Disposed

V.H.Azad v. the Authorized Officer

Kerala HC26 Feb 2019WP(C)/4288/2019

Case brief

AI extract

What is this about?

The Court allowed the petitioners to submit a written offer to settle the outstanding loan account for Rs.49 lakhs by a specified date, directing the bank to consider the offer and communicate the outcome within one week, with a request to release mortgage documents upon settlement.

What did the court decide?

Permission to make an offer of Rs.49 lakhs to settle the account; bank to consider it within one week of receipt and communicate outcome.

V.H.Azad Vs the Authorized Officer — Banking and Recovery | Kerala HC (2019)

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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 DEVAN RAMACHANDRAN

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TUESDAY ,THE 26TH DAY OF FEBRUARY 2019 / 7TH PHALGUNA, 1940

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WP(C).No. 4288 of 2019

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PETITIONERS:

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1 V.H.AZAD AGED 53 YEARS S/O. HASSAINAR, VALATH HOUSE, TOLL GATE, ERNAKULAM-682 024

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2 NISHA AZAD AGED 45 YEARS W/O. V.H. AZAD, VALATH HOUSE, TOLL GATE, ERNAKULAM-682 024

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BY ADVS. SRI.ZAKIR HUSSAIN SMT.K.A.SANJEETHA

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RESPONDENTS:

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1 THE AUTHORIZED OFFICER DENA BANK, MG ROAD BRANCH, JOS JUNCTION, ERNAKULAM-682 016

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2 DENA BANK MG ROAD BRANCH, JOS JUNCTION, ERNAKULAM-682 016, REPRESENTED BY ITS BRANCH MANAGER.

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BY ADVS. SRI.PHILIP T.VARGHESE SMT.ACHU SUBHA ABRAHAM SMT.K.R.MONISHA SMT.V.T.LITHA SRI.THOMAS T.VARGHESE

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 26.02.2019, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 4288 of 2019

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JUDGMENT

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The limited prayer of the petitioners is that the respondent bank be directed to allow them to pay off the amounts outstanding in the loan account, availed of by them from the said bank, in “reasonable installments.”

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Shri.Thomas.T.Varghese, the learned Standing

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Counsel for the respondent bank, submits that the petitioners can pay off the entire outstanding under a one time settlement and he offers that if the petitioners pay an amount of Rs.55.52 lakhs, the account can obtain a complete closure.

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Shri.Zakir Hussain, the learned counsel for the petitioners, submit that the figure now quoted by the learned counsel for the bank is on the higher side and he submits that his client will pay Rs.49 lakhs in full and final settlement of the account, if they are allowed to do so, within the shortest time frame.

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In response to the submissions of Shri.Zakir Hussain, Shri.Thomas.T.Varghese submits that if the

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WP(C).No. 4288 of 2019

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petitioners make their afore offer in a proper format before

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the bank today itself, the same may be considered by the bank, as per the available and applicable guidelines and that the resultant order/proceedings will be communicated to the petitioners without any further delay.

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Shri.Zakir Hussain accepts the above suggestion made by Shri.Thomas.T.Varghese and prays that such liberty be afforded to his client and that this writ petition be ordered on such terms.

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In the afore circumstances, I allow the petitioners to make an offer, in the form of a written representation, to pay Rs.49 lakhs in full and final settlement of the account, on or before 28.02.2019; in which event, the Competent Authority of the bank will consider the same and communicate the resultant order/proceedings to the petitioners within a period of one week thereafter.

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Needless to say, subject to the remedies available to the petitioners, they will abide by the orders/proceedings to be issued by the bank and that if the account is thus settled,

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WP(C).No. 4288 of 2019

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then the bank will release the title documents of the mortgage

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property, if possible, on the same day itself.

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Sd/-

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DEVAN RAMACHANDRAN

JUDGE

WP(C).No. 4288 of 2019

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APPENDIX

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PETITIONERS'S EXHIBITS:

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EXHIBIT P1 TRUE COPY OF THE SALE NOTICE DATED 05.06.2018 EXHIBIT P2 TRUE COPY OF THE COUNTER FOIL DATED 11/07/2018 SHOWING THE REMITTANCE OF RS. 25 LAKHS. EXHIBIT P3 TRUE COPY OF THE STATEMENT OF ACCOUNT SHOWING REMITTANCE OF RS. 10 LAKHS ON 31/07/2018 EXHIBIT P4 TRUE COPY OF THE PROPOSAL DATED 3/11/2018 SUBMITTED BY THE 2ND PETITIONER. EXHIBIT P5 TRUE COPY OF THE STATEMENT OF ACCOUNTS DATED 11/2/2019 ISSUED BY THE BANK EXHIBIT P6 TRUE COPY OF THE FINAL ORDER DATED 18/12/2018

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RESPONDENTS'S EXHIBITS: NIL

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//TRUE COPY//

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PA TO JUDGE

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V.H.Azad v. the Authorized Officer

Case brief

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V.H.Azad v. the Authorized Officer

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