Disposed

Mujeeb Rahman K.T., v. the Manjeri Co-Operative Urban Bank Limited

Kerala HC21 Oct 2021WP(C)/19995/2021

Case brief

AI extract

What is this about?

Bench directed respondent bank to allow petitioners to repay outstanding dues of Rs. 99.83 lakhs via 15 equal monthly instalments, keeping coercive proceedings in abeyance until default.

What did the court decide?

Direction to accept repayment of Rs. 99,83,689/- in 15 monthly instalments with first payment by 30.11.2021 and keep coercive proceedings in abeyance.

Mujeeb Rahman K.T., Vs the Manjeri… — Contract and Commercial Disputes | Kerala HC (2021)

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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 BECHU KURIAN THOMAS

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THURSDAY, THE 21^ST DAY OF OCTOBER 2021 / 29TH ASWINA, 1943

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WP(C) NO. 19995 OF 2021

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PETITIONERS:

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1 MUJEEB RAHMAN K.T., AGED 40 YEARS S/O.HASSAN HAJI, K.T.HOUSE, AIKKARAPPADI, MALAPPURAM DISTRICT, PIN-673 637. 2 UMAIRABI, AGED 34 YEARS W/O.MUJEEB RAHMAN.K.T., K.T. HOUSE, AIKKARAPPADI, MALAPPURAM DISTRICT, PIN-673 637. BY ADVS. P.SAMSUDIN M.ANUROOP

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RESPONDENTS:

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1 THE MANJERI CO-OPERATIVE URBAN BANK LIMITED, COURT ROAD, MANJERI P.O., MALAPPURAM DISTRICT, PIN-676 121. 2 THE AUTHORISED OFFICER, MANJERI CO-OPERATIVE URBAN BANK LTD., COURT ROAD, MANJERI P.O., MALAPPURAM DISTRICT, PIN-676 121. BY ADV K.VIDYASAGAR SRI K VIDYASAGAR-SC

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21.10.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C) NO. 19995 of 2021

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BECHU KURIAN THOMAS, J.

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WP(C) NO. 19995 of 2021

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Dated this the 21^st day of October, 2021

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JUDGMENT

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Petitioners as borrowers from the respondent bank, have committed default in repayment. Consequently, proceedings have been initiated by the bank for recovery of the amounts due.

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During the course of the hearing, petitioners have confined the relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation of the loan account.

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It was submitted on behalf of the respondent bank that petitioners committed default in repayment under a cash credit facility and the outstanding amount is Rs.99,83,689/-. It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent bank is willing to accept

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WP(C) NO. 19995 of 2021

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repayment of the overdue amount in limited instalments.

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I have heard Adv. P. Samsudin, the learned

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Counsel for petitioners as well as Adv. K. Vidyasagar, the learned Counsel for the respondents.

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Having regard to the circumstances of the case and the situation now prevailing, apart from the submissions made as recorded above, I am of the view that the petitioners can be granted an opportunity to repay the outstanding amount in 15 instalments.

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Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs. 99,83,689/- along with bank charges from the petitioners on the following conditions:

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i. The overdue amount of Rs. 99,83,689/- shall be repaid in 15 equated monthly instalments.

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ii. The first instalment shall be paid on or before 30.11.2021.

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iii. All coercive proceedings shall be kept in abeyance as long as the petitioners continue to pay the instalments.

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iv. In the event of default of any one instalment,

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WP(C) NO. 19995 of 2021

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the respondent bank shall be entitled to proceed in accordance with law.

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The writ petition is disposed of as above.

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Sd/-

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BECHU KURIAN THOMAS

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JUDGE

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AJ/21.10.2021

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WP(C) NO. 19995 of 2021

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE ISSUED TO THE PETITIONER UNDER RULE 8(5) (A) OF THE SECURITY INTEREST ENFORCEMENT RULE 2002.

Mujeeb Rahman K.T., v. the Manjeri Co-Operative Urban Bank Limited

Case brief

What is this about?

What did the court decide?

Mujeeb Rahman K.T., v. the Manjeri Co-Operative Urban Bank Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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