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K.P.Ramachandran Nair v. the Chief Manager

Kerala HC11 Dec 2020WP(C)/26546/2020

Case brief

AI extract

What is this about?

This single-paragraph order disposed of a writ petition filed by a borrower who defaulted on a bank loan. The High Court directed the petitioner to pay the outstanding amount in eight equal monthly installments starting January 15, 2021, while reserving the bank's right to take further legal proceedings upon default.

What did the court decide?

Petitioner directed to make payment towards the overdue amount in 8 equal monthly installments starting from 15.01.2021 along with regular installments. Respondents reserved liberty to take further pr

K.P.Ramachandran Nair Vs the Chief Manager — Company and Corporate | Kerala HC (2020)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT

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THE HONOURABLE SMT. JUSTICE P.V.ASHA

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FRIDAY, THE 11TH DAY OF DECEMBER 2020 / 20TH AGRAHAYANA, 1942

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WP(C).No.26546 OF 2020(P)

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PETITIONER:

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K.P.RAMACHANDRAN NAIR AGED 64 YEARS S/O. KUTTANPILLAI, KURANDIPALLIL HOUSE, OLAI, THEVALLY P.O., KOLLAM-691009.

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BY ADV. PONNAN ALEX G.R.

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RESPONDENTS:

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1 THE CHIEF MANAGER, KERALA FINANCIAL CORPORATION, BRANCH OFFICE, BEACH ROAD, KOLLAM-691001.

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2 KERALA FINANCIAL CORPORATION, BRANCH OFFICE, BEACH ROAD, KOLLAM-691001, REPRESENTED BY ITS AUTHORISED OFFICER.

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SRI.BASANT BALAJI,SC,KERALA FINANCIAL CORPORATION

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11.12.2020, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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W.P.(C) No. 26546/2020 (P)

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JUDGMENT

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Dated this the 11^th day of December 2020

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The petitioner who availed a loan of Rs.8

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Crores from the Kerala Financial Corporation in the

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year 2018 defaulted payment of regular

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installments. The Writ Petition is filed on receipt of Ext.P3 notice, proposing action under

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Section 29 of the State Financial Corporations Act, 1951.

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The learned Standing Counsel,

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Adv.Sri.Basant Balaji on instructions, submits that, as on 01.10.2020, the outstanding overdue amount is Rs.3,96,34,993/-(Rupees Three Crore ninty

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six lakhs thirty four thousand nine hundered and ninty three only).

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The learned counsel for the petitioner

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submits that petitioner will make the payment of overdue amount in 8 monthly installments along with regular installments.

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Accordingly, the Writ Petition is disposed

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W.P.(C) No. 26546/2020 (P)

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of with the following directions;

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(i) The Petitioner shall make the

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payment towards the overdue amount in 8

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equal monthly installments starting from

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15.01.2021 along with regular

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installments.

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(ii) In case the petitioner commits

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any default in such payments, the respondents would be free to take appropriate further proceedings in accordance with law.

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The Writ Petition is accordingly disposed of.

Sd/-

P.V.ASHA JUDGE

W.P.(C) No. 26546/2020 (P)

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APPENDIX

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PETITIONER'S EXHIBITS:

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EXHIBIT P1 A TRUE COPY OF THE SANCTIONED ORDER ISSUED BY THE RESPONDENT CORPORATION DATED 13.3.2018. EXHIBIT P2 A TRUE COPY NOTICES ISSUED 1ST RESPONDENT DATED 25.6.2019. EXHIBIT P3 A TRUE COPY OF THE NOTICE ISSUED BY THE 1ST RESPONDENT DATED 20.10.2020.

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RESPONDENTS EXHIBITS: NIL

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//TRUE COPY//

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PA TO JUDGE

K.P.Ramachandran Nair v. the Chief Manager

Case brief

What is this about?

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K.P.Ramachandran Nair v. the Chief Manager

Case brief

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