Allowed

1. Reena a. K v. Manappuram Home Finance Limited

Kerala HC10 Oct 2022WP(C)/15783/2022

Case brief

AI extract

What is this about?

The Court allowed an application for installment repayment of ₹6,53,183 with accrued interest in 12 monthly installments within SARFAESI proceedings, directing the lender to keep coercive actions in abeyance and regularize the account upon default-free payment. No SARFAESI provisions were specifically cited in the text.

What did the court decide?

Direction to accept repayment of overdue amount including interest in 12 monthly installments, regularize the loan account, and keep coercive proceedings in abeyance.

1. Reena a. K Vs Manappuram Home Finance Limited — Banking and Recovery | 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 GOPINATH P.

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MONDAY, THE 10^TH DAY OF OCTOBER 2022 / 18TH ASWINA, 1944

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WP(C) NO. 15783 OF 2022

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PETITIONERS:

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1 REENA A.K, AGED 51 YEARS, W/O PREMAN, CHUNDAKUNNUMMAL, KOORACHUNDU P O, KOZHIKKODE, PIN CODE – 673 612. 2 PREMAN A.K, AGED 58 YEARS, S/O KUNHIKKANNAN, CHUNDAKUNNUMMAL, KOORACHUNDU P O, KOZHIKKODE, PIN – 673 612. BY ADVS. K.REEHA KHADER RESHMA R.NAIR

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RESPONDENTS:

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MANAPPURAM HOME FINANCE LIMITED, 1ST FLOOR. INTERCITY ARCADE, NEAR BHIMA JEWELLARY, JAFARKHAN COLONY ROAD, KOZHIKKODE – 673 004, REPRESENTED BY BRANCH MANAGER

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BY ADVS. HARIKUMAR C SANDRA SUNNY ARUN KUMAR M.A

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10.10.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C) NO. 15783 OF 2022

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JUDGMENT

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Petitioners have approached this Court challenging proceedings under the SARFAESI Act which have been initiated by the respondent financial institution for recovery of the amounts due from the petitioners.

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During the course of hearing, petitioners have confined the relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation of the loan account.

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It was submitted on behalf of the respondent financial institution that the petitioners committed default in repayment and the overdue amount is Rs.6,53,183/-(Rupees six lakhs fifty three thousand one hundred and eighty three only). It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent financial institution is willing to accept repayment of the overdue amount in limited instalments and regularise the loan account.

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I have heard the learned counsel for the petitioners as well as the learned counsel for the respondent.

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Having regard to the circumstances of the case and the situation now prevailing, apart from the submissions made as recorded above, I am of the view that the petitioners can be granted an opportunity to repay the overdue amount in 12 instalments and

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WP(C) NO. 15783 OF 2022

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thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised.

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Accordingly, there will be a direction to the respondent financial institution to accept repayment of the entire overdue amount of Rs.6,53,183/-(Rupees six lakhs fifty three thousand one hundred and eighty three only)a long with any accrued interest, costs and charges from the petitioners and regularise the loan account of the petitioners on the following conditions:

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i. The overdue amount of Rs.6,53,183/-(Rupees six lakhs fifty three thousand one hundred and eighty three only) along with any accrued interest, costs and charges shall be repaid in 12 equated monthly instalments.

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ii. The first instalment shall be paid on or before 31.10.2022 and the subsequent instalments shall be paid on or before the last working day of every succeeding month.

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iii. Petitioners shall continue to pay the regular EMI’s along with the instalments directed above.

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iv. In the event of default of any one instalment, the respondent financial institution shall be entitled to proceed in accordance with law.

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v. In order to enable the petitioners to repay the entire amounts, all coercive proceedings shall be kept in abeyance.

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The writ petition is disposed of as above.

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Sd/- GOPINATH P. JUDGE

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WP(C) NO. 15783 OF 2022

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APPENDIX OF WP(C) 15783/2022

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EXHIBITS

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Exhibit P1 NOTICE ISSUED BY THE ADVOCATE COMMISSIONER

1. Reena a. K v. Manappuram Home Finance Limited

Case brief

What is this about?

What did the court decide?

1. Reena a. K v. Manappuram Home Finance Limited

Case brief

What is this about?

What did the court decide?

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