Kerala High Court
Puspalatha.M vs The Chief Manager & Authorised Officer on 22 May, 2025
WP(C) NO. 18758 OF 2025 1
2025:KER:35356
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
THURSDAY, THE 22ND DAY OF MAY 2025 / 1ST JYAISHTA, 1947
WP(C) NO. 18758 OF 2025
PETITIONER:
PUSPALATHA.M.,
AGED 40 YEARS
S/O KALADHARAN, CHARALAMPARAMBU,
PALLANCHATHAHANNUR,MATHUR-2, NEAR DEVI TEMPLE,
PALAKKAD DISTRICT, PIN - 678571
BY ADV R.UMASANKAR
RESPONDENTS:
THE CHIEF MANAGER & AUTHORISED OFFICER,
ENCORE ASSET RECONSTRUCTION COMPANY INDIA
PVT.LTD, CADDIE COMMERCIAL TOWER, REGUS BUSINESS
CENTRE, 5TH FLOOR, AEROCITY (DIAL), NEW DELHI,
PIN - 110037
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 22.05.2025, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
WP(C) NO. 18758 OF 2025 2
2025:KER:35356
MOHAMMED NIAS C.P., J
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W.P.(C) No.18758 of 2025
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Dated this the 22nd day of May, 2025
JUDGMENT
The petitioner, a defaulted borrower from the respondent, is challenging proceedings under the SARFAESI Act initiated by the respondent to recover the amounts due.
2. During the hearing, the petitioner confined the relief to an opportunity to repay the overdue amount in instalments and to obtain regularisation of the loan accounts.
3. It was submitted on behalf of the respondent that the petitioner committed default in repayment, and the total overdue amount as on 22.05.2025 is Rs. 3,21,101/- (Rupees Three lakh Twenty One Thousand One Hundred and One only). It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent is willing to accept repayment of the overdue amount in limited instalments and regularise the loan accounts. This is recorded.
4. Given the above, the petitioner can be granted an WP(C) NO. 18758 OF 2025 3 2025:KER:35356 opportunity to repay the total overdue amount on the following conditions, and if they are met, to have the loan accounts regularised.
1. The petitioner shall pay a sum of Rs. 3,21,101/- (Rupees Three lakh Twenty One Thousand One Hundred and One only) with accrued interest, costs and charges, if any, in ten equal monthly instalments starting from 10.06.2025 and subsequent instalments shall be paid on or before 10th of the succeeding months.
2. Petitioner shall also continue to pay the regular EMIs / instalments along with the instalments directed above.
3. In the event of default of any one instalment, the respondent shall be entitled to proceed in accordance with the law;
4. All coercive proceedings shall be kept in abeyance to enable the petitioner to repay the entire amount as directed above. The writ petition is disposed of as above.
Sd/-
MOHAMMED NIAS C.P. JUDGE Anu WP(C) NO. 18758 OF 2025 4 2025:KER:35356 APPENDIX OF WP(C) 18758/2025 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED NIL IN MC. NO.103/2025