Kerala High Court
Shinu Mundothuparamba vs Cholamandalam Investment And Finance ... on 15 November, 2024
WP(C) NO. 40395 OF 2024
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2024:KER:85572
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE BASANT BALAJI
FRIDAY, THE 15TH DAY OF NOVEMBER 2024 / 24TH KARTHIKA, 1946
WP(C) NO. 40395 OF 2024
PETITIONER:
SHINU MUNDOTHUPARAMBA,AGED 40 YEARS
S/O VELAYUDHAN, MUNDOTHU PARAMBIL, GANDHI NAGAR,
OTHUKKUNGAL P.O., MALAPPURAM, PIN - 676528
BY ADVS.
C.Y.VINOD KUMAR
AADIL NAZARUDEEN
RESPONDENTS:
1 CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LTD,
HAVING REGISTERED OFFICE AT DARE HOUSE, 2 NSC BOSE
ROAD, PARRYS, CHENNAI. REPRESENTED BY ITS MANAGER,
PIN - 600000
2 BRANCH MANAGER,CHOLAMANDALAM INVESTMENT AND FINANCE
COMPANY LTD., 1ST FLOOR, AARPEES ARCADE, YMCA CROSS
ROAD, VELLAYIL, KOZHIKODE, PIN - 673001
OTHER PRESENT:
SC SRI. PARVATHY KOTTOL
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
15.11.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 40395 OF 2024
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2024:KER:85572
JUDGMENT
(Dated this the15th day of November, 2024) The petitioner has availed a loan of Rs.28,50,000/- from the Cholamandalam Investment and Finance Company on 31.07.2022. The tenure of the loan is 144 months. The residential property is mortgaged as security. Since there was a default in payment of the amounts, proceedings under the SARFAESI Act were initiated against the petitioner. Ext.P2 notice is issued by the Advocate Commissioner dated 2.9.2024.
2. The learned Standing Counsel appearing for the respondents, on instructions, submits that as on today, the outstanding amount comes Rs.35,24,603/-. The overdue amount is Rs.8,81,150.75/-.
3. The counsel for the petitioner seeks indulgence of this court to grant 24 installments to wipe off the overdue amount. The learned counsel for the respondent submits that the entire overdue WP(C) NO. 40395 OF 2024 3 2024:KER:85572 amount has to be paid in one instalment.
4. Having heard the counsel for the petitioner as well as Standing counsel for the respondents, I deem it appropriate to dispose of the writ petition as follows:
i. The petitioner shall pay a lump sum of Rs.1,00,000/- (Rupees one lakh only) on or before 15.12.2024. ii. After making a payment of Rs.1,00,000/- as directed above, the petitioner shall pay the remaining overdue amount in 9 equated monthly instalments. iii. The 1st instalment shall be paid on or before 15.01.2025. The remaining 8 instalments shall be paid on or before 15th day of each succeeding month, along with regular installments.
iv. After making payment of the entire overdue amount along with regular installments, the petitioner shall continue to pay the regular installments till the entire loan liability is discharged.
v. In case of failure to make the payment of lump sum amount of Rs.1,00,000/- or any one of the instalments as WP(C) NO. 40395 OF 2024 4 2024:KER:85572 directed above, the bank shall be free to take possession of the secured assets. The bank shall proceed against the petitioner in accordance with law. v. Till such time, all coercive proceedings against the secured assets shall be deferred.
Sd/-
BASANT BALAJI JUDGE saap WP(C) NO. 40395 OF 2024 5 2024:KER:85572 APPENDIX OF WP(C) 40395/2024 PETITIONER EXHIBITS Exhibit P1 COPY OF THE LOAN SANCTION LETTER DATED 31/07/2022 ISSUED BY THE 1ST RESPONDENT Exhibit P2 COPY OF THE NOTICE DATED 02/09/24 ISSUED BY THE ADVOCATE COMMISSIONER