Disposed

Abbas Pulparambil, v. Idfc First Bank

Kerala HC12 Apr 2023WP(C)/6281/2022

Case brief

AI extract

What is this about?

Hearing a writ petition regarding a loan dispute, the High Court of Kerala recorded a mediatory settlement agreement reached between the bank and the borrower as part of the judgment, directing the parties to abide by its terms.

What did the court decide?

Disposal of the writ petition by incorporating the mediation settlement agreement as part of the judgment and directing parties to abide by its terms.

Abbas Pulparambil, Vs Idfc First 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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WEDNESDAY, THE 12^TH DAY OF APRIL 2023 / 22ND CHAITHRA, 1945 WP(C) NO. 6281 OF 2022

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PETITIONER:

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ABBAS PULPARAMBIL, AGED 45 YEARS PULPARAMBIL, PERUMANNA.P.O., KOZHIKODE-673 019

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BY ADV VIJAYAKUMARI.R

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RESPONDENT:

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IDFC FIRST BANK, REPRESENTED BY ITS MANAGER, EEPEES ARCADE, YWCA CROSS ROAD, KASABA, KOZHIKODE-673 001

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SRI. P. SATISAN/R

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12.04.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C) NO. 6281 OF 2022

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T.R. RAVI, J.

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W. P. (C). No. 6281 of 2022

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Dated this the 12^th day of April, 2023

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JUDGMENT

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The matter had been referred for mediation. The Nodal Officer

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has placed before this Court the report of the Mediator along with the memorandum of agreement arrived at between the parties.

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The writ petition is hence disposed of making the memorandum

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of agreement as part of the judgment . The parties shall abide by the terms of the agreement.

Sd/-

T.R. RAVI JUDGE

WP(C) NO. 6281 OF 2022

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APPENDIX OF WP(C) 6281/2022

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PETITIONER'S EXHIBITS

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Exhibit P1 TRUE COPY OF ACCOUNT STATEMENT DATED 24.11.2021 ISSUED BY THE RESPONDENT TOT HE PETITIONER Exhibit P2 TRUE COPY OF REQUEST LETTER SUBMITTED BEFORE THE RESPONDENT BANK DATED 10.02.2022

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BEFORE THE HONOURABLE HIGH COURT OF KERALA AT ERNAKULAM

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W.P.(C}. No[ 6281/2022

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Abbas pulparambil : Petitioner

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Vs'

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IDFC First Bank : Respondent

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MEMORANDRUM OF AGREEMENT UNDER SECTION 89 0F THE CODE OF CIVIL PROCEDURE READ WITH RULES 24 & 25 0F THE KERALA CIVIL PROCEDURE {MEDIATION}, RULES, 2008:

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Both parties agreed to settle the matter on the following terms and conditions:

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1, Petitioner availed a housing loan amount of Rs.30,38,354/(Rupees Thirty lakhs thirty eight thousand three hundred and fifty four only) on 08/03/2019. As on 20/02/2023 the principal I amount comes to Rs.29,76,472/- (Rupees Twenty nine lakhs seventy six thousand four hundred and seventy two only).

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The Respondent agreed to provide the facility of one time settlement scheme (OTS) to the Petitioner, consequently the total arrears of loan amount reduced to Rs.24,44,000/(Rupees Twenty four lakhs forty four thousand only).

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Sf Qxp en» rut

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nLerdm ®LaLu: iii.uiui,uH a,iu ciri,vHiuiiu!i tenq¢ High Court of Kerala Kochi -682 031

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ce tqfan4}er,

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-2-

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3] Petitioner remitted an amount of Rs.2,43,900/- to the Respondent Bank on 21/02/2023. The balance amount comes to Rs.22,00,100/- (Rupees Twenty two lakhs and hundred only). The Petitioner has to remit this amount in two equal installments. The lst installment amount of Rs.11,00,050/(Rupees Eleven lakhs and fifty only) will be paid on or before 23/03/2023. The remaining installment amount of Rs.11,00,050/(Rupees Eleven lakhs and fifty only) has to be paid on or before 13/04/2023.

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If the amount stipulated above is paid, Bank will release the title deeds and other documents which is mortgaged to the Bank within a period of fifteen working days to the Petitioner.

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If the amount stipulated above is not paid by the Petitioner, the one time settlement scheme (OTS) will be lapsed and the Respondent Bank is free to proceed with the recovery proceedings.

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Dated this the 22nd day of February, 2023.

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Petitioner Respondent Abbas Pulparambil lDFC First Bank #4r&.4` idfffrthpr:rap:%:e{

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Abbas Pulparambil

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. , clef a:I, :!fai:Hki#:it.itToner counse, fort <l`2?los- p,„

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Abbas Pulparambil, v. Idfc First Bank

Case brief

What is this about?

What did the court decide?

Abbas Pulparambil, v. Idfc First Bank

Case brief

What is this about?

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What the court decided

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