Santhakumar vs Muthoot Vehicle And Asset Finance Ltd

C.S.Dias, J

The writ petition is filed to direct the respondents to permit the petitioners to pay off the outstanding amount in equated monthly instalments and regularise the loan account.

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 amount in instalments. Hence, the writ petition.

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

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

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 outstanding amount.

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.

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

(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.

(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.

(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.

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