Disposed

Abdul Rahman Mohammed Yaqoob v. State Bank of India

Kerala HC1 Mar 2024WP(C)/716/2024

Case brief

AI extract

What is this about?

Writ petition challenging bank's sale proceedings for loan default. Court allowed petitioners to pay outstanding dues in four monthly instalments, directing the bank to defer coercive proceedings if instalments are paid on time.

What did the court decide?

Petitioners directed to pay outstanding dues in four equal monthly instalments. Bank to defer coercive proceedings if payments are made on time.

Abdul Rahman Mohammed Yaqoob Vs State Bank of India — 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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THE HONOURABLE MR.JUSTICE N.NAGARESH

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FRIDAY, THE 1ST DAY OF MARCH 2024 / 11TH PHALGUNA, 1945

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WP(C) NO. 716 OF 2024

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PETITIONERS:

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1ABDUL RAHMAN MOHAMMED YAQOOB
AGED 51 YEARS
PROPRIETOR M/S. KOHINOOR STYLE,
PALACE ROAD, CHANGANASSERRY,
KOTTAYAM, PIN - 686101

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2MUNEERA MUHAMMED YAQOOB
AGED 69 YEARS

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W/O. MUHAMMED YACOB, AKKARAKADUPIL HOUSE,

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THOTTACKADU P.O, CHANGANASSERRY,
KOTTAYAM, PIN – 686539

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BY ADVS.
T.M.ABDUL LATHEEF
VAISHNAV DEV

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RESPONDENTS:

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1STATE BANK OF INDIA
REPRESENTED BY THE AUTHORIZED OFFICER,
STRESSED ASSETS RECOVERY BRANCH, 7TH FLOOR,
VANKARATH TOWERS, PALARIVATTOM BY-PASS JUNCTION,
ERNAKULAM, PIN – 682024

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2THE MANAGER
STATE BANK OF INDIA, CHANGANASSERY BRANCH,
KOTTAYAM, PIN – 686101

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BY ADV S.LAKSHMY

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
01.03.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C) NO.716 OF 2024

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JUDGMENT

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Dated this the 1^st day of March, 2024

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The petitioners have approached this Court seeking the

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following reliefs:-

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“i) To issue a writ of mandamus declaring that the sale proceeding initiated as evidenced from Ext.P1 is unjust and illegal and opposed to law and to set aside the same;

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ii) To issue a writ of mandamus commanding the 1^st respondent bank to consider Ext.P3 representation submitted by the petitioner and permit the petitioners to settle the loan liability by giving sufficient time of more than one year to pay of the amount and also to give the liability under one time settlement scheme benefits by reducing the interest claim and by renewing the loan on such terms as sanction by the bank and not to effect sale;”

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2. When this writ petition came up for admission, this

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Court passed an interim order directing the petitioners to pay an amount of 20 lakhs on or before 30.01.2024.₹

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WP(C) NO.716 OF 2024

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Counsel for the petitioner submits that 20 lakhs₹

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has been paid as per the direction of this Court.

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Standing Counsel would submit that in spite of that payment, the total outstanding payable by the petitioners as on 28.02.2024 would be 41,59,889/- and the₹ petitioners have to pay the entire amount at one go.

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I have heard the learned counsel for the petitioners and the learned Standing Counsel representing the respondents.

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The request of the petitioners is to grant six months’ time, so that he can dispose of some property and settle the amount for once and for all. I am afraid such a relief cannot be granted to the petitioners as the issue involved is a pure commercial banking transaction. However, taking into consideration the fact that the petitioners have remitted 20 lakhs pursuant to the interim order of this₹ Court, I am inclined to grant the petitioners opportunity to pay the balance amount in instalments.

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WP(C) NO.716 OF 2024

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The writ petition is therefore disposed of directing the petitioners to clear the entire outstanding amount in four equal monthly instalments along with accruing interest and other Bank charges, if any. 25% of the total outstanding amount shall be paid on or before 27.03.2024. The 2^nd , 3^rd and 4^th instalments shall be paid within three consecutive months immediately thereafter. If the petitioners adhere to the time schedule, the respondents shall defer coercive proceedings, if any, against the petitioners. If the petitioners commit any default, the respondents will be at liberty to proceed against the petitioners, in accordance with law. It is made clear that without violating the aforesaid time schedule, the petitioners may approach the Bank for any One Time Settlement or other arrangement.

Sd/-

N.NAGARESH JUDGE

hmh

WP(C) NO.716 OF 2024

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APPENDIX OF WP(C) 716/2024

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PETITIONER EXHIBITS

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Exhibit P1TRUE COPY OF THE NOTICE DATED
22.12.2023 FROM THE RESPONDENT TO THE
PETITIONER
Exhibit P2TRUE COPY OF TERMS AND CONDITIONS OF
NOTICE DATED 22.12.2023 FROM THE
RESPONDENT BANK TO THE PETITIONERS
Exhibit P3TRUE COPY OF REPRESENTATION DATED
27.12.2023 FROM THE PETITIONERS TO THE
RESPONDENT BANK
Exhibit P4TRUE COPY OF 13(2) NOTICE DATED
18.4.2022ISSUEDBYTHE1ST
PETITIONER.

Abdul Rahman Mohammed Yaqoob v. State Bank of India

Case brief

What is this about?

What did the court decide?

Abdul Rahman Mohammed Yaqoob v. State Bank of India

Case brief

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