Partly allowed

Soumya.M.M, v. the Authorized Officer

Kerala HC7 Feb 2023WP(C)/2773/2023

Case brief

AI extract

What is this about?

The High Court of Kerala disposed of a writ petition seeking permission to pay off a loan overdue amount in easy monthly installments to regularize the account, directing regular payment tenure and resuming coercive steps upon default.

What did the court decide?

Direction to pay off Rs. 3,81,212/- in 10 equal monthly installments; regularize loan account on full payment; coercive recovery steps kept in abeyance pending payment.

Soumya.M.M, Vs the Authorized Officer — Banking and Recovery | Kerala HC (2023)

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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 T.R.RAVI

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TUESDAY, THE 7TH DAY OF FEBRUARY 2023 / 18TH MAGHA, 1944

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WP(C) NO. 2773 OF 2023

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PETITIONER:

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SOUMYA.M.M,
AGED 36 YEARS
W/O. RAMESH.K.C,KELASSERY HOUSE, VELUTHUR.P.O,
NEAR NAMBOORKAVU TEMPLE, VELATHUR, THRISSUR DISTRICT-,
PIN – 680016.

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K.M.MUHAMMED HUSSAIN

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RESPONDENTS:

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1THE AUTHORIZED OFFICER,
MUTHOOT HOUSING FINANCE COMPANY LTD, FIRST FLOOR,
AR AUGIN GOLDEN JUBILEE COMPLEX, KANJARI ROAD,
WEST FORTM POOTHOLE.P.O, THRISSUR DISTRICT -,
PIN – 680004.

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2MUTHOOT HOUSING FINANCE COMPANY LTD
FIRST FLOOR, MAR AUGIN GOLDEN JUBILEE COMPLEX,
KANJARI ROAD, WEST FORTM POOTHOLE.P.O
THRISSUR DISTRICT, PIN – 680004 REPRESENTED BY ITS
AUTHORIZED OFFICER.

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BY ADV PREMCHAND M.

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
07.02.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C) NO. 2773 OF 2023

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T.R. RAVI, J.

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-------------------------------------------- W.P.(C) No.2773 of 2023

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Dated this the 07^th day of February, 2023

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JUDGMENT

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The prayer in the writ petition is to permit the petitioner to pay off the overdue amounts in the loan account availed from the respondents in easy instalments and to regularise the loan account. The Standing Counsel on instructions submits that the overdue amount is Rs.3,81,212/-.

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In the above circumstances, the writ petition is disposed of directing the petitioner to pay off the overdue amount of Rs.3,81,212/- in 10 equal monthly instalments, the first instalment falling due on or before 07.03.2023 and the subsequent instalments falling due on or before the 07^th day of the succeeding months. The petitioner shall also pay the regular monthly instalments along with the instalments towards the overdue amount as stated above. If the petitioner pays the entire overdue amount, the respondents shall regularise the loan

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WP(C) NO. 2773 OF 2023

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account. If the petitioner makes two consecutive defaults in the payment of instalments, the respondents will be at liberty to continue with coercive steps for recovery. The coercive steps initiated shall be kept in abeyance to facilitate the payment of instalments as directed above.

Sd/-

T.R.RAVI JUDGE

mpm

WP(C) NO. 2773 OF 2023

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APPENDIX OF WP(C) 2773/2023

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PETITIONER’S EXHIBITS

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Exhibit P1

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THE TRUE COPY OF THE NOTICE ADDRESSED TO
THE PETITIONER AS PER SECTION 13(2) OF THE
SARFAESI ACT DATED 27-07-2022.

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Exhibit P2

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TRUE COPY OF THE ORDER PASSED BY THE CHIEF
JUDICIAL MAGISTRATE, THRISSUR IN
MC.796/2022 DATED 1-12-2022.

Soumya.M.M, v. the Authorized Officer

Case brief

What is this about?

What did the court decide?

Soumya.M.M, v. the Authorized Officer

Case brief

What is this about?

What did the court decide?

What the court decided

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