Partly allowed

Baby C T v. Idbi Bank Ltd.

Kerala HC8 Jun 2023WP(C)/8264/2023

Case brief

AI extract

What is this about?

Petitioner sought relief from coercive recovery proceedings due to inability to pay loan instalments caused by floods and the pandemic. The court exercised powers under Article 226 to defer proceedings and permit repayment in ten equated monthly instalments for ten months.

What did the court decide?

Respondents directed to defer coercive proceedings to enable petitioner to repay outstanding amount in ten equated monthly instalments with future interest from 07.07.2023.

Baby C T Vs Idbi Bank Ltd. — Contract and Commercial Disputes | Kerala HC (2023)

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WP(C) No.8264 of 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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THURSDAY, THE 8TH DAY OF JUNE 2023 / 18TH JYAISHTA, 1945

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WP(C) NO. 8264 OF 2023

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AGAINST THE ORDER/JUDGMENT IN CMP 6588/2022 OF CHIEF JUDICIAL

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MAGISTRATE , KALEPETTA

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PETITIONER/S:

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BABY C T
AGED 60 YEARS
S/O THOMAS, CHULIKKANERIPALL HOUSE, PINANGOD P.O,
VENGAPALLY, PADINJARATHARA, WAYANAD DISTRICT., PIN -
673122
BY ADVS.
P.M.RAFEEK
V.A.NAVAS
U.NIDHIN
GIA MATHAI KANDATHIL
SARA JOHN

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RESPONDENT/S:

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1IDBI BANK LTD
IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI,
REPRESENTED BY ITS AUTHORIZED OFFICER., PIN - 400005
2THE AUTHORIZED OFFICER
M/S IDBI BANK LTD, REGIONAL OFFICE, PANAMPILLY NAGAR,
KOCHI, ERNAKULAM., PIN – 682036
BY ADV.REMA

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
08.06.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C) No.8264 of 2023

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C.S DIAS,J.

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WP(C) No.8264 of 2023

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----------------------------Dated this the 8^th 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 pay off the outstanding amount in

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equated monthly instalments.

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The petitioner’s case is that he had availed a

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Kisan Credit Card facility from the first respondent –

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Bank - by creating an equitable mortgage. However,

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due to the unprecedented floods and the COVID-19

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pandemic, he could not pay off the instalments on time.

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The respondents have now initiated proceedings against

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the secured asset under the Securitization and

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Reconstruction of Financial Assets and Enforcement of

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WP(C) No.8264 of 2023

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Security Interest Act (in short, ‘Act’). The petitioner is prepared to pay off the outstanding amount in equated monthly instalments. Hence, the writ petition.

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Heard; Sri.P.M Rafeek, the learned counsel

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appearing for the petitioner and Smt.Rema, the learned counsel appearing for the respondents.

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Smt.Rema, on instructions, submitted that as on today the outstanding amount is Rs.80,50,938/-. The respondent is ready to accept the outstanding amount in ten equated monthly instalments. The said submission is recorded.

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The learned counsel appearing for the petitioner

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submitted that the petitioner is ready to accept the above

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offer.

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WP(C) No.8264 of 2023

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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 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 Exts P1 to P3, to enable the petitioner to pay the outstanding amount in instalments.

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(ii) The petitioner is permitted to pay the

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outstanding amount with future interest and cost to the

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WP(C) No.8264 of 2023

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second respondent in ten equated monthly instalments commencing from 7.7.2023.

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(iii) Needless to mention, if the petitioner commits

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default of the condition ordered above, he would lose the

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benefit of this judgment and the respondents would be at liberty to proceed with recovery proceedings from the stage it presently stands.

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(iv) It is made clear that, no further application for modification/extension of time shall be entertained.

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SD/-

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sks/8.6.2023 C.S.DIAS, JUDGE

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WP(C) No.8264 of 2023

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APPENDIX OF WP(C) 8264/2023

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PETITIONER EXHIBITS
Exhibit P1TRUE COPY OF C.M.P. NO. 6588/2022 FILED BY
THE RESPONDENTS BEFORE THE CHIEF JUDICIAL
MAGISTRATE, KALPETTA, WAYANAD.
Exhibit P2TRUE COPY OF THE ORDER DATED 21/11/2022 OF
THE CHIEF JUDICIAL MAGISTRATE, KALPETTA,
WAYANAD.
Exhibit P3TRUE OF NOTICE STATING THE POSSESSION OF
THE ABOVE SAID PROPERTY DATED 23/02/2023
ISSUED BY THE ADVOCATE COMMISSIONER.

Baby C T v. Idbi Bank Ltd.

Case brief

What is this about?

What did the court decide?

Baby C T v. Idbi Bank Ltd.

Case brief

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What did the court decide?

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