Allowed

Chennam Kulangara Sulaiman v. Icici Bank Ltd.

Kerala HC2 Jun 2023WP(C)/6436/2023

Case brief

AI extract

What is this about?

In this writ petition, the Court exercised powers under Article 226 to direct the banking respondents to defer coercive proceedings and allow the petitioner to repay the loan amount in installments, subject to a substantial initial payment and a warning of penalty for future defaults.

What did the court decide?

Respondents directed to defer coercive proceedings; petitioner directed to pay Rs.2,00,000 by 30.6.2023 and balance overdue in eight equated monthly installments.

Chennam Kulangara Sulaiman Vs Icici Bank Ltd. — Banking and Recovery | 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 C.S.DIAS

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FRIDAY, THE 2ND DAY OF JUNE 2023 / 12TH JYAISHTA, 1945
WP(C) NO. 6436 OF 2023

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PETITIONER:

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CHENNAM KULANGARA SULAIMAN
AGED 50 YEARS
S/O ABDULLA HAJI, RSY NO. 348/11, KUTTIPARA -
CHARANKAVU ROAD, THRIKKALA, NGOD, PANCHAYATELANKUR
VILLAGE, MALAPPURAM DISTRICT, PIN - 676122

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BY ADVS.
GODWIN JOSEPH
ARUN BABU B.
ANILKUMAR V.

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RESPONDENTS:

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1 ICICI BANK LTD 1. ICICI BANK LTD., REPRESENTED BY ITS AUTHORISED OFFICER, ICICI BANK TOWER, BANDRA KURLA COMPLEX, MUMBAI, PIN - 400051

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2 THE BRANCH MANAGER ICICI BANK LTD., 4/10. MYTHREE TOWER, BOMMANAHALLI, HOSUR MAIN ROAD, BANGALORE, PIN – 560068

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SRI PRATHEESH CHACKO

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
02.06.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C) NO. 6436 OF 2023

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Dated this the 2^nd day of June, 2023

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JUDGMENT

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The writ petition is filed to direct the respondents to

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permit the petitioner to remit the overdue amount in installments.

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The petitioner’s case is that, he had availed a housing loan from the first respondent – Bank as early as on 30.3.2019 by creating an equitable mortgage. However, due to reasons beyond his control, he could not pay the EMIs on time. The respondents have now proceeded against the property of the petitioner under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (in short, ‘Act’). The petitioner is prepared to pay off the overdue amount in installments. Hence, the writ petition.

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WP(C) NO. 6436 OF 2023

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Heard; Sri.Godwin Joseph, the learned counsel appearing for the petitioner and Sri. Pratheesh Chacko, the learned counsel appearing for the respondents.

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Sri.Pratheesh Chacko, on instructions, submitted that, as on today, the overdue amount is Rs.8,04,000/-. The respondents are ready to accept the overdue amount in six equated monthly installments provided the petitioner pays a substantial amount as the first installment. The said submission is recorded.

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The learned counsel appearing for the petitioner submitted that the petitioner is prepared to accept the above offer.

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Having considered the pleadings and materials on record and the submission made by the learned counsel appearing for the parties, to provide the petitioner one last opportunity to pay off the loan amount, I am inclined to exercise the powers of this

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WP(C) NO. 6436 OF 2023

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Court under Article 226 of the Constitution of India and dispose of the writ petition.

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Resultantly, I dispose of the writ petition in the following manner:

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(i) The respondents are directed to defer further coercive proceedings pursuant to Ext. P2, to enable the petitioner to pay the overdue amount in installments.

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(ii) The petitioner is directed to pay an amount of Rs.2,00,000/- on or before 30.6.2023 to the respondent.

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(iii) The petitioner is directed to pay off the balance overdue amount in eight equated monthly installment commencing from 1.8.2023 with interest and cost along with regular EMIs.

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(iv) Needless to mention, if the petitioner commits default in any of the conditions ordered above, he would lose the benefit of this judgment and the respondents would be at liberty to proceed with recovery

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WP(C) NO. 6436 OF 2023

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proceedings from the stage it presently stands.

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(v) It is made clear that, no further application for

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modification/extension of time shall be entertained.

Sd/-

C.S.DIAS, JUDGE

rmm3/6/2023

WP(C) NO. 6436 OF 2023

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APPENDIX OF WP(C) 6436/2023

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PETITIONER EXHIBITS

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Exhibit P1A TRUE COPY OF THE RELEVANT PAGES OF THE
LOAN ACCOUNT STATEMENT FROM 28.03.2019
TO 20.02.2023 FOR THE LOAN ACCOUNT NO.
LBCLT00004946845 ISSUED FROM THE 1ST
RESPONDENT BANK.
Exhibit P2A TRUE COPY OF THE DEMAND NOTICE NO.
SARIB13/2022344/276128539/LBCLT000094684
5 DATED 07.12.2022 BY THE 1ST RESPONDENT

Chennam Kulangara Sulaiman v. Icici Bank Ltd.

Case brief

What is this about?

What did the court decide?

Chennam Kulangara Sulaiman v. Icici Bank Ltd.

Case brief

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What did the court decide?

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