Partly allowed

Firozkhan P.a., v. Indian Overseas Bank

Kerala HC9 Feb 2023WP(C)/2263/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the petitioner to repay a loan account balance of Rs.1.14 Crore in easy installments. It directed immediate payment Rs.5 Lakhs followed by nine monthly installments, with coercive recovery steps kept in abeyance pending compliance.

What did the court decide?

The petitioner is directed to pay Rs.5,00,000/- on or before 23.02.2023 and the balance in 9 equal monthly instalments, with coercive recovery steps kept in abeyance.

Firozkhan P.a., Vs Indian Overseas Bank — Contract and Commercial Disputes | Kerala HC (2023)

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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 T.R.RAVI

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THURSDAY, THE 9^TH DAY OF FEBRUARY 2023 / 20TH MAGHA, 1944

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WP(C) NO. 2263 OF 2023

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PETITIONER:

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FIROZKHAN P.A., AGED 39 YEARS S/O.ABDUL KAREEM, PARIYARATH HOUSE, BYPASS JUNCTION, BRIDGE ROAD, ALUVA P.O., PIN - 683101 BY ADVS. P.SATHISAN DONA AUGUSTINE

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RESPONDENTS:

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1 INDIAN OVERSEAS BANK, THEKKEKKARA MANSION, 1ST FLOOR, M.G.ROAD, ERNAKULAM PIN – 682035 REPRESENTED BY ITS MANAGER,

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2 AUTHORISED OFFICER INDIAN OVERSEAS BANK, THEKKEKKARA MANSION, 1ST FLOOR, M.G.ROAD, ERNAKULAM, PIN - 682035 BY ADVS. SUNIL SANKAR.P. Sunil Shankar A VIDYA GANGADHARAN(K/000424/2020) SANDHRA.S(K/001610/2021)

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09.02.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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W.P.(C)No.2263 of 2023

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-:2:-

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T.R.RAVI, J

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W.P.(C) No. 2263 of 2023

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---------------------------------------------Dated this the 9^th day of February, 2023

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JUDGMENT

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The prayer in the writ petition is to permit the petitioner to pay off the amounts outstanding in the loan account availed from the respondent in easy instalments. The respondents have filed a counter affidavit stating that an original application has already been preferred and that the amount outstanding comes to more than Rs.1.14 Crore. The counsel for the petitioner submits that, he will be able to pay a sum of Rs.5,00,000/- (Rupees five lakh only) within two weeks and the balance outstanding in nine equal monthly instalments.

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In the above circumstances, the writ petition is disposed of directing the petitioner to pay a sum of Rs.5,00,000/- on or before 23.02.2023 and the balance outstanding in 9 equal monthly instalments, the first instalment falling due on or before 23.03.2023 and the subsequent instalments falling due on or before the 23^rd of the succeeding months. If the petitioner makes

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W.P.(C)No.2263 of 2023

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-:3:-

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a single default in the payment of instalments, the respondent will be at liberty to continue with coercive steps for recovery. The coercive steps initiated shall be kept in abeyance to facilitate the payment of instalments as directed above.

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Sd/- T.R.RAVI JUDGE

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W.P.(C)No.2263 of 2023

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-:4:-

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APPENDIX OF WP(C) 2263/2023

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PETITIONER EXHIBITS

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Exhibit P1 TRUE COPY OF SECTION 13(2) NOTICE ISSUED BY THE RESPONDENTS TO THE PETITIONER DATED 07.10.2022 Exhibitn P2 TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE RESPONDENTS DATED 29.12.2022 PERTAINING TO 5.46 ARES OF LAND Exhibit P2(a) TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE RESPONDENTS DATED 29.12.2022 PERTAINING TO 02.02 ARES OF LAND

Firozkhan P.a., v. Indian Overseas Bank

Case brief

What is this about?

What did the court decide?

Firozkhan P.a., v. Indian Overseas Bank

Case brief

What is this about?

What did the court decide?

What the court decided

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