Back
2026 Supreme(Online)(Ker) 20812
IN THE HIGH COURT OF KERALA AT ERNAKULAM
P. V. BALAKRISHNAN, J
AMMINI,W/O RAMAN – Appellant
Versus
MANAPPURAM HOME FINANCE LTD. – Respondent
WP(C) NO. 6486 OF 2026
For the Appellants/Petitioners: SHRI.SARATH BABU KOTTAKKAL, SHRI.SEBASTIN, SMT.KARTHIKA S.
For the Respondents: SRI.C.HARIKUMAR, SHRI.ARUN KUMAR M.A, SMT.FARAH JYOTHI PRADEEP, SMT.AISWARIYA V.R., SMT.GAYATHRI MENON K.
The court allows the petitioners to regularize overdue loan payments under SARFAESI Act, emphasizing reasonable opportunities for loan account management.
Headnote:This judgment analyzes the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The facts involve a writ petition by the petitioners against coercive actions for outstanding loan dues. The court permits the petitioners to clear dues of Rs. 2,05,992/- in installments. The key issue was whether to allow the petitioners an opportunity to regularize their account. The ruling grants the petitioners to pay in eight installments, conditional on the regular payment of dues and EMIs.
| Table of Content |
|---|
| 1. discussion of petition and coercive measures. (Para 1 , 2) |
| 2. respondent's willingness to allow resolutions on overdue payments. (Para 3) |
| 3. court's ruling and conditions for repayment. (Para 4) |
P.V. BALAKRISHNAN, J.
…………………………................................
W.P.(C)No. 6486 of 2026 ….........................................................
Dated this the 19th day of March 2026 JUDGMENT It is aggrieved by the coercive steps taken by the respondent under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act , 2002 (hereinafter referred to as the ‘SARFAESI Act’ for short), this writ petition has been preferred by the petitioners.
2. Heard the learned counsel for the petitioners and the learned Standing Counsel for the respondent.
3. The learned counsel for the respondent submitted that the respondent has no objections in permitting the petitioners to clear the overdues with interest, by way of installments and regularise the loan account since, the same is only beneficial to it. He also submitted that the overdue amount as on 19.03.2026, is Rs.2,05,992/- (Rupees two lakh five thousand nine hundred and ninety-two only).
4. Hence, considering the submissions made by the learned counsel for the respondent and the facts and circumstances of this case, I am of the view that the petitioner can be granted an opportunity to clear the overdue amount of Rs.2,05,992/- (Rupees two lakh five thousand nine hundred and ninety-two only) with interest, in installments and regularise the account subject to terms.
Accordingly, this writ petition is allowed as follows;
1. The petitioners shall remit the entire overdue amount of Rs.2,05,992/- (Rupees two lakh five thousand nine hundred and ninety-two only), with interest, in eight (8) equal monthly installments starting from April 2026 and such payments shall be made on or before the 25th of every month.
2. The petitioners shall also continue to pay the regular EMIs/Installments along with the installments as directed afore.
3. If the petitioners comply with the above directions, the respondent shall regularise the loan account and in case of failure to pay any of the installments as ordered afore, the respondent will be at liberty to continue with the coercive steps already taken.
