NIYAS KHAN v. CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY

I have heard the learned Counsel for the petitioner and the learned Standing Counsel representing the respondents. W.P.(C) No.15543 of 2024 : 6 :

The specific case of the petitioner is that the petitioner has been making the repayment and maintaining the loan account initially. The default in repayment of the loan account occurred lately due to reasons beyond the control of the petitioner. The petitioner has provided substantial security which will safeguard the interest of the respondents.

In the facts and circumstances of the case, I am inclined to dispose of the writ petition giving a short and reasonable time to the petitioner to clear off his / her liability.

The writ petition is therefore disposed of with the following directions: (i) The petitioner shall remit the overdue amount of ₹2,10,359/- in four equal and consecutive monthly instalments along with accruing interest and other administrative charges, if any. First of such instalments shall be paid on or before 27.06.2024. W.P.(C) No.15543 of 2024 : 7 : (ii) If the petitioner commits single default in making payments as directed above, the respondents will be at liberty to continue with coercive proceedings against the petitioner in accordance with law. (iii) The petitioner shall also pay current EMIs along with the aforesaid payments. (iv) If the petitioner pays the instalments as directed above, any coercive proceedings against the petitioner shall stand deferred. (v) The petitioner may approach the Bank for repossession of the secured asset after clearing the entire outstanding arrears. AMR Sd/- N. NAGARESH JUDGE W.P.(C) No.15543 of 2024 : 8 : APPENDIX OF WP(C) 15543/2024 PETITIONER’S EXHIBIT Exhibit P1 TRUE COPY OF THE ISSUED POSSESSION NOTICE UNDER SECTION 13(4) DATED 19/12/2023 ISSUED BY THE 2ND RESPONDENT.