Allowed

Nandakumar R. v. Indian Overseas Bank

Kerala HC25 Feb 2016WP(C)/3124/2016

Case brief

AI extract

What is this about?

The court allowed the petitioner's petition regarding loan repayment. Directions were issued permitting installment payment of the outstanding amount and interest, with suspension of recovery steps upon compliance. Default forfeiture of this benefit was stipulated.

What did the court decide?

Suspension of recovery proceedings conditioned upon remittance of Rs.1,01,849/- and accrued interest in six equal monthly installments from 10.03.2016.

Nandakumar R. Vs Indian Overseas Bank — Contract and Commercial Disputes | Kerala HC (2016)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT:

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THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR

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THURSDAY, THE 25TH DAY OF FEBRUARY 2016/6TH PHALGUNA, 1937

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WP(C).No. 3124 of 2016 (M)

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PETITIONER(S):

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NANDAKUMAR R.,

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AKSHAYA E CENTRE, MAVINMOODU, KOTTUVANKONAM, POOTHAKULAM, KOLLAM DISTRICT.

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BY ADV. SRI.V.PREMCHAND

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RESPONDENT(S):

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1. INDIAN OVERSEAS BANK, POOTHAKULAM BRANCH, REPRESENTED BY ITS MANAGER, POOTHAKULAM, KOLLAM DISTRICT.

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2. THE MANAGER,

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INDIAN OVERSEAS BANK, POOTHAKULAM BRANCH, POOTHAKULAM, KOLLAM DISTRICT.

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BY ADVS. SRI.SUNIL SHANKER, SC SMT.ARCHANA S. KUMAR

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25-02-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 3124 of 2016 (M)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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P1TRUE COPY OF THE STATEMENT OF ACCOUNTS FROM THE PERIOD 24/11/2015 TO 17/06/2015 ISSUED BY THE INDIAN OVERSEAS BANK, POOTHAKULAM BRANCH

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P2TRUE COPY OF THE LAYWER NOTICE DATED 20/10/2P015 ISSUED ON BEHALF OF THE IST RESPONDENT.

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P3TRUE COPY OF THE RECEIPT DATED 30/06/2015 ISSUED BY THE INDIAN OVERSEAS BANK, POOTHAKULAM BRANCH

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P4TRUE COPY OF THE RECEIPT DATED 01/09/2015 ISSUED BY THE INDIAN OVERSEAS BANK, POOTHAKULAM BRANCH

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P5TRUE COPY OF THE RECEIPT DATED 07/11/2015 ISSUED BY THE INDIAN OVERSEAS BANK,POOTHAKULAM BRANCH

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P6TRUE COPY OF THE RECEIPT DATED 02/01/2016 ISSUED BY THE INDIAN OVERSEAS BANK, POOTHAKULAM BRANCH

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P7TRUE COPY OF THE ORDER DATED 02/03/2009 ISSUED BY THE GOVERNMENT OF KERALA

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RESPONDENT(S)' EXHIBITS

NIL.

/ TRUE COPY /

P.S. TO JUDGE

A.K.JAYASANKARAN NAMBIAR, J.

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W.P.(C). No. 3124 of 2016

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===================================================== Dated this the 25^th day of February, 2016

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JUDGMENT

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The petitioner, who had availed of a loan from the respondent bank, defaulted in repayment of the same. Consequently, the respondent bank initiated proceedings under the Kerala Revenue Recovery Act, to recover the loan amounts. In the writ petition, the petitioner impugns the steps initiated by the respondent bank for recovery of the loan amounts.

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I have heard the learned counsel appearing on behalf of the petitioner as also the learned Standing Counsel appearing on behalf of the respondents.

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On a consideration of the facts and circumstances of the case and the submissions made across the bar, I note that the sole prayer of the petitioner is to permit him to remit the balance amounts outstanding to the bank in easy installments. Taking into account the plea of financial hardship raised by the petitioner, I dispose the writ petition with the following directions:-

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(i) The total outstanding amount, in respect of the loan as on 30.01.2016, is stated to be Rs.1,01,849/-

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-2-

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W.P.(C). No. 3124 of 2016

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together with accrued interest. Accordingly, if the petitioner remits the aforesaid amount of Rs.1,01,849/- together with accrued interest from 30.01.2016 in six equal and successive monthly installments commencing from 10.03.2016, then the recovery steps initiated against him by the respondent bank shall be kept in abeyance.

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(ii) It is made clear that if the petitioner commits a default in respect of any of the installments, he will lose the benefit of this judgment and the respondent bank will be free to continue the recovery proceedings against him from the stage at which they presently stand.

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(iii) The respondent bank shall, within ten days from today, provide the petitioner with an upto-date statement of accounts so as to enable the petitioner to discharge the liability in accordance with the directions of this judgment.

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Sd/-

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A.K.JAYASANKARAN NAMBIAR JUDGE

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das /25.02.2016

Nandakumar R. v. Indian Overseas Bank

Case brief

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Nandakumar R. v. Indian Overseas Bank

Case brief

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