Aji vs Authorized Officer Cholamandalam Investment And Finance Company Ltd

C.S Dias, J

The writ petition is filed to direct the respondent to permit the petitioner to pay off the overdue amount in equated monthly instalments.

The petitioner’s case is that he had availed a loan from the respondent – Bank. However, due to reasons beyond his control, he was unable to pay off the EMIs on time. Now the respondent has initiated proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (in short, ‘Act’). Ext P2 notice has been issued by an Advocate Commissioner to take possession of the secured asset. The petitioner is prepared to pay off the loan amount in equated monthly instalments. Hence, the writ petition.

Heard; Sri.Saijo Hassan, the learned counsel appearing for the petitioner and Sri.Paulochan Antony, the learned counsel appearing for the respondent.

Sri. Paulochan Antony, on instructions, submitted that, as on today an amount of Rs.5,26,946/- is due from the petitioner. The respondent is prepared to extend instalment facility to the petitioner on condition that the petitioner pays an amount of Rs.1,00,000/- within one month and balance overdue amount in eight equated monthly instalments. The said submission is recorded.

The learned counsel appearing for the petitioner submitted that the petitioner is prepared to accept the offer of the respondents.

Having considered the pleadings and materials on record and the submission made by the learned counsel appearing for the parties, to provide the petitioner one last opportunity to pay off the loan amount, 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 respondent is directed to defer further coercive proceedings pursuant to Exts P1 and P2 to enable the petitioner to discharge the overdue amount.

(ii) The petitioner shall pay an amount of Rs.1,00,000/-within one month from today.

(iii) The petitioner shall pay the balance overdue amount with interest and cost in eight equated monthly instalments commencing from 1.8.2023 along with the EMIs.

(iv) Needless to mention, if the petitioner commits default in respect of any of the conditions ordered above, he will lose the benefit of this judgment and the respondent would be at liberty to proceed with recovery proceedings from the stage it presently stands.

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