M. D. Dhanesh and Bindu Dhanesh v Muthoot Vehicle & Asset Finance and Its Authorized Officer, Muthoot Vehicle & Asset Finance, Corporate Office; Binoy Varghese George; Shiji Binoy Varghese

# **IN THE HIGH COURT OF KERALA AT ERNAKULAM** ## **PRESENT** **THE HONOURABLE MR.JUSTICE MURALI PURUSHOTHAMAN WEDNESDAY, THE 1[ST] DAY OF FEBRUARY 2023/12TH MAGHA, 1944** **WP(C) NO. 39564 OF 2022** ## **PETITIONERS:** **1 M.D.DHANESH AGED 59 YEARS SON OF M.K. DAMODHARAN, METHANATH HOUSE, K. MURALI ROAD, KADAVANTHARA P. O., ERNAKULAM, PIN – 682 020. 2 BINDU DHANESH AGED 53 YEARS WIFE OF DHANESH M.D., METHANATH HOUSE, K. MURALI ROAD, KADAVANTHARA P.O., ERNAKULAM. PIN – 682 020.** **BY ADVS. S.VINOD BHAT ANAGHA LAKSHMY RAMAN GREESHMA CHANDRIKA.R** ## **RESPONDENTS:** **1 MUTHOOT VEHICLE & ASSET FINANCE REGISTERED OFFICE, 2ND FLOOR, MUTHOOT CHAMBERS, OPPOSITE SARITHA THEATRE, BANERJI ROAD, ERNAKULAM – 682 018, REPRESENTED BY ITS AUTHORISED OFFICER. 2 THE AUTHORISED OFFICER MUTHOOT VEHICLE & ASSET FINANCE, CORPORATE OFFICE, 5TH & 6TH FLOOR, MITHUN TOWER, K.P.VALLON ROAD, KADAVANTHARA, ERNAKULAM, PIN – 682 020. 3 BINOY VARGHESE GEORGE S/O. GEEVARGHESE GEORGE, DAIVAPURACKAL HOUSE, CHEPPAD P.O., ALAPPUZHA DISTRICT – 690 507.** **WP(C).No.39564 OF 2022** **2** **4 SHIJI BINOY VARGHESE W/O. BINOY VARGHESE GEORGE, DAIVAPURACKAL HOUSE, CHEPPAD P.O. ALAPPUZHA DISTRICT, PIN – 690 507.** **BY ADVS. R1 & R2 – SRI. SABU S.KALLARAMOOLA SRI. GEORGE MATHEW KARAMAYIL SRI. M.D.SASIKUMARAN SRI. SUNIL KUMAR A.G SRI. DIPU JAMES SRI. MATHEW K.T. SRI. GEORGE K.V. SRI. STEPHY K. REGI SRI. ADARSH KURIAN** **THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01.02.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:** **WP(C).No.39564 OF 2022** **3** ## **JUDGMENT** The petitioners had earlier approached this Court by filing W.P.(C) No.22453 of 2021 challenging possession certificate issued by the 2[nd] respondent under the SARFAESI Act. This Court by Ext.P1 judgment issued the following directions:- “i. The petitioners shall deposit an amount of Rs.52,40,000/- with the 1[st] respondent Bank on or before 25.02.2022. ii. The balance outstanding amount with interest shall be paid in 12 equal monthly installments commencing from March, 2022, payable on or before 25[th] of every month. iii. In case the petitioners fail to make payment of any of the installments as aforesaid, the respondents will be free to proceed against the secured assets of the petitioners, in accordance with law. iv. In case the petitioners point out any discrepancy with regard to the settlement of accounts, the respondents shall consider the same and give the petitioners appropriate reply. However, I make it clear that the same will not affect the payment of installments directed to be made as aforesaid. v. To enable the petitioners to make payments as aforesaid, all coercive proceedings shall stand deferred.” **WP(C).No.39564 OF 2022** **4** 2. Pursuant to the directions in the said judgment, the petitioners remitted six monthly installments. Thereafter, they did not pay the amounts. They have filed this writ petition for direction to respondents 1 and 2 to give them time to repay the balance amount with interest in six equal monthly installments. 3. When the matter came up for admission, this Court passed an interim order staying coercive proceedings against the petitioners on condition that the petitioners deposit an amount of Rs.20 lakhs on or before 31.12.2022 and posted the matter on 03.01.2023. 4. On 03.01.2023, the learned counsel for the petitioners submitted that the petitioners could not deposit the amount of Rs.20 lakhs as directed by this Court and sought further time. 5. On 30.01.2023, the learned counsel for respondents 3 and 4, the guarantors, submitted that **WP(C).No.39564 OF 2022** **5** they have deposited an amount of Rs.15,00,000/- with the Bank on 27.01.2023. 6. When the matter was taken up for consideration on 31.01.2023, the learned counsel for the petitioners as well as the learned counsel for respondents 3 and 4 submitted that the amount of Rs.1,31,25,000/- outstanding in the loan account will be paid in two installments and accordingly the writ petition was posted today for the instructions of the learned Standing Counsel for the 1[st] respondent. 7. The learned Standing Counsel for the 1[st] respondent submitted that the original time granted would expire on 25.02.2023 and an amount of Rs.50 lakhs shall be remitted by the petitioners on or before the said date and the balance amount shall be remitted on or before 25.03.2023. 8. The learned counsel for the petitioners and learned counsel for respondents 3 and 4 pray that the petitioners/respondents 3 and 4 may be permitted to **WP(C).No.39564 OF 2022** **6** pay the outstanding amount in two installments and an amount of Rs.40 lakhs will be remitted by them towards 1[st] installment on or before 25.02.2023 and the balance amount will be remitted on or before 25.03.2023. 9. Having heard the learned counsel for the petitioners, the learned counsel for respondents 3 and 4 and the learned Standing Counsel for the Bank, I am of the view that, interest of justice would be met, if the petitioners/respondents 3 and 4 are permitted to pay the amount of Rs.1,31,25,000/- outstanding in the loan account in two installments as follows:- i) The petitioners/respondents 3 and 4 shall deposit an amount of Rs.40 lakhs with the 1st respondent Bank on or before 25.02.2023. The balance amount with interest shall be paid on or before 25.03.2023. ii) In case the petitioners fail to make payment of the first installment as aforesaid, the respondents 3 and 4 shall surrender the secured **WP(C).No.39564 OF 2022** **7** assets before the 1[st] respondent Bank. 10. To enable the petitioners to make payments as aforesaid, all coercive proceedings shall stand deferred. It will be open for the petitioners to approach the 1[st] respondent with request for waiver of interest, in which event, the 1[st] respondent Bank may consider such request and pass appropriate orders. The writ petition is disposed of with the above directions. ## **Sd/-** **MURALI PURUSHOTHAMAN JUDGE** SPR **WP(C).No.39564 OF 2022** **8** ## **APPENDIX** **' - PETITIONER S EXHIBITS:** **EXHIBIT P1** **TRUE COPY OF THE JUDGMENT DATED 23-12-2021 IN W.P.(C) NO.22453/2021 OF HIGH COURT OF KERALA.** ## **RESPONDENTS EXHIBITS: NIL.**