Allowed

Shruthi v. S, v the Authorized Officer

Kerala HC21 Feb 2023WP(C)/3339/2023

Case brief

AI extract

What is this about?

The High Court of Kerala heard a writ petition filed by four petitioners against Federal Bank regarding overdue cash credit and term loans. The court granted relief to the petitioners, directing them to repay the outstanding amounts in instalments rather than facing immediate recovery proceedings, with a proviso that any default would allow the bank to proceed with recovery.

What did the court decide?

Direction to pay overdue cash credit amount of Rs.1,00,000/- plus balance in instalments with interest, and overdue term loan of Rs.2,52,780/- in 12 equal monthly instalments. Recovery proceedings sta

Shruthi v S, Vs the Authorized Officer — 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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TUESDAY, THE 21^ST DAY OF FEBRUARY 2023 / 2ND PHALGUNA, 1944

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WP(C) NO. 3339 OF 2023

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PETITIONERS:

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1SHRUTHI V S,
AGED 25 YEARS, D/O JOSEPH VIJAYAKUMAR,
SHRUTHI BHAVAN, AMUNTHURUTHY, KALIYIKKAVILA POST,
THIRUVANANTHAPURAM DISTRICT, PIN – 695 506

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2SAJITHA T C
AGED 50 YEARS, W/O JOSEPH VIJAYAKUMAR,
SHRUTHI BHAVAN, AMUNTHURUTHY, KALIYIKKAVILA POST,
THIRUVANANTHAPURAM DISTRICT, PIN – 695 506

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3JOSEPH VIJAYAKUMAR
AGED 60 YEARS, S/O JOSEPH, SHRUTHI BHAVAN,
AMUNTHURUTHY, KALIYIKKAVILA POST,
THIRUVANANTHAPURAM DISTRICT, PIN – 695 506

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4 SAJITH C C AGED 54 YEARS, S/O CHELLARAJAN, SAJITH BHAVAN, MARYAPURAM POST, THIRUVANANTHAPURAM, PIN - 695122

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BY ADVS.
AJIT G ANJARLEKAR
G.P.SHINOD
GOVIND PADMANAABHAN
GAYATHRI S.B.
ATUL MATHEWS

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RESPONDENTS:

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1THE AUTHORIZED OFFICER ,
UNDER THE SARFAESI ACT, FEDERAL BANK LIMITED, LCRD/
THIRUVANANTHAPURAM DIVISION, 4TH FLOOR, FEDERAL TOWERS,
STATUE, THIRUVANANTHAPURAM, PIN - 695001

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2 THE BRANCH MANAGER FEDERAL BANK, NEYYATTINKKARA BRANCH, NEYYATTINKKARA POST, THIRUVANANTHAPURAM, PIN - 695121

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BY ADVS.
P.PAULOCHAN ANTONY

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WP(C) NO.3339 OF 2023

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2

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SUJESH KUMAR K P
KEERTHI K.NARAYANAN(K/1078/2005)
S.SHALU(K/254/2012)
ASWIN B.(K/002831/2022)

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 21.02.2023, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:

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WP(C) NO.3339 OF 2023

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T.R. RAVI, J.

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W. P. (C). No.3339 of 2023

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-------------------------------------------Dated this the 21^st day of February, 2023

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JUDGMENT

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The writ petition has been f i led seeking to repay the overdue amount and outstanding amount in instalments.

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2 . The learned Standing Counsel on instructions submitted that the petitioner has availed a cash credit loan and a term loan. An amount of Rs.3,32,780/- is outstanding in the cash credit facility and a sum of Rs.2,52,780/- is overdue in the term loan. It is further submitted that the term loan has a period upto 2030.

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3 . In the above circumstances, this writ petition is disposed of with the following directions :-

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(i ) The petitioner shall pay a sum of

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Rs.1,00,000/- (One lakh only) on or before 30.03.2023 towards the cash credit facility and the balance amount shall be paid in six Equal Monthly Instalments starting from 30.04.2023. The petitioner shall also pay the accumulated

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WP(C) NO.3339 OF 2023

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interest along with the instalments.

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(ii) The petitioner shall pay the overdue amount of Rs.2,52,780/- in the term loan in 12 equal monthly instalments, the 1st instalment falling due on or before 21.03.2023 and the subsequent instalments falling due on or before the 21st of the succeeding months.

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(iii) The petitioner shall pay the regular monthly instalments along with the instalments towards the overdue amounts.

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(iv) If the petitioner makes a single default in payment of instalments, the respondent is at liberty to proceed with the recovery. Steps for recovery shall be kept in abeyance to facilitate the payment of instalment.

Sd/-

T.R. RAVI, JUDGE

ded/21.02.2023

WP(C) NO.3339 OF 2023

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APPENDIX OF WP(C) 3339/2023

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PETITIONER EXHIBITS

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Exhibit P1

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A TRUE COPY OF THE NOTICE DATED 24.01.2023
ISSUED BY THE RESPONDENTS

Shruthi v. S, v the Authorized Officer

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Shruthi v. S, v the Authorized Officer

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