M/S Madeena Wood Industries vs. The Branch Manager
Held
The Court allowed the petitioner to regularize the loan by paying the outstanding amount of Rs. 6,80,659/- along with applicable interest and cost in 15 equated monthly instalments. The revenue recovery proceedings were ordered to be kept on hold, contingent on the timely payment of instalments.
Facts
M/s Madeena Wood Industries defaulted on a Mudra Loan taken from the Union Bank of India, prompting the bank to initiate revenue recovery proceedings. The petitioner approached the High Court seeking an opportunity to regularize the defaulted loan by paying the overdue amount in instalments.
Key Issues
The key legal issue was whether the petitioner should be granted an opportunity to regularize a defaulted Mudra Loan by paying the outstanding amount in instalments, thereby staying the ongoing revenue recovery proceedings.
AI-generated summary — verify with the full judgment below
IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR.JUSTICE V.G.ARUN WEDNESDAY, THE 14TH DAY OF DECEMBER 2022 / 23RD AGRAHAYANA, 1944 W.P.(C) NO.38922 OF 2022 PETITI
ONER: M/S MADEENA WOOD INDUSTRIES, AGED 30 YEARS, RAYONPURAM P.O., PERUMBAVOOR, ERNAKULAM DISTRICT REPRESENTED BY THE PROPRIETOR MUHAMMED SADIQUE, AGED 30 YEARS, S/O.SUBAIR, SRAMBIKKAL HOUSE, OKKEL P.O., PERUMBAVOOR, ERNAKULAM DISTRICT , PIN-683 550. BY ADVS.C.A.NAVAS T.K.SASIKUMAR LAYA SIMON RESPONDENTS: 1 THE BRANCH MANAGER, THE UNION BANK OF INDIA, KOOVAPPADY BRANCH, KOOVAPPADY, ERNAKULAM DSTRICT, PIN-683 544. 2 THE AUTHORISED RECOVERY OFFICER, THE UNION BANK OF INDIA, KOOVAPPADY BRANCH, KOOVAPPADY, ERNAKULAM DISTRICT, PIN-683 544. 3 THE DISTRICT COLLECTOR, COLECTORATE, KAKKANAD, ERNAKULAM DISTRICT, PIN-682 030. 4 THE DEPUTY TAHSILDAR, REVENUE RECOVERY, THALUK OFFICE,
The judgment continues below.
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