Muhammed Rashid Vaniya Peediyekkal, Proprietor, Shreela Packs vs. Yes Bank LTD
Held
The Court directed the petitioner to pay Rs. 2,00,000/- to the bank by November 30, 2023, and simultaneously file an application for regularisation of the loan and instalment payment of overdue amounts. Coercive proceedings by the bank were deferred until a decision was taken on the petitioner's application.
Facts
The petitioner, a proprietor of M/s Shreela Packs, defaulted on vehicle loan EMIs from Yes Bank, leading to the seizure of one goods carriage vehicle and the threat of seizure of others. The petitioner sought the release of the seized vehicle and 20 months to clear arrears, while the bank reported a total outstanding of Rs. 1.28 Crore and an overdue amount of Rs. 12.16 Lakhs.
Key Issues
The key legal issue was the High Court's intervention in a vehicle loan default and asset seizure by a bank under the SARFAESI Act, specifically concerning the release of seized assets and the restructuring of overdue payments.
AI-generated summary — verify with the full judgment below
IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR.JUSTICE N.NAGARESH TUESDAY, THE 14TH DAY OF NOVEMBER 2023 / 23RD KARTHIKA, 1945 WP(C) NO. 33253 OF 2023 PETITIONER: MUHAMMED RASHID VANIYA PEEDIYEKKAL, AGED 37 YEARS, S/O KUNHEEN HAJI PROPRIETOR, SHREELA PACKS, 12/387, KULUKKALLUR, PATTAMBI, PALAKKAD, PIN – 679 337. BY ADVS. ABHIJITH E.R. SNEHA M.S. RESPONDENTS: 1 YES BANK LTD FIRST FLOOR, PUTHURAN PLAZA, NORTHERN SIDE, KPCC JUNCTION, M. G. ROAD, ERNAKULAM, PIN – 682 011. REPRESENTED BY ITS AUTHORISED OFFICER (APPOINTED UNDER THE SARFAESI ACT) 2 THE AUTHORISED OFFICER (APPOINTED UNDER THE SARFAESI ACT) YES BANK LTD, FIRST FLOOR, PUTHURAN PLAZA, NORTHERN SIDE, KPCC JUNCTION, M. G. ROAD, ERNAKULAM, PIN – 682 011. BY ADVS. P.PAULOCHAN ANTONY P SREEJITH K.(K/380/2005) R.GIRISH(K/967/1998) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14.11.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P.(C) No.33253 of 2023 : 2 : JUDGMENT Dated this the 14th day of November, 2023 The petitioner has approached this Court seeking to direct the 1st respondent-Bank to release the Goods Carriage vehicle identified in Ext.P3, which has
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