Boby Thomas vs. Union Bank Of INDIA
Held
The Court directed the bank to accept repayment of the outstanding amount of Rs. 44,98,406/- along with bank charges in fifteen equated monthly instalments. All coercive proceedings initiated by the bank were kept in abeyance, contingent on the petitioner making timely payments.
Facts
The petitioner, a borrower from Union Bank of India, defaulted on loan repayments, prompting the bank to initiate recovery proceedings. The petitioner sought an opportunity from the High Court to repay the outstanding amount in instalments.
Key Issues
Whether a loan defaulter, facing recovery proceedings by the bank, should be granted an opportunity to repay the outstanding amount in instalments.
AI-generated summary — verify with the full judgment below
IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS TUESDAY, THE 5TH DAY OF APRIL 2022 / 15TH CHAITHRA, 1944 WP(C) NO. 12228 OF 2022 PETITIONER: BOBY THOMAS PROPRIETOR, OLLATTIKULAM AGENCIES, AKKARA BUILDING, SOUTH CHALAKUDY-680 307 BY ADVS. M.R.ANISON V.BHARGAVI (PANANGAD) P.A.RINUSA RESPONDENTS: 1 UNION BANK OF INDIA REPRESENTED BY ITS REGIONAL MANAGER, REGIONAL OFFICE, ERNAKULAM, UNION BANK BHAWAN, M.G.ROAD, ERNAKULAM-682 035 2 THE AUTHORISED OFFICER, UNION BANK OF INDIA, CHALAKUDY, POST BOX NO.12, MAIN ROAD, CHALAKUDY-680 307 3 THE BRANCH MANAGER, UNION BANK OF INDIA, CHALAKUDY BRANCH, MAIN ROAD, CHALAKUDY-680 307 OTHER PRESENT: SRI A.S.P KURUP-SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05.04.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 12228 OF 2022 2 BECHU KURIAN THOMAS, J. =========================== W.P.(C) No.12228 of 2022 ============================ Dated this the 5th day of April, 2022 JUDGMENT Petitioner as borrower from the respondent bank, has committed default in repayment. Consequently, proceedings have been initiated by the bank for recovery of the amounts due.
During
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