Shamna C.K vs Manappuram Home Finance Ltd

P. V. Balakrishnan, J

It is aggrieved by the coercive action 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.

Heard the learned counsel for the petitioners and the learned Standing Counsel for the respondent.

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. She also submitted that the overdue amount as on today, is Rs.3,21,678/- (Rupees three lakhs twenty one thousand six hundred and seventy eight only).

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 petitioners can be granted an opportunity to clear the overdue amount of Rs.3,21,678/- (Rupees three lakhs twenty one thousand six hundred and seventy eight only) with interest, in installments and regularise the account subject to terms.

Accordingly, this writ petition is allowed as follows;

(i) The petitioners shall remit the entire overdue amount of Rs.3,21,678/- with interest in 10 equal monthly installments, starting from April 2026 and such payments shall be made on or before the end of every month.

(ii) The petitioners shall also continue to pay the regular EMIs/Installments along with the installments as directed afore.

(iii) 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.