Remanded

Neena Madhanamohanan v. Hdfc Bank Ltd.

Kerala HC23 Jan 2020WP(C)/47/2020

Case brief

AI extract

What is this about?

The Kerala High Court disposed of a writ petition where the petitioner challenged the inaction of the Ministry of Finance regarding bank loan arbitration. The Court directed the respondents to accept overdue amounts via installments to regularize the loan account, warning of consequences for future defaults.

What did the court decide?

Respondents directed to accept Rs.2,22,219/- in three equal monthly installments by March 31, 2020, to regularize the loan account upon remittance along with regular dues.

Neena Madhanamohanan Vs Hdfc Bank Ltd. — Banking and Recovery | 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 MRS. JUSTICE ANU SIVARAMAN

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THURSDAY, THE 23RD DAY OF JANUARY 2020 / 3RD MAGHA, 1941

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WP(C).No.47 OF 2020(E)

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PETITIONER:

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NEENA MADHANAMOHANAN AGED 41 YEARS W/O. MADHANAMOHANAN K. R., 27/242 KARICKAL, MATHIRAPPILY, KOTHAMANGALAM, ERNAKULAM, KERALA, PIN - 686691.

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BY ADVS. SMT.DEVIKA PILLAI SMT.JITHY SUSOJA S.

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RESPONDENTS:

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1 M/S.HDFC BANK LTD. HAVING ITS REGISTERED OFFICE AT HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL, MUMBAI - 400 001. HAVING ITS REGIONAL OFFICE AT SL PLAZA, PALARIVATTOM, KOCHI - 682 025., REPRESENTED BY ITS POWER OF ATTORNEY HOLDER ATHIRA M. S.

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2 THE MANAGER M/S HDFC BANK LTD., REGIONAL OFFICE AT SL PLAZA, PALARIVATTOM, KOCHI - 682 025.

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3 SECRETARY MINISTRY OF FINANCE, UNION OF INDIA, JEEVANDEEP BUILDING, PARLIAMENT STREET, NEW DELHI - 110 001.

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SRI.T.RAJESH, SC, HDFC BANK LTD.

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23.01.2020, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No.47 OF 2020

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JUDGMENT

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This writ petition is filed seeking the following reliefs:

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“(1) To issue a writ of mandamus or any appropriate writ directing the 3^rd Respondent to frame guidelines for the Bank's to regulate arbitration procedure in respect of the loan availed by the Petitioner.

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(2) To issue a writ of mandamus or any appropriate writ directing the 3^rd respondent to direct the Respondents 1 and 2 to grant of such further time to the Petitioner to regularize the loan and clear off the dues of the Respondent's 1 and 2.

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(3) In the alternative to issue a writ of mandamus or any appropriate writ directing the 3^rd respondent to direct the Respondent 1 and 2 to grant a reasonable time to cause the sale of secured asset and clear all dues due to the 1^st Respondent.”

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Heard the learned counsel for the petitioner and the learned counsel appearing for the respondents.

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It is submitted by the learned counsel appearing for the respondents that an amount of Rs.2,22,219/- (Rupees Two lakhs Twenty Two Thousand Two Hundred and Nineteen only) is overdue in respect of the loan in question and that, in case the petitioner remits the said amount which is inclusive of interest and charges in three equal monthly installments on or before 31.03.2020, the loan account can be regularized

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and the petitioner can be permitted to make the payments towards the

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WP(C).No.47 OF 2020

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loan in accordance with the agreement already executed between the parties.

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In the above view of the matter, there will be a direction to the respondents to accept the amount of Rs.2,22,219/-, which is said to be overdue in three equal installments. The first of such installment shall be paid on or before 31.01.2020 and the remaining installments shall be due on or before 28.02.2020 and 30.03.2020 respectively. The respondents shall serve an upto date statement of accounts to the petitioners. In case the petitioners makes the remittances along with the regular installments due on the loan without default as directed above, the loan shall be regularized and the petitioners shall be permitted to pay off the loan in installments as provided in the original agreement. However, in case there is any default in payment of the amounts as directed above, the petitioners will lose the benefit of this judgment and the respondents shall be free to take appropriate steps for the realization of the amounts due.

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This writ petition is ordered accordingly.

Sd/-

ANU SIVARAMAN

JUDGE

WP(C).No.47 OF 2020

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APPENDIX

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PETITIONER'S/S EXHIBITS:

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EXHIBIT P1 COPY OF THE NOTICE OF ENQUIRY DATED 2.9.2019 ISSUED BY THE ARBITRATOR IN ARC NO.66/2019. EXHIBIT P2 COPY OF THE ARC NO.66/2019 CLAIM PETITION DATED 22.8.2019 FILED BY THE 1ST RESPONDENT BEFORE THE ARBITRATOR. EXHIBIT P3 COPY OF THE UNNUMBERED IA IN EXHIBIT - P2 IS PRODUCED. EXHIBIT P4 COPY OF THE INTERIM ORDER IN UNNUMBERED IA IN ARC NO.66/2019 DATED 2.9.2019.

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RESPONDENT'S/S EXHIBITS: NIL

Neena Madhanamohanan v. Hdfc Bank Ltd.

Case brief

What is this about?

What did the court decide?

Neena Madhanamohanan v. Hdfc Bank Ltd.

Case brief

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What did the court decide?

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