Partly allowed

Viswanathan K.P v. Federal Bank Ltd.

Kerala HC9 Aug 2016WP(C)/7620/2016

Case brief

AI extract

What is this about?

The single-judge court disposed of a writ petition filed by a debtor facing SARFAESI proceedings after an education loan default. The court allowed the petitioner to repay the entire amount with accrued interest in twelve equal monthly instalments.

What did the court decide?

Pay the entire amount with accrued interest in twelve equal monthly instalments starting from 06.09.2016. Default allows the Bank to take legal steps.

Viswanathan K.P Vs Federal Bank Ltd. — Banking and Recovery | 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.M.SHAFFIQUE

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TUESDAY, THE 9TH DAY OF AUGUST 2016/18TH SRAVANA, 1938

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WP(C).No. 7620 of 2016 (B)

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PETITIONER(S):

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VISWANATHAN K.P., RESHMI BHAVAN, SOUTH BAZAR, KUTTIPPURAM, PIN = 679 571, MALAPPURAM DISTRICT.

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BY ADVS.SRI.P.CHANDRASEKHAR SRI.SOORAJ T.ELENJICKAL SRI.P.A.MOHAMMED SHAH SMT.UMA SRI.K.NANDAKUMAR SMT. MARY RESHMA GEORGE SRI.P.K.ABDU RAHEEM SMT.P.M.MAZNA MANSOOR

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RESPONDENT(S):

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1. FEDERAL BANK LTD., KUTTIPPURAM BRANCH, KUTTIPPURAM, MALAPPURAM DISTRICT - 679 571, REPRESENTED BY ITS SENIOR MANAGER.

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2. THE MANAGER, FEDERAL BANK LTD., ZONAL OFFICER, CALICUT, KOZHIKODE DISTRICT, PIN - 673 001. 3. THE GENERAL MANAGER, FEDERAL BANK LTD., ALUVA, ERNAKULAM DISTRICT, PIN 683 101. BY ADVS. SRI.LAWRENCE D'CUNHA SRI.K.MADHUSOODANAN SRI.MATHEW BONSTANE SRI.T.G.PAUL

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THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 09-08-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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msv/

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WP(C).No. 7620 of 2016 (B)

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APPENDIX

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PETITIONER(S)' EXHIBITS:

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------------------------

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EXT.P1: TRUE COPY OF THE PASS BOOK OF THE LOAN.

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EXT.P2: TRUE COPY OF THE PETITION SUBMITTED TO THE 2ND RESPONDENT DTD.15.9.2014 ALONG WITH ENCLOSURES.

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EXT.P3: TRUE COPY OF THE PETITION DTD.21.11.2015 TO THE 1ST RESPONDENT.

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EXT.P4: TRUE COPY OF THE LETTER DTD.29.1.2016 FROM THE 1ST RESPONDENT.

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RESPONDENT(S)' EXHIBITS:

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------------------------

NIL

//TRUE COPY//

P.S.TO JUDGE

Msv/

A.M. SHAFFIQUE, J.

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W.P.(C).No.7620 of 2016

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Dated this, the 9^th day of August, 2016

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J U D G M E N T

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Petitioner has approached this Court being faced with proceedings initiated by the respondent Bank under the SARFAESI Act.

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Petitioner's daughter had taken an education loan for ₹8,08,565/- from the respondent Bank. The petitioner could not repay the monthly instalments in time on account of certain financial difficulties. In the meantime, proceedings had been taken by the respondent Bank under the SARFAESI Act.

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Learned counsel for the petitioner submits that the petitioner is ready and willing to pay the entire amount in instalments if some time is granted.

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Having regard to the fact that the petitioner had expressed the willingness to repay the amount in instalments, I am of the view that some indulgence can be shown to the petitioner.

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Accordingly, this writ petition is disposed of as under:

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(i) The petitioner shall pay the entire amount with accrued interest in twelve equal monthly instalments starting from 06.09.2016.

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(ii) If there is default in payment of any of the aforesaid

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W.P.(C).No.7620 of 2016

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amounts, it shall be open for the respondent Bank to take such steps in accordance with law.

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Sd/-

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A.M. SHAFFIQUE, JUDGE

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Viswanathan K.P v. Federal Bank Ltd.

Case brief

What is this about?

What did the court decide?

Viswanathan K.P v. Federal Bank Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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