IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR MONDAY, THE 18TH FEBRUARY 2008 / 29TH MAGHA 1929 WP(C).No. 38190 of 2007(U) -------------------------- PETITIONER: ------------ V.J.JOSEPH,S/O.LATE P.V.JOSEPH, VECHOOR KIZHAKKETHIL HOUSE, KARIKKATTOOR POST, MANIMALA VILLAGE, KOTTAYAM DIST. BY ADV. SRI.P.KURUVILLA JACOB RESPONDENTS: ------------- 1. S.I.OF POLICE, MANIMALA POLICE STATION, MANIMALA,. 2. MANAGING DIRECTOR, RANNI GENERAL FINANCE AND GIRE PURCHASE LTD, PUTHENPURAKKAL BUILDING, MAMMUKKU, PAZHGAVANGADY POST, RANNY, PATHANAMTHITTA DIST. R1 BY G.P. SRI. M.R. SABU R2 BY ADV. SRI.THOMAS ABRAHAM SRI.DIPU.R THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 18/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2 APPENDIX PETITIONER'S EXHIBITS: EXT.P1 T5RUE COPY OF THE RECEIPT NO.751 DATED 3.1.2007 ISSUED FROM THE OFFICE OF THE 2ND RESPONDENT FOR RECEIVING RS. 10,500/- FROM PETITIONER. EXT.P2 TRUE COPY OF PETITIONER'S LETTER DATED 25.1.2007 FORWARDED TO 2ND RESPONDENT. EXT.P3 TRUE COPY OF PETITIONER'S LETTER DATED 30.6.2007 FORWARDED TO 2ND RESPONDENT. EXT.P4 TRUE COPY OF PETITIONER'S COMPLAINT DATED 11.12.2007 FORWARDED TO 1ST RESPONDENT BY COURIER. RESPONDENTS' EXHIBITS: NIL. TRUE COPY P.S. TO JUDGE. C.N. RAMACHANDRAN NAIR, J. -------------------------------------------- W.P.C. NO. 38190 OF 2007 -------------------------------------------- Dated this the 18th day of February, 2008 JUDGMENT Heard counsel for the petitioner and counsel appearing for the second respondent. Petitioner after availing loan for purchase of vehicle paid only 21 instalments. 15th instalments at the rate of Rs. 5250/- per month are in arrears and loan period is already over. Even though counsel for the petitioner submitted that petitioner is not able to clear the arrears for want of detailed account, counsel appearing for the second respondent submitted that arrears as on today is Rs. 94,690/-. Second respondent has offered to file a statement in this Court. I do not think any statement is required to be filed in this Court because petitioner can collect a copy of the statement of accounts which the second respondent will give to the petitioner on approaching them. If petitioner points out any mistake in charging interest contrary to contract, there will be direction to the second respondent to correct it and give correct statement without any delay on production of a copy of this judgment. Petitioner will along with a copy of this judgment remit a sum of Rs. 50,000/- before the second respondent within ten 2 days from now. Second respondent will give statement after crediting the payment of Rs. 50,000/- made by the petitioner in terms of the above direction. Petitioner is granted ten equal monthly instalments to clear the balance arrears with future interest thereon at the original contract rate to clear the arrears, first of which will be paid on or before 30.3.2008 and the balance on or before the last day of nine succeeding months. However, I make it clear that if petitioner commits default in payment of any instalment, the petitioner will surrender the vehicle to the second respondent as it is hypothecated for the loan and the second respondent being financier is entitled to repossess the vehicle on default. W.P. is disposed of directing the second respondent not to repossess the vehicle if the petitioner complies with the above direction. If the petitioner does not want instalment facility and offers full payment for settlement of loan, then it will be open to the second respondent to accept the same and grant whatever incentive that is agreed upon between the parties such as waiver of penal interest or reduction of interest. (C.N. RAMACHANDRAN NAIR) Judge kk 3