The High Court granted an installment facility for the repayment of a defaulted loan of Rs.28,52,000 to the petitioner, allowing recovery proceedings to be stayed provided there is no default in payments.
Petitioner permitted to repay owed amount in 12 installments; recovery proceedings stayed.
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR
MONDAY, THE 13TH DAY OF JULY 2020 / 22ND ASHADHA, 1942
WP(C).No.13653 OF 2020(F)
PETITIONER/S:
SAILAJA B C NAIR AGED 55 YEARS
W/O.RAJARETHNAM, UDAYAMANGALAM, MANALAYAM, ELAVATTOM.P.O., THIRUVANANTHAPURAM-695562.
BY ADV. SRI.V.A.VINOD
RESPONDENT/S:
1 THE STATE BANK OF INDIA, REPRESENTED BY ITS BRANCH MANAGER, PALODE BRANCH, NEDUMANGAD, THIRUVANANTHAPURAM-695562.
2 THE STATE BANK OF INDIA, REPRESENTED BY ITS AUTHORISED OFFICER, STRESSED ASSETS RECOVERY BRANCH, LMS COMPOUND, OPP. MUSEUM WEST GATE, VIKAS BHAVAN.P.O., THIRUVANANTHAPURAM-695033.
BY ADV.SRI.R.S KALKURA,SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13.07.2020, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P.(C).No.13653 of 2020
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JUDGMENT
The petitioner has approached this Court seeking an installment facility for repayment of the defaulted loan amount. The learned Standing counsel for the respondent bank would oppose the prayer for regularisation of the loan but would submit that if the petitioner can pay the total outstanding amount of Rs.28,52,000/- in installments, then the petitioner can be permitted to close the loan within the said period granted by this Court.
(i) The total amount outstanding from the petitioner, as on today, is stated to be Rs.28,52,000/-. Accordingly, if the petitioner pays the aforesaid amount of Rs.28,52,000/- together with accrued interest from today, till the date of payment in 12 equal and successive monthly installments
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commencing from 03.08.2020, then further proceedings for recovery of the amounts from the petitioner shall be kept in abeyance.
(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.
(iii) The respondent bank shall, within a week from today, provide the petitioner with an up-to-date statement showing the outstanding amounts together with interest so as to enable the petitioner to make the payments in accordance with the directions in this judgment.
Sd/-
A.K.JAYASANKARAN NAMBIAR JUDGE
mns/13.7.2020
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APPENDIX
PETITIONER'S/S EXHIBITS:
EXHIBIT P1 TRUE COPY OF THE NOTICE DATED 12.6.2020.
1 issue framed by the court
Whether the petitioner can be permitted to repay the defaulted bank loan in monthly installments due to financial hardship.
SAILAJA B C NAIR
THE STATE BANK OF INDIA
A.K.JAYASANKARAN NAMBIAR
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
