M/S. Rainforest Ayurcounty Private Limited vs. The Authorized Officer
Held
The High Court, noting that the entire overdue amount had been paid, directed the respondent Federal Bank to regularize the loan account of the petitioners.
Facts
The petitioners, M/s. Rainforest Ayrcounty Private Limited and its Managing Director, had defaulted on loan payments to Federal Bank, leading to recovery actions. During the pendency of the writ petition, the petitioners paid the entire overdue amount.
Key Issues
The key legal issue was whether the petitioners' loan account should be regularized by the bank after they had paid the entire overdue amount, in the context of ongoing recovery proceedings.
AI-generated summary — verify with the full judgment below
IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE T.R.RAVI MONDAY, THE 10TH DAY OF APRIL 2023 / 20TH CHAITHRA, 1945 WP(C) NO. 9617 OF 2023 PETITIONERS: 1 M/S. RAINFOREST AYURCOUNTY PRIVATE LIMITED, HAVING ITS REGISTERED OFFICE AT BUILDING 526, PANAKAL, KANJIKUZHY, MUTTAMBALAM P.O., KOTTAYAM, KERALA-686004 REPRESENTED BY ITS MANAGING DIRECTOR MR. JIBY JOHN. 2 JIBY JOHN, AGED 55 YEARS, S/O A.N. JOHN, PANAKAL, KANJIKUZHY, MUTTAMBALAM P.O., KOTTAYAM, KERALA, PIN - 686004 BY ADVS. ALEX.M.SCARIA BEAS K. PONNAPPAN A.J.RIYAS SARITHA THOMAS ALEN J. CHERUVIL SAHL ABDUL KADER SANJITH KUMAR R. RESPONDENTS: 1 THE AUTHORIZED OFFICER, FEDERAL BANK LTD., LCRD KOTTAYAM DIVISION, KOTTAYAM/ASSET RECOVERY, THEKKUMKAL BUILDING, T.B. ROAD, KOTTAYAM, PIN - 686001 2 THE FEDERAL BANK LTD., REGISTERED OFFICE AT ALWAYE, ASSET RECOVERY BRANCH AT KOTTAYAM, THEKKUMKAL BUILDING, T.B. ROAD, KOTT
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