Hon'ble Madurai Bench dismissed the writ petition seeking restructuring of bank loans, holding the matter purely contractual and not amenable to judicial intervention under Article 226.
Writ petition dismissed; no costs; connected miscellaneous petition closed.
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BEFORE THE MADURAI BENCH OF MADRAS HIGH COURT
DATED : 15.02.2016
CORAM
THE HONOURABLE MR.JUSTICE B.RAJENDRAN
W.P(MD).No.3175 of 2016 and WMP(MD).No.2777 of 2016
N.Palaniappan .. Petitioner
Versus
The Chief Manager REPCO Home Finance Ltd, No.24, Ram Arcade B-14, 2nd Floor 11th Cross Thillainagar, Trichy-18. .. Respondent
Writ Petition filed under Article 226 of the Constitution of India for the issuance of a WRIT OF CERTIORARIFIED MANDAMUS to call for the records pertaining to the impugned order passed by the respondent dated 14.01.2016 and quash the same as illegal and consequently direct the respondent to restructure the three loan accounts i.e.1181860002816, 1181860002982 and 1181860003102 upon considering the petitioners representation dated 04.02.2016.
For petitioner : Mr.N.Shankar Ganesh
ORDER
The petitioner is a borrower, who has borrowed loan from the respondent bank. Now, he wants to re-structure the loan availed by him.
“With reference to your letter dated 11.01.2016, rehttps://hcservices.ecourts.gov.in/hcservices/ phasement from 120 months to 180 months can only be done from loan date of commencement and not from present date. As far
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as reduction of rate of interest (ROI) is concerned ROI has been reduced for loan A/c. 1181860002982 and 1181860003102 on 01.10.2015 as per your request and applicable rate and risk scoring. Hence, you are requested to clear your dues in full at the earliest to enable us to re-phase your loan”.
ssm/rsh To
The Chief Manager,EPCO Home Finance Ltd, No.24, Ram Arcade,B-14, 2nd Floor 11th Cross, Thillainagar,Trichy-18.
+1CC to Mr.N.Shankar Ganesh, Advocate Sr.No.8812
GJM/GSV/PM/26.9.16-2p-3c
1 issue framed by the court
Whether a writ petition for restructuring of bank loan is maintainable when it involves a contractual dispute between borrower and lender.
N.Palaniappan
The Chief Manager REPCO Home Finance Ltd
B.Rajendran
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
