Disposed

Mohanraj v. Kerala Financial Corporation

Kerala HC18 Feb 2021WP(C)/2443/2021

Case brief

AI extract

What is this about?

Kerala Financial Corporation sought recovery. The court allowed payment of overdue amount in eight monthly instalments, conditioned on an upfront payment of Rs. 5 lakhs and regular compliance to resume recovery proceedings upon default.

What did the court decide?

Permission granted to pay Rs. 40,05,739/ in eight monthly instalments starting April 2021, upon upfront payment of Rs. 5 lakhs before 15.03.2021.

Mohanraj Vs Kerala Financial Corporation — 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 SMT. JUSTICE P.V.ASHA

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THURSDAY, THE 18TH DAY OF FEBRUARY 2021 / 29TH MAGHA,1942 WP(C).No.2443 OF 2021(E)

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PETITIONERS:

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1 MOHANRAJ AGED 68 YEARS

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S/O. K C KANNAN, SHARIKA HOUSE, NARAYANA NAGAR P.O, VATAKARA, KOZHIKODE DISTRICT, PIN 673 101

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2 E.K PREMAN, AGED 66 YEARS S/O. K C KANNAN, KANNANS HOUSE, NARAYANA NAGAR P.O, VATAKARA, KOZHIKODE DISTRICT PIN 673 101

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3 E.K SUJATHA, AGED 64 YEARS D/O. K C KANNAN, JEEVA RUKMANI NAGAR, PAKKAMUDAIYANPE, PONDICHERY PIN 605 008

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4 E.K KRISHNADAS, AGED 62 YEARS S/O. KC KANNAN, MEPPAYIL P.O, VATAKARA, KOZHIKODE 673 104

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5 E.K MANOJAN, AGED 59 YEARS S/O. K C KANNAN,ETTUKANDAM THAZHAKUNIYIL HOUSE, VATAKARA, KOZHIKODE DISTRICT, PIN 673 101

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6 E.K JANARDHANAN, AGED 55 YEARS

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S/O. K.C KANNAN, ETTUKANDAM THAZHAKUNIYIL HOUSE, VATAKARA, KOZHIKODE DISTRICT PIN 673 101

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7 E.K SUCHITHRA, AGED 52 YEARS D/O. K.C KANNAN, PADINJARAYIL HOUSE, P.O THIKKODI, KOZHIKODE PIN 673 529

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BY ADV. SHRI.RAZAK M.PAYYOLI

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RESPONDENTS:

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1 KERALA FINANCIAL CORPORATION(KFC) HEAD OFFICE, VELLAYAMBALAM, THIRUVANANTHAPURAM PIN

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WP(C).No.2443 OF 2021(E)

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695 003

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2 KERALA FINANCIAL CORPORATION (KFC) REPRESENTED BY ITS BRANCH MANAGER, BRANCH OFFICE, MALIEKKAL BUILDING, MANJERI ROAD, UPHILL MALAPPURAM DISTRICT PIN 676 505

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R1 BY ADV. SRI.M.R.VENUGOPAL R1 BY ADV. SMT.DHANYA P.ASHOKAN

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18.02.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No.2443 OF 2021(E)

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JUDGMENT

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Dated this the 18^th day of February 2021

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The petitioners have availed a loan from the

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respondents in the year, 2013. On account of default in payment, the respondents have issued

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Exts.P1 and P2 notices, proposing recovery proceedings or proceedings under Section 29 of the State Financial Corporation Act. The learned

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counsel for the petitioners submits that the petitioners are facing severe financial crisis

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and they are not in a position to make the payment immediately. The petitioners seek

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instalment facility.

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instructions submits that the outstanding overdue amount is Rs.40,05,739/-.

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Therefore, there shall be a direction

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to permit the petitioners to pay the overdue

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WP(C).No.2443 OF 2021(E)

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amount in eight equal monthly instalments starting from April, 2021, provided the petitioners make payment of a sum of Rs.5 lakhs before 15.03.2021. In case the petitioners make payment regularly without any default as directed, the proceedings for recovery shall be kept in abeyance. In case any default is committed in payment of any of the instalments, respondents would be free to resume the proceedings for recovery/under Section 29 of the State Financial Corporation Act.

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The writ petition is accordingly disposed of.

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Sd/P.V.ASHA JUDGE

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WP(C).No.2443 OF 2021(E)

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APPENDIX

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PETITIONERS' EXHIBITS:

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EXHIBIT P1 TRUE COPY OF THE NOTICE DATED 16-01-2021 ISSUED TO THE PETITIONERS. EXHIBIT P2 TRUE COPY OF THE STATEMENT OF ACCOUNTS ISSUED TO THE PETITIONERS.

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RESPONDENTS EXHIBITS: NIL

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//TRUE COPY//

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PA TO JUDGE

Mohanraj v. Kerala Financial Corporation

Case brief

What is this about?

What did the court decide?

Mohanraj v. Kerala Financial Corporation

Case brief

What is this about?

What did the court decide?

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