Allowed

Santhakumar v. Muthoot Vehicle and Asset Finance Ltd.

Kerala HC12 Jun 2023WP(C)/4997/2023

Case brief

AI extract

What is this about?

Writ petition seeking regularization of a loan account and permission to repay outstanding dues in installments. The court granted 15-month installment facilitation and deferred further recovery proceedings under the SARFAESI Act.

What did the court decide?

Petitioners permitted to pay outstanding amount in 15 equated monthly instalments commencing 12.07.2023; further proceedings under the SARFAESI Act deferred.

Santhakumar Vs Muthoot Vehicle and Asset… — Contract and Commercial Disputes | 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 C.S.DIAS

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MONDAY, THE 12TH DAY OF JUNE 2023 / 22ND JYAISHTA, 1945

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WP(C) NO. 4997 OF 2023

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PETITIONERS:

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1 SANTHAKUMAR

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AGED 60 YEARS

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S/O KESAVA PANICKER, KACHERIPADAM KALAM,
VITHANASSERY, NENMARA, CHITTUR TALUK, PIN – 678508

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2 BINDU

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AGED 50 YEARS

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W/O SANTHAKUMAR, KACHERIPADAM KALAM, VITHANASSERY,
NENMARA, CHITTUR TALUK, PIN – 678508

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BY ADVS.ABDUL JAWAD K.
U.MUHAMMED MUSTHAFA

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A.GRANCY JOSE

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RESPONDENTS:

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1MUTHOOT VEHICLE AND ASSET FINANCE LTD
MUTHOOT CHAMBERS, KURIAN TOWERS, BANERJI ROAD,
ERNAKULAM, KOCHI REP. BY IT'S MANAGER/POWER OF
ATTORNEY HOLDER, MADHU. E., PIN – 682018

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2JAYAN THANKAPPAN
AUTHORIZED OFFICER, MUTHOOT VEHICLE ASSETS AND
FINANCE LIMITED, CORPORATE OFFICE, KADAVANTHARA,
KOCHI, PIN – 682020

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SHRI.C.S.MANILAL

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
12.06.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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W.P.(C)No.4997/2023

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-:2:-

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Dated this the 12^th day of June,2023

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J U D G M E N T

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The writ petition is filed to direct the respondents

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to permit the petitioners to pay off the outstanding amount in equated monthly instalments and regularise the loan account.

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The petitioners’ case is that, they are husband and wife. They had availed financial assistance from the first respondent – Bank for business purposes by creating an equitable mortgage. Due to unforeseen circumstances, they could not pay the instalments on time. Now, the respondents have initiated proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and is proceeding against the secured asset. The first petitioner is suffering from cancer. The petitioners are prepared to pay off the outstanding

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W.P.(C)No.4997/2023

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-:3:-

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amount in instalments. Hence, the writ petition.

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Heard; Sri. Abdul Jawad K, the learned counsel appearing for the petitioners and Sri. C.S.

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Manilal,the learned standing counsel appearing for the respondents.

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Sri. C.S. Manilal, on instructions, submitted

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that as on today, the outstanding amount is Rs.44,97,380/-. The respondents are ready to permit the petitioners to pay off the outstanding amount in 10 equated monthly instalments along with the regular EMIs. The said submission is recorded.

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The learned counsel appearing for the petitioners submitted that, as the first petitioner is suffering from cancer and the petitioners are making necessary arrangements to pay off the outstanding amount in equated monthly instalments, they may be granted at least 15 instalments to pay off the

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W.P.(C)No.4997/2023

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-:4:-

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outstanding amount.

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Having considered the pleadings and materials on record, and in the light of the submission made by the learned counsel appearing for parties, to provide the petitioner one last opportunity, I am inclined to exercise the powers of this Court under Article 226 of the Constitution of India and dispose of the writ petition.

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Resultantly, I dispose of the writ petition in the following manner:

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(i) The respondents are directed to defer further proceedings pursuant to Exts P5 & P6, to enable the petitioners to pay off the overdue amount in instalments.

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(ii) The petitioners are permitted to pay the outstanding amount as stated above with future interest and cost to the first respondent – Bank in 15 equated monthly instalments commencing from 12.07.2023 along with regular EMIs.

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W.P.(C)No.4997/2023

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-:5:-

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(iii) Needless to mention, if the petitioners commit default in respect of any of the conditions ordered above, they will lose the benefit of this judgment and the respondents would be at liberty to proceed with recovery proceedings from the stage it presently stands.

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(iv) It is made clear that, no further application for modification/extension of time shall be entertained.

Sd/-

C.S.DIAS,JUDGE

DST/12.06.23

//True copy//

P.A.To Judge

W.P.(C)No.4997/2023

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-:6:-

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APPENDIX

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PETITIONER EXHIBITS

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EXHIBIT - P1A TRUE COPY OF THE AWARD DATED 14/08/2020
OFTHESOLEARBITRATORIN
ARB.REF.NO.56/2020
EXHIBIT - P2A TRUE COPY OF THE MEMORANDUM OP.
(ARB).NO.2/2022 BEFORE THE COMMERCIAL
COURT, PALAKKAD
EXHIBIT - P3A TRUE COPY OF THE NOTICE DATED 31/08/2021
ISSUED BY THE 2ND RESPONDENT
EXHIBIT - P4A TRUE COPY OF THE REPLY NOTICE DATED
08/09/2021 ISSUED BY THE PETITIONERS
THROUGH THEIR ADVOCATE
EXHIBIT - P5A TRUE COPY OF THE NOTICE DATED 18/05/2022
ISSUED BY THE 2ND RESPONDENT
EXHIBIT- P6A TRUE COPY OF THE NOTICE DATED 09/02/2023
ISSUED BY THE ADVOCATE COMMISSIONER
EXHIBIT - P7A TRUE COPY OF THE DISCHARGE SUMMARY ISSUED
ON 03/01/2020 AFTER THE SURGERY BY THE
LAKESHORE HOSPITAL, KOCHI

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RESPONDENT’S EXHIBITS: NIL

Santhakumar v. Muthoot Vehicle and Asset Finance Ltd.

Case brief

What is this about?

What did the court decide?

Santhakumar v. Muthoot Vehicle and Asset Finance Ltd.

Case brief

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What did the court decide?

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