Partly allowed

Prasad Kumar.M.R., v. the Authorised Officer, South Indian Bank

Kerala HC21 Feb 2023WP(C)/3855/2022

Case brief

AI extract

What is this about?

In a writ petition under Article 226/227 of the Constitution challenging coercive recovery steps, the High Court of Kerala permitted the petitioner to clear an overdue bank loan of Rs.5,95,000 through 15 equal monthly instalments. The bank agreed to regularise the account upon full payment, retaining the liberty to resume coercive measures upon two consecutive defaults.

What did the court decide?

Petitioner directed to pay Rs.5,95,000 in 15 equal monthly instalments starting 21.03.2023; Respondent to regularise account upon full payment; punitive actions stayed pending compliance.

Prasad Kumar.M.R., Vs the Authorised… — 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 21ST DAY OF FEBRUARY 2023 / 2ND PHALGUNA, 1944
WP(C) NO. 3855 OF 2022

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PETITIONER:

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PRASAD KUMAR.M.R.,
AGED 49 YEARS
S/O.RAMACHANDRAN NAIR, THOTTIYIL HOUSE, KULATHUR P.O.,
KASARGOD-671 541.

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BY ADV N.SASI

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RESPONDENT:

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THE AUTHORISED OFFICER, SOUTH INDIAN BANK,
REGIONAL OFFICE, KVR TOWER, PAMPAN MADHAVAN ROAD,
OPPOSITE LIC OFFICE, TALAP, KANNUR-670 002.

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SRI. K. K. JOHN, SC.

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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. 3855 OF 2022

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T.R. RAVI, J.

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-------------------------------------------- W.P.(C) No.3855 of 2022

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Dated this the 21^st 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 overdue amounts in the loan account availed from the respondent in easy instalments and to regularise the loan account. The Standing Counsel for the respondent on instructions submits that the overdue amount is Rs.5,95,000/-.

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In the above circumstances, the writ petition is disposed of directing the petitioner to pay off the overdue amount of Rs.5,95,000/- in 15 equal monthly instalments, the first instalment falling due on or before 21.03.2023 and the subsequent instalments falling due on or before the 21^st day of the succeeding months. The petitioner shall also pay the regular monthly instalments along with the instalments towards the overdue amount as stated above. If the petitioner pays the entire overdue amount, the respondent shall regularise the loan

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WP(C) NO. 3855 OF 2022

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account. If the petitioner makes two consecutive defaults 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.

Sd/-

T.R.RAVI JUDGE

mpm

WP(C) NO. 3855 OF 2022

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APPENDIX OF WP(C) 3855/2022

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PETITIONER’S EXHIBITS

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Exhibit P1TRUE COPY OF THE DEMAND NOTICE DATED
16.11.2019 ISSUED BY THE RESPONDENT.

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Exhibit P2

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TRUE COPY OF THE POSSESSION NOTICE DATED
17.12.2020 ISSUED BY THE RESPONDENT.

Prasad Kumar.M.R., v. the Authorised Officer, South Indian Bank

Case brief

What is this about?

What did the court decide?

Prasad Kumar.M.R., v. the Authorised Officer, South Indian Bank

Case brief

What is this about?

What did the court decide?

What the court decided

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