Allowed

The Reliance Home Finance Limited v. Alapatt Watches

Kerala HC6 Mar 2018WA/370/2018

Case brief

AI extract

What is this about?

Appeal against a WRIT petition where the Single Judge allowed instalments to cure defaulted payments. The Appellants argued this would extend the NPA status. The Court recorded the Respondents' willingness to pay Rs. 5 lakhs extra and modified the instalment period to 12 months.

What did the court decide?

Modifies the single judge order allowing respondents to clear defaulted instalments in twelve equal monthly instalments together with current EMI, first due by 20.04.2018.

The Reliance Home Finance Limited Vs Alapatt Watches — Company and Corporate | Kerala HC (2018)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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THE HONOURABLE THE CHIEF JUSTICE MR.ANTONY DOMINIC

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& THE HONOURABLE MR. JUSTICE DAMA SESHADRI NAIDU

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TUESDAY, THE 6TH DAY OF MARCH 2018 / 15TH PHALGUNA, 1939

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WA.No. 370 of 2018 IN WPC. 39249/2017

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AGAINST THE JUDGMENT IN WP(C) 39249/2017 of HIGH COURT OF KERALA DATED

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11-12-2017

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APPELLANT(S)/RESPONDENTS 1 TO 3

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1 THE RELIANCE HOME FINANCE LIMITED RELIANCE CENTRE, SOUTH WING, 6TH FLOOR, OFF WESTERN EXPRESS HIGHWAY, SANTACRUZ [EAST], MUMBAI 400 055, REPRESENTED BY ITS MANAGING DIRECTOR.

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2 THE AUTHORISED OFFICER RELIANCE HOME FINANCE LIMITED RELIANCE CENTRE, SOUTH WING, 6TH FLOOR, OFF WESTERN EXPRESS HIGHWAY, SANTACRUZ [EAST], MUMBAI 400 055.

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3 THE BRANCH MANAGER RELIANCE COMMERCIAL FINANCE/HOME FINANCE LTD, 2ND FLOOR, KURICKAL ARCADE, NEAR CHANGAPUZHA PARK, EDAPPALLY, COCHIN 682 024.

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BY ADV.SRI.T.RAJESH

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RESPONDENT(S):

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ALAPATT WATCHES PIONEER TOWERS, MARINE DRIVE, ERNAKULAM REPRESENTED BY ITS MANAGING PARTNER, PALATHINGAL ANTONY BABU @ BABU ANTONY, AGED 60, S/O. P.T.ANTONY, RESIDING AT BEL HEAVEN, ALAPPAT PALATHINKAL, RAJAJI ROAD, ERNAKULAM, 682 035.

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PALATHINGAL ANTONY BABU @ BABU ANTONY AGED 60, S/O. P.T.ANTONY, MANAGING PARTNER, ALAPATT WATCHES, PIONEER TOWERS, MARINE DRIVE, ERNAKULAM 682 031, RESIDING AT BEL HEAVEN, ALAPPAT PALATHINKAL, RAJAJI ROAD, ERNAKULAM, 682 035.

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ROSEBUD BABU AGED 50, W/O. PALATHINGAL ANTONY BABU, PARTNER, ALAPATT WATCHES, PIONEER TOWERS, MARINE DRIVE, ERNAKULAM 682 031, RESIDING AT BEL HEAVEN, ALAPPAT PALATHINKAL, RAJAJI ROAD, ERNAKULAM, 682 035.

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WA.No. 370 of 2018 IN WPC. 39249/2017

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TANYA BABU ALAPATT

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AGED 28, D/O. PALATHINGAL ANTONY BABU, PARTNER, ALAPATT

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WATCHES, PIONEER TOWERS, MARINE DRIVE, ERNAKULAM 682 031, RESIDING AT BEL HEAVEN, ALAPPAT PALATHINKAL, RAJAJI ROAD, ERNAKULAM, 682 035.

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MERLIN BABU ALAPATT AGED 25, D/O. PALATHINGAL ANTONY BABU, PARTNER, ALAPATT WATCHES, PIONEER TOWERS, MARINE DRIVE, ERNAKULAM 682 031, RESIDING AT BEL HEAVEN, ALAPPAT PALATHINKAL, RAJAJI ROAD, ERNAKULAM, 682 035.

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BY SRI.P.T.DINESH

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THIS WRIT APPEAL HAVING COME UP FOR ADMISSION ON 06-03-2018, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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JJJ

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ANTONY DOMINIC, C.J. & DAMA SESHADRI NAIDU, J.

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Writ Appeal No. 370 of 2018

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Dated: 06^th March, 2018

J U D G M E N T

Antony Dominic, C.J.

Heard both sides.

W.P.(C) No.39249 of 2017 was filed by the

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respondents herein questioning a proceedings initiated against them by the appellants herein under the SARFAESI Act. By judgment dated 11^th December, 2017 the writ petition was disposed of by the learned Single Judge allowing an instalment facility to liquidate the defaulted instalments together with the current instalments. It is this judgment which is impugned before us.

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The main contention raised by the learned Counsel for the appellants is that if payments are to be

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W.A. No.370/2018

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-2-

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made as ordered by the learned Single Judge, the loan account will continue to be a Non Performing Asset (NPA) even beyond 31.03.2018 and that such a course cannot be allowed. They, therefore, say that in addition to what is ordered by the learned Single Judge, the respondents should make an additional payment of Rs.5 lakhs on or before 28.03.2018, so that the account will not be an NPA as on 01.04.2018. Today when the matter was taken up for hearing, the learned Counsel appearing for the respondents/writ petitioners submitted that they are willing to pay an additional amount of Rs.5 lakhs, over an above the instalments as ordered by the learned Single Judge and the current instalments, on or before 28.03.2018. This submission is recorded.

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Now, that the respondents have volunteered to make additional payments, we further direct that the

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W.A. No.370/2018

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-3-

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instalment facility allowed by the learned Single Judge to clear the defaulted payments will stand modified and the respondents would be allowed to clear the defaulted instalments in twelve equal monthly instalments which shall be paid together with the current EMI. The first instalment shall be paid on or before 20.04.2018 and the subsequent instalments shall be paid on or before the 20^th of every succeeding months.

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Subject to payments as above, the appeal is disposed of.

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Sd/ANTONY DOMINIC, CHIEF JUSTICE.

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Sd/DAMA SESHADRI NAIDU, JUDGE.

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jjj 06/03/2018

The Reliance Home Finance Limited v. Alapatt Watches

Case brief

What is this about?

What did the court decide?

The Reliance Home Finance Limited v. Alapatt Watches

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

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