Ananthavishnu M.K. vs. Kerala Financial Corporation (Kfc) Thiruvananthapuram Branch, Represented By Its Chief Manager
Held
The Court directed the petitioners to pay 10% of the outstanding amount plus GST along with an OTS application by April 30, 2023. KFC's Managing Director or competent authority was directed to consider this application within two weeks of receipt.
Facts
Petitioners, partners of a firm, defaulted on a loan from the Kerala Financial Corporation (KFC), leading to recovery action under the Kerala Revenue Recovery Act, 1968. They challenged this coercive action and sought to avail a One Time Settlement (OTS) scheme. Another partner filed a connected petition challenging a notice to settle the transaction in Adalat.
Key Issues
The key legal issue was the legality of the coercive recovery action initiated by KFC for loan default. The resolution focused on the petitioners' request to avail a One Time Settlement (OTS) scheme.
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Heard together (2 matters)
Read from the judgment's own cause title. This page is filed under one of them.
IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE SHAJI P.CHALY WP(C) NO. 11695 OF 2023 PETITIONER: ANANTHAVISHNU M.K., AGED 33 YEARS, S/O MURUKAN V., UTHRADAM, KOLLAMVILAKAM, ARUMANOOR, POOVAR, THIRUPURAM, THIRUVANANTHAPURAM, PIN – 695 525. BY ADVS. R.N.SANDEEP KEERTHI VIJAYAN RESPONDENT: KERALA FINANCIAL CORPORATION (KFC) THIRUVANANTHAPURAM BRANCH, REPRESENTED BY ITS CHIEF MANAGER, KANAKA, VELLAYAMBALAM, THIRUVANANTHAPURAM, PIN–695 033. BY ADVS. ADV. VENUGOPAL M.R. DHANYA P.ASHOKAN(K/001671/2000) S. MUHAMMAD ALIKHAN(K/000644/2020) SREEDARSHAN SUDHAKARAN(K/1349/2023) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04.04.2023, ALONG WITH WP(C).42081/2018, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P.(C).Nos.11695 of 2023 & 42081 of 2018 : 2: IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE SHAJI P.CHALY WP(C) NO. 42081 OF 2018 PETITIONER: SHIBU MARSHAL T., AGED 31 YEARS S/O THAMBI B., SHIBU BHAVAN, NEENDAKARA ROAD, NEENDAKARA, KOLLAM-691882. BY ADV R.N.SANDEEP RESPONDENTS: 1 THE DY. TAHSIL
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