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2025 Supreme(Online)(Ker) 13181
IN THE HIGH COURT OF KERALA AT ERNAKULAM
VIJU ABRAHAM, J
ABDUL RASHEED P.M. – Appellant
Versus
THE AUTHORIZED OFFICER PIRAMAL CAPITAL AND HOUSING FINANCE LTD – Respondent
WP(C) 11891/2022
SHIBA M SAMUEL, P.PAULOCHAN ANTONY, SREEJITH K.
The court directed the finance company to consider the petitioner's request for installment payments while staying recovery proceedings until a decision is made.
Headnote:(A) SARFAESI Act, 2002 - The petitioner challenged proceedings initiated for default in loan payment. The finance company indicated willingness to accept installment payments. (Paras 1-3)
(B) Writ Jurisdiction - The court directed the petitioner to request installment payments, which the finance company must consider, while staying recovery proceedings until a decision is made. (Paras 2-3)
Facts of the case:
The petitioner defaulted on a loan, leading to SARFAESI proceedings. The outstanding amount was Rs.47,89,483/-. The petitioner sought to pay in installments.
Findings of Court:
The court allowed the petitioner to request installment payments and mandated the finance company to consider the request.
Issues: The main issue was whether the petitioner could pay the outstanding loan amount in installments.
Ratio Decidendi: The court emphasized the need for the finance company to consider the petitioner's request for installment payments and to afford an opportunity for a hearing.
Result: Writ petition disposed of with directions.
JUDGMENT
The above writ petition has been filed challenging SARFAESI proceedings initiated against the petitioner for default in payment of the loan amount. Petitioner has sought for payment of the amount covered by Ext.P2 in 20 equated monthly installments.
2. Learned counsel appearing for the respondent finance company submits that as on date the total outstanding amount is Rs.47,89,483/- and they will not stand in the way of the petitioner paying the amount in installments if the same is paid without any default.
3. There is no appearance on behalf of the petitioner.
Taking into consideration the above facts and circumstances, I am inclined to dispose of the writ petition as follows:
Petitioner shall make a request before the 2nd respondent finance company for payment of the amount in installments within a period of three weeks from the date of receipt of a copy of the judgment. If such a request is received, the 2nd respondent shall consider and pass orders on the same after affording an opportunity of being heard to the petitioner within a further period of one month thereafter. Till a decision is taken as directed above, all further proceedings for recovery of the amount shall be kept in abeyance.
