P.S.Manoj Kumar v. the Repco Home Finance Ltd.
Case brief
What is this about?
In a writ petition, petitioner challenging recovery steps taken by a bank under SARFAESI Act sought to pay outstanding dues in installments due to financial hardship. The Court disposed of the petition by suspending recovery proceedings if the debtor pays the overdue amount in eight monthly installments starting March 28, 2016, warning that default voids this protection.
What did the court decide?
Recovery proceedings kept in abeyance if petitioner pays Rs.1,50,102 plus interest in eight monthly installments from 28.03.2016; default voids this benefit.
What the court decided
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR
WEDNESDAY, THE 16TH DAY OF MARCH 2016/26TH PHALGUNA, 1937
W.P.(C).No. 2662 of 2016 (G)
PETITIONER:
P.S.MANOJ KUMAR, PATHUSSERIL HOUSE, AYYARKUNNAM VILLAGE, KOTTAYAM
BY ADV. SRI.A.K.HARIDAS
RESPONDENTS:
1. THE REPCO HOME FINANCE LTD., KOTTAYAM BRANCH, 1ST FLOOR, ALFIYA ARCADE, KOTTAYAM-686 001 REPRESENTED BY ITS AUTHORIZED OFFICER.
2. BINDU MANOJ, PAHUSSERIL HOUSE, PUNNATHARA P.O., KOTTAYAM-686 583.
Issues for consideration
2 issues framed by the court
Whether a petitioner who defaulted on a secured loan can obtain reprieve from recovery proceedings by agreeing to pay the overdue amount in installments.
Whether a High Court can condone financial hardship by directing suspension of SARFAESI proceedings upon payment terms.
Parties & counsel
- petitioner
P.S. Manoj Kumar
- respondent
REPCO Home Finance Ltd.
- respondent
Bindu Manoj
- respondent
K.P. Suresh
Coram
Case details
As recorded by the court registry
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