Naseera Abdul Salam vs. Catholic Syrian Bank LTD
Held
The High Court, based on an agreement between the petitioner and the bank, directed the petitioner to deposit Rs. 41,00,000/- by May 30, 2023, and the remaining Rs. 41,00,000/- by June 30, 2023, failing which the bank was at liberty to proceed with recovery.
Facts
The petitioner, proprietrix of a manufacturing and exporting company, sought to pay the balance amount of a bank loan as per an One Time Settlement (OTS) in installments to prevent dispossession from her residential building, following default and recovery proceedings initiated by the bank.
Key Issues
Whether the petitioner could be granted an extended installment plan to repay a bank loan under an One Time Settlement (OTS) and prevent dispossession from her property.
AI-generated summary — verify with the full judgment below
IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE A. BADHARUDEEN TUESDAY, THE 9TH DAY OF MAY 2023 / 19TH VAISAKHA, 1945 WP(C) NO. 15374 OF 2023 PETITIONER: NASEERA ABDUL SALAM AGED 56 YEARS W/O.ABDUL SALAM, MAMMASRAILLATH CHAMAKKALAYIL, PAY BAZAR, ERIYAD P.O., AZHIKODE, THRISSUR-680666, PROPRIETRIX GOLDEN TEA MANUFACTURES AND EXPORTER, NO.XII/223-3, 2ND FLOOR, KALACHIRA TOWER WEST NADA, KODUNGALLOOR, THRISSUR., PIN - 680664 BY ADVS. P.SATHISAN DONA AUGUSTINE ATHUL RAJESH SHIBU B.S BIJU P.PAUL RESPONDENTS: 1 CATHOLIC SYRIAN BANK LTD ZONAL OFFICE,THRISSUR, POST BOX NO.502, ST MARY'S COLLEGE ROAD, CSB BHAVAN, THRISSUR P.O., REP BY ITS MANAGER, PIN - 680020 2 THE AUTHORISED OFFICER CATHOLIC SYRIAN BANK LTD ZONAL OFFICE,THRISSUR, POST BOX NO.502, ST MARY'S COLLEGE ROAD, CSB BHAVAN, THRISSUR P.O, PIN - 680020 3 RESERVE BANK OF INDIA BANERJI RD, ERNAKULAM NORTH, KALOOR P.O., ERNAKULAM, REP. BY ITS MANAGER, PIN - 682018 OTHER PRESENT: SMT PARVATHI.K PP THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09.05.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P. (C) No. 15374 of 2023 ..2.. J U D G M E N T Dated this the 9th day of May, 2023
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