Kerala High Court
Anandan K.V vs The Muthoot Housing Finance Co. Ltd on 23 February, 2016
Author: P.B.Suresh Kumar
Bench: P.B.Suresh Kumar
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR. JUSTICE P.B.SURESH KUMAR
MONDAY,THE 18TH DAY OF DECEMBER 2017/27TH AGRAHAYANA, 1939
WP(C).No. 38258 of 2017 (F)
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PETITIONER(S):
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1. ANANDAN K.V.,
S/O.VASU, KAPLENGATTU HOUSE, PUNNAYUR VILLAGE,
CHAVAKKAD TALUK, THRISSUR DISTRICT.
2. SANTHI,
W/O.ANANDAN K.V., KAPLANGETTU HOUSE, PUNNAYUR VILLAGE,
CHAVAKKAD TALUK, THRISSUR DISTRICT.
BY ADV. SRI.M.PREMCHAND
RESPONDENT(S):
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1. THE MUTHOOT HOUSING FINANCE CO. LTD
REGISTERED OFFICE TC NO.14/2074/7, MUTHOOT CENTRE, PUNNEN
ROAD, THIRUVANANTHAPURAM-690534.
2. THE MUTHOOT HOUSING FINANCE COMPANY LTD.,
BRANCH OFFICE, AUGIN GOLDEN JUBILEE COMPLEX, WEST FORT,
POOTHOLE P.O., THRISSUR-680004, REPRESENTED BY AUTHORISED
OFFICER, PRAJEESH KUMAR R.P.
R1-R2 BY ADV. SRI.SABU S.KALLARAMOOLA
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 18-12-2017, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
sdr/-
WP(C).No. 38258 of 2017 (F)
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APPENDIX
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PETITIONER(S)' EXHIBITS
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EXHIBIT P1- TRUE COPY OF THE NOTICE DATED 23/02/2016 ISSUED BY THE
RESPONDENT.
RESPONDENT(S)' EXHIBITS NIL
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/TRUE COPY/
PA TO JUDGE
sdr/-
P.B.SURESH KUMAR, J
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W.P.(c) No.38258 of 2017
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Dated this the 18th day of December, 2017
JUDGMENT
Petitioners, who have availed a term loan of Rs.2,13,943/- from the Muthoot Housing Finance Company Ltd (the company), have not remitted the instalments of the loan as agreed. Consequently, proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (the Act) have been initiated by the company against the petitioners. The said proceedings is under challenge in the writ petition.
2. Heard the learned counsel for the petitioners as also the learned counsel for the company.
3. When the matter was taken up, the learned counsel for the petitioners pointed out that non-payment of the instalments of the loan by the petitioners was due to reasons beyond their control and not wilful and that if a W.P. (C) No. 38258 of 2017 -2- reasonable time is granted, the petitioners are prepared to liquidate the overdue in the loan account. In other words, submission of the learned counsel for the petitioners was only for indulgence of this Court to permit the petitioners to pay the overdue in the loan account in convenient instalments.
4. The learned counsel for the company, on instructions, submitted that a sum of Rs.1,22,000/- is overdue in the loan account.
5. Having regard to the facts and circumstances of the case as also the orders passed by this Court in similar writ petitions, this writ petition is disposed of as follows :
(i) The petitioners shall pay the overdue in the loan account with the interest due, in ten equal monthly instalments commencing from 18.1.2018 along with the regular instalments of the loan.
(ii) If the petitioners remit the overdue in the loan account as directed above, the company shall W.P. (C) No. 38258 of 2017 -3- regularise the loan account so as to enable the petitioners to liquidate the remaining liability in accordance with the terms of the loan.
(iii) Needless to say that if the petitioners liquidate the overdue as directed above, coercive action against the petitioners shall be deferred. It is, however, made clear that if the petitioners commit default in remitting any one of the instalments as directed, proceedings already initiated against the petitioners under the Act can be revived and continued.
Sd/-
P.B.SURESH KUMAR JUDGE bng