Disposed

Rajendra Prasad.S v. the Paravur Snvrc Bank Ltd. NO.1685

Kerala HC1 Feb 2024WP(C)/1586/2024

Case brief

AI extract

What is this about?

The court disposed of the writ petition by directing the petitioners to pay the interest portion of Rs. 8,71,531 within one month. Upon payment, the bank was directed to issue a fresh loan with a five-year tenure, retaining the same collateral.

What did the court decide?

Direction to pay Rs. 8,71,531 within one month; bank to issue fresh loan with 5-year tenure upon payment.

Rajendra Prasad.S Vs the Paravur Snvrc Bank Ltd. NO.1685 — Banking and Recovery | Kerala HC (2024)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT

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THEHONOURABLEMR.JUSTICERAJAVIJAYARAGHAVANV

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THURSDAY,THE1STDAYOFFEBRUARY2024/12THMAGHA,1945

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WP(C)NO.1586OF2024

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PETITIONERS:

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1RAJENDRAPRASAD.S
AGED49YEARS
S/OSUKUMARAPILLAI,
RESIDINGATSREEHARI,
VIDYANAGAR-109A,C.TJUNCTION,MANGADU(PO),
KOLLAMDISTRICT.,PIN-690015

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2BINDHU.S
AGED43YEARS
W/ORAJENDRAPRASAD.S,
RESIDINGATSREEHARI,
VIDYANAGAR-109A,C.TJUNCTION,MANGADU(PO),
KOLLAMDISTRICT.,PIN-690015
BYADVS.
R.REJI
M.V.THAMBAN
THARATHAMBAN
B.BIPIN
ARUNBOSE
JEENAA.V.
THOMASTHOMAS

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RESPONDENTS:

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1THEPARAVURSNVRCBANKLTD.NO.1685
PARAVUR,PARAVUR(PO),KOLLAMDISTRICT,
REPRESENTEDBYITSSECRETARY,
PIN-691301
2THESECRETARY
PARAVURSNVRCBANKLTD.NO.1685,
PARAVUR,PARAVUR(PO),
KOLLAMDISTRICT,

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WP(C)NO.1586OF2024

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PIN-691301

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3THEARBITRATORCUMSPECIALSALEOFFICER
OFFICEOFTHEASSISTANTREGISTRAR(GENERAL)
CIVILSTATIONROAD,VIDYANAGAR,
KOLLAM,PIN-691013

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SRI.BSURESHKUMAR,SCFORTHEPARAVURSNVRCBANKLTD

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THISWRITPETITION(CIVIL)HAVINGCOMEUPFORADMISSION
ON01.02.2024,THECOURTONTHESAMEDAYDELIVEREDTHE
FOLLOWING:

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WP(C)NO.1586OF2024

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JUDGMENT

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The petitioners state that they had availed a business loan for a sum

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of Rs. 13 Lakhs from the 1st respondent bank in the year 2017. The immovable property owned by them was furnished as security. They contend their son had to undergo epilepsy treatment, and substantial expenses had to be incurred for the same. When default was committed, the bank initiated proceedings for recovery of the amount. Ext.P4 award was passed on 28.10.2021, permitting the first respondent to realize the amount. The petitioners state that they have submitted Ext.P6 representation before the Bank seeking One Time Settlement. It is on these assertions that this writ

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petition is filed seeking the following reliefs:-

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“i) To issue a writ of certiorari or any other appropriate writ, order or direction, calling for the records leading up to Ext. P4 and P5 and quash Ext. P4 and P5 and all proceedings pursuant thereto.

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ii) To issue a direction to respondents 1 and 2 to allow Ext.P6 application for one-time settlement of the debt.”

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A statement has also been filed before this Court wherein it is

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stated that having considered all the grievances of the petitioners, the bank

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has decided to grant them a waiver of interest as well as benefits, and the total amount as of date is Rs. 21,78,061/-.

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When this writ petition came up for consideration on

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WP(C)NO.1586OF2024

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15.01.2024, Sri. B. Suresh Kumar, learned Standing Counsel appearing for the bank, submitted that the interest portion of the loan is Rs. 8,71,531/-

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and if the same is paid within a period of one month, a fresh loan can be issued to the petitioners with a repayment tenure of five years.

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Sri. R. Reji, the learned counsel appearing for the petitioners,

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submits that the petitioners shall remit a sum of Rs. 8,71,531/-, being the interest portion within a period of one month from today.

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In that view of the matter, this writ petition is disposed of, directing the petitioners to pay a sum of Rs. 8,71,531/- within a period of one month from today. On payment of the said amount by the petitioners, as ordered above, the bank shall issue a fresh loan with a tenure of five years by retaining the same immovable property as collateral security.

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sd/-

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RAJA VIJAYARAGHAVAN V

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JUDGE

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DCS

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WP(C)NO.1586OF2024

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APPENDIX OF WP(C) 1586/2024

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PETITIONEREXHIBITS

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`Exhibit P1`	`TRUE COPY OF THE TAX RECEIPT DATED 31.08.2022` `OF SY NO.178/3 OF THE THRIKKARUVA VILLAGE,` `KOLLAM`
`Exhibit P2`	`TRUE COPY OF THE DISABILITY CERTIFICATE ISSUED` `BY THE MEDICAL BOARD OF A.A RAHIM MEMORIAL` `DISTRICT HOSPITAL KOLLAM`
`Exhibit P3`	`TRUE COPY OF THE BRAIN FDG PET MR BRAIN IMAGING` `REPORT ISSUED BY THE AMRITA INSTITUTE OF` `MEDICAL SCIENCES AND RESEARCH CENTRE DATED` `22.11.2023`
`Exhibit P4`	`TRUE COPY OF THE AWARD DATED 28.10.2021 PASSED` `BY THE 3RD RESPONDENT`
`Exhibit P5`	`TRUE COPY OF THE DEMAND NOTICE DATED 20.10.2023` `ISSUED BY THE 1ST RESPONDENT`
`Exhibit P6`	`TRUE COPY OF THE APPLICATION FOR A ONE-TIME` `SETTLEMENT SUBMITTED BEFORE THE JOINT` `REGISTRAR, KOLLAM FORWARDED TO THE 1ST` `RESPONDENT BANK ON 04.12.2023 ALONG WITH THE` `LETTER DATED 04.12.2023 ISSUED BY THE JOINT` `REGISTRAR, KOLLAM`

Rajendra Prasad.S v. the Paravur Snvrc Bank Ltd. NO.1685

Case brief

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Rajendra Prasad.S v. the Paravur Snvrc Bank Ltd. NO.1685

Case brief

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