Allowed

Dr. Ajith Kumar M.G. v. Authorized Officer

Kerala HC22 Oct 2021WP(C)/20730/2021

Case brief

AI extract

What is this about?

The High Court at Ernakulam granted an opportunity to defaulting petitioners to repay an overdue amount of Rs.18,00,000 in six instalments to regularize their loan account with the respondent bank, keeping coercive proceedings in abeyance.

What did the court decide?

Repay Rs.18,00,000/- in six instalments; regularize loan account; all coercive proceedings to be kept in abeyance; default in any instalment allows bank to proceed.

Dr. Ajith Kumar M.G. Vs Authorized Officer — Banking and Recovery | 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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FRIDAY, THE 22^ND DAY OF OCTOBER 2021 / 30TH ASWINA, 1943

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WP(C) NO. 20730 OF 2021

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PETITIONERS :

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1 DR. AJITH KUMAR M.G., AGED 52 YEARS, "NIRMALYAM", GOLF LINK ROAD, CHEVAYUR P.O., KOZHIKODE-673017.

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2 DR.PRIYADARSHINI P.P., W/O.DR.AJITH KUMAR, "NIRMALYAM", GOLF LINK ROAD, CHEVAYUR P.O., KOZHIKODE – 673 017.

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BY ADVS. JOSE KURIAKOSE (VILANGATTIL) BIJO FRANCIS LUIZ GODWIN D COUTH

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RESPONDENT :

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AUTHORIZED OFFICER, INDIAN BANK, ZONAL OFFICE, KOZHIKODE, PIN – 673 001.

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BY ADV.S.EASWARAN, SC

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22.10.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C) NO. 20730 OF 2021

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BECHU KURIAN THOMAS, J.

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W.P.(C) No.20730 of 2021

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Dated this the 22^nd 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 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 the petitioners committed default in repayment and the overdue amount is Rs.18,00,000/-. It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent bank is willing to accept repayment of the overdue amount in limited instalments and regularise the loan account.

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I have heard the learned counsel for the petitioners as well as 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

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WP(C) NO. 20730 OF 2021

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above, I am of the view that the petitioners can be granted an opportunity to repay the overdue amount in six instalments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised.

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Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.18,00,000/along with bank charges from the petitioners and regularise the loan account of the petitioners on the following conditions:

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(i) The overdue amount of Rs.18,00,000/- shall be repaid in six equated monthly instalments.

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(ii) The first instalment shall be paid on or before 15.11.2021.

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(iii) Petitioners shall continue to pay the regular EMI’s along with the instalments directed above.

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(iv) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law.

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(v) In order to enable the petitioners to repay the entire amounts, all coercive proceedings shall be kept in abeyance.

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The writ petition is disposed of as above.

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Sd/- BECHU KURIAN THOMAS, JUDGE

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RKM

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WP(C) NO. 20730 OF 2021

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PETITIONERS' EXHIBITS :

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Exhibit P1 THE TRUE COPY OF THE DEMAND NOTICE UNDER SEC.13(2) DATED 09.07.2021 ISSUED TO THE PETITIONERS. Exhibit P2 THE TRUE COPY OF THE POSSESSION NOTICE ISSUED TO THE PETITIONERS UNDER SEC.13(4) OF THE SARFAESI ACT DATED 18.09.2021. Exhibit P3 THE TRUE COPY OF THE MRI BRAIN WITH IV CONTRAST TAKEN ON THE 1ST PETITIONER ON 24.08.2021.

Dr. Ajith Kumar M.G. v. Authorized Officer

Case brief

What is this about?

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Dr. Ajith Kumar M.G. v. Authorized Officer

Case brief

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