Muhammed Rashid Vaniya Peediyekkal vs. Federal Bank LTD
Held
The Court directed the petitioner to remit ₹2,00,000/- within four weeks. Thereafter, the petitioner can approach the bank for loan regularization, which the bank must decide in accordance with law. The bank's statement that no coercive proceedings had been taken was recorded.
Facts
The petitioner defaulted on two vehicle loans from Federal Bank, owing ₹6,09,158/- across six installments. Fearing forceful physical possession of the vehicles, the petitioner sought relief, while the bank confirmed no coercive steps had been taken yet.
Key Issues
The key legal issue concerned the petitioner's default on vehicle loans and the bank's right to initiate recovery proceedings, specifically regarding the potential for forceful physical possession of the vehicles.
AI-generated summary — verify with the full judgment below
IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR.JUSTICE N.NAGARESH THURSDAY, THE 26TH DAY OF OCTOBER 2023 / 4TH KARTHIKA, 1945 WP(C) NO. 33255 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 FEDERAL BANK LTD PRANAVAM BUILDING , PATTAMBI MELEPATTAMBI, PALAKKAD DISTRICT., PIN – 679 306 REPRESENTED BY ITS AUTHORIZED OFFICER, (APPOINTED UNDER THE SARFAESI ACT) 2 THE AUTHORISED OFFICER (APPOINTED UNDER THE SARFAESI ACT) FEDERAL BANK LTD, PRANAVAM BUILDING , PATTAMBI MELEPATTAMBI, PALAKKAD DISTRICT, PIN – 679 306. BY ADV P.PAULOCHAN ANTONY-STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 26.10.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P.(C) No.33255 of 2023 : 2 : JUDGMENT Dated this the 26th day of October, 2023 The petitioner submits that the petitioner has taken two vehicle loans from the 1st respondent-Bank and six monthly installments were defaulted as on date. According to the petitioner, the defaulted amount would be ₹6
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