/1240/2023)



     THIS    WRIT    PETITION   (CIVIL)       HAVING   COME   UP   FOR   ADMISSION   ON
09.05.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 17780 OF 2025            2

                                                           2025:KER:33675
                                 JUDGMENT

Petitioner has approached this Court challenging

proceedings initiated by the respondent Bank under the

provisions of the Securitisation and Reconstruction of

Financial Assets and Enforcement of Security Interest Act,

2002 for recovery of the amounts due from the petitioner.

2. During the course of hearing, petitioner has

confined the relief to an opportunity for repaying the liability

in instalments.

3. Learned Standing Counsel appearing for

the respondent bank submits that the petitioner availed a

housing loan and committed default in repayment. It is also

submitted that regularisation is not possible and the term of

the loan is already over. It is further submitted that though

proceedings for recovery have been initiated, as a matter of

indulgence, the respondent bank is willing to accept the

repayment of the outstanding amount in limited instalments.

According to the learned Standing Counsel appearing for the

respondent, as of now, balance amount which is liable to be

repaid is Rs.9,40,742/- (Rupees Nine lakhs forty thousand

seven hundred and forty two only).

4. Having regard to the circumstances of the

2025:KER:33675 case and the submissions made as recorded above, I am of

the view that the petitioner can be granted an opportunity to

repay the outstanding amount in 10 instalments.

5. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire

outstanding amount of Rs.9,40,742/- (Rupees Nine lakhs

forty thousand seven hundred and forty two only) along with

accrued interest, cost and bank charges from the petitioner

in the following manner:

(i) The outstanding amount of Rs.9,40,742/- (Rupees Nine lakhs forty thousand seven hundred and forty two only) shall be repaid in 10 equated monthly instalments along with any accrued interest, costs and bank charges;

(ii) The first instalment shall be paid on or before 30.05.2025 and the subsequent instalments shall be paid on or before the last day of the succeeding months;