Disposed

Baby M.J., v. M/S. Shriram Transport Finance Co. Ltd.

Kerala HC18 Mar 2022AR/39/2022

Case brief

AI extract

What is this about?

In an arbitration request regarding a loan default, the High Court set aside the request on counsel's consenting to a settlement allowing repayment of overdue dues via monthly instalments.

What did the court decide?

Petitioner permitted to pay overdue amount of Rs.10,80,870/- in 20 monthly instalments starting 15.04.2022 along with regular EMIs; default leads to liability recovery.

Baby M.J., Vs M/S. Shriram Transport Finance Co. Ltd. — Arbitration | Kerala HC (2022)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT

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THE HONOURABLE MR. JUSTICE DEVAN RAMACHANDRAN

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FRIDAY, THE 18^TH DAY OF MARCH 2022 / 27TH PHALGUNA, 1943

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AR NO. 39 OF 2022

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PETITIONER:

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BABY M.J., AGED 66 YEARS S/O. POULOSE C., PADAMATTUMAL HOUSE, SOUTH NALUVAZHI, NANTHIATTUKUNNAM, NORTH PARUR P.O., ERNAKULAM DISTRICT683513. BY ADVS. G.HARIHARAN PRAVEEN.H. K.S.SMITHA V.R.SANJEEV KUMAR SMT.ANJALI T.

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RESPONDENT:

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M/S. SHRIRAM TRANSPORT FINANCE CO. LTD., HAVING THEIR OFFICE AT XXI/41, J FIRST FLOOR, AQUARIUS EDIFICIO, REPUBLIC ROAD, OPPOSITE VIJAYA BANK, NORTH PARUR, ERNAKULAM DISTRICT-683513, REPRESENTED BY ITS MANAGER. BY ADVS. HARIKUMAR C SANDRA SUNNY(K/926/2020) ARUN KUMAR M.A(K/1197/2021)

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THIS ARBITRATION REQUEST HAVING COME UP FOR ADMISSION ON 18.03.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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AR NO. 39 OF 2022 2

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ORDER

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Even though this Arbitration Request has been

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impelled with several allegations and averments, when this matter was called today, the learned Standing Counsel for the respondent – Shri.C.Harikumar, submitted that if the petitioner is interested in a settlement, his client is willing to offer him an opportunity to pay off the total overdue amount of Rs.10,80,870/-, as on 15.03.2022, in his loan account in instalments. He then left it to this Court to fix

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the apposite number of instalments that can be offered to the petitioner for making such payment.

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Smt.Anjali T., learned counsel appearing for

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the petitioner, submitted that her client is

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willing to accept the afore suggestion and prayed that at least 20 monthly instalments be afforded to him to pay off the afore mentioned overdue amount of Rs.10,80,870/-.

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In the afore circumstances and write down the

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appreciation of this Court for the stand taken by the respondent, I dispose of this Arbitration

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AR NO. 39 OF 2022 3

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Request recording that the parties have arrived at a consensus; thus permitting the petitioner to pay off the aforementioned overdue amount of Rs.10,80,870/-, as on 15.03.2022 , in 20 equal monthly instalments commencing from 15.04.2022. He shall also, in addition to this, pay the regular EMIs without fail.

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It goes without saying that if the petitioner

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commits default in payment of two or more instalments, the benefit granted under this order would stand vacated and the respondent will be at liberty to recover the entire liability from the petitioner, by continuing with further action as per the loan agreement.

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Sd/-

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DEVAN RAMACHANDRAN

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JUDGE

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MC/19.3

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AR NO. 39 OF 2022 4

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APPENDIX OF AR 39/2022

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PETITIONER ANNEXURES

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Annexure I TRUE COPY OF THE REGISTRATION CERTIFICATE BEARING REGISTRATION NO. KL-53E-5252. Annexure II TRUE COPY OF THE REPAYMENT CHART DATED 03/10/2019 ISSUED BY THE RESPONDENT IN FAVOUR OF THE PETITIONER. Annexure III TRUE COPY OF THE ARBITRATION NOTICE DATED 03/11/2021 ISSUED ON BEHALF OT EH RESPONDENT ADDRESSED TO THE PETITIONER AND ANOTHER. Annexure IV TRUE COPY OF THE OBJECTION DATED 31/01/2022 SENT BY THE PETITIONER ADDRESSED TO THE RESPONDENT. Annexure V TRUE COPY OF THE INTERIM ORDER PASSED BY THIS HON'BLE COURT IN ARBITRATION REQUEST NO. 7/2022 ON 19/01/2022. Annexure VI TRUE COPY OF THE NOTICE DATED 19/01/2022 ISSUED BY THE ADVOCATE COMMISSIONER SMT.APARNA ANIL ON THE STRENGTH OF ORDERS PASSED IN CMA ARBITRATION NO.12/2022 BY THE PRINCIPAL SUB COURT, ERNAKULAM IN IA NO. 1/2022 IN CMA ARBITRATION NO.12/2022.

Baby M.J., v. M/S. Shriram Transport Finance Co. Ltd.

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Baby M.J., v. M/S. Shriram Transport Finance Co. Ltd.

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