JUDGMENT

Petitioner had purchased a vehicle - Maruthi Balano Car - after having obtained finance from the respondent bank of Rs.6,05,050/-(Rupees six lakhs five thousand fifty only). The aforementioned loan was to be paid back in instalments of Rs.14,274/- (Rupees fourteen thousand two hundred seventy four only). He remitted only Rs.1,42,740/- (Rupees one lakh forty two thousand seven hundred and forty only) i.e., ten instalments and thereafter there was some problem and the remaining instalments could not be paid.

2. Respondents in the meantime started recovery proceedings and the petition bearing Crl.MP No.298 of 2022 was filed before the Chief Judicial Magistrate, Manjeri to take the possession of the vehicle bearing No.KL 54 H 800. As per the order of the Chief Judicial Magistrate the respondents have taken the possession of the vehicle and of now in the process of seeking the transfer of the vehicle in their name. This action of the respondents have given the cause of action to the petitioner to approach this Court.

3. Learned counsel appearing on behalf of the petitioner submits that the petitioner was unwell and could not pay the instalments, was facing financial crisis though he is working in Saudi Arabia. In case the vehicle is transferred he will loose the title of the property/car and willing to pay the amount in instalments and willing to pay an upfront amount of Rs.1,00,000/-.

4. Learned counsel for the bank submits that the outstanding defaulted amount is Rs.2,44,247/- plus accumulated charges.

5. I have heard learned counsel for the parties and appraised the paper book.

The factum of the purchase of the vehicle and finance is not in dispute much less the possession of the same. Respondent Bank after having taken the possession is now taking steps to seek the transfer of the vehicle. I am of the view that there is force and merit in the submission of the counsel for the petitioner as once the vehicle is transferred it is arduous for the petitioner to take back the possession and achieve the ownership. Keeping in view the fact that the outstanding amount is Rs.2,44,247/- (Rupees two lakh forty four thousand two hundred and forty seven only) in case the petitioner deposits with the bank a sum of Rs.1,50,000/- (Rupees one lakh fifty thousand only) within two weeks from today, respondents would hand over the possession of the vehicle and also not seek its transfer in the meantime. The handing over shall be against valid receipt. Thereafter, the petitioner shall continue to pay the agreed instalments. Petitioner shall be bound by the terms and conditions of the hypothecation. If otherwise the bank is entitled to proceed in accordance with law.

Writ petition is disposed off.

Sd/-

AMIT RAWAL JUDGE

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APPENDIX OF WP(C) 25148/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE CERTIFICATE OF REGISTRATION OF VEHICLE NO: KL 54 H

800 Exhibit P2 TRUE COPY OF THE NOTICE DATED

16/02/2022 ISSUED BY THE ADVOCATE COMMISSIONER IN CRL.MP NO: 298/2022 ON THE FILES OF CHIEF JUDICIAL MAGISTRATE, MANJERI Exhibit P3 TRUE COPY OF THE NOTICE DATED

19/04/2022 ISSUED UNDER FORM 37 BY THE REGISTERING AUTHORITY Exhibit P4 TRUE COPY OF THE REPRESENTATION DATED

16TH JUNE 2022 PREFERRED BEFORE THE

3RD RESPONDENT ALONG WITH TRANSLATED COPY