Subaida V vs. Indian Overseas Bank
Held
The Court allowed the petitioners to repay the overdue amount in four equated monthly instalments, with the first due by 20.12.2021. The bank was directed to regularise the loan account and keep coercive proceedings in abeyance, provided petitioners also pay regular interest and instalments from January 2022.
Facts
Petitioners defaulted on a loan from the respondent bank, leading to recovery proceedings. They sought an opportunity to repay the overdue amount of Rs. 5,30,000/- in instalments to regularise their loan account.
Key Issues
Whether borrowers in default can be granted an opportunity to repay overdue loan amounts in instalments. Whether coercive recovery proceedings should be kept in abeyance to facilitate such repayment.
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 THURSDAY, THE 25TH DAY OF NOVEMBER 2021 / 4TH AGRAHAYANA, 1943 WP(C) NO. 22165 OF 2021 PETITIONERS : 1 SUBAIDA V., AGED 46 YEARS, W/O.USMAN V., VADAKKAYIL HOUSE, KARANTHUR P.O., KUNNAMANGALAM, KOZHIKODE DISTRICT 673 571 2 USMAN V., AGED 56 YEARS, S/O.ABDULLA, VADAKKAYIL HOUSE, KARANTHUR P.O., KUNNAMANGALAM, KOZHIKODE DISTRICT 673 571 BY ADVS. M.MUHAMMED SHAFI T.RASINI RESPONDENT : INDIAN OVERSEAS BANK, KOZHIKODE BRANCH, 11/41 C.M. SONS ARCADE, 1ST FLOOR, CHEROOTY ROAD, KOZHIKODE 673 001, REP.BY ITS AUTHORIZED OFFICER BY ADVS. SUNIL SHANKER, SC VIDYA GANGADHARAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25.11.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 22165 OF 2021 2 BECHU KURIAN THOMAS, J. =-=-=-=-=-=-=-=-=-=-=-=-=-= W.P.(C).No.22165 of 2021 =-=-=-=-=-=-=-=-=-=-=-=-=-= Dated this the 25th day of November, 2021 JUDGMENT Petitioners as borrowers from the respondent bank, have committed default in repayment. Consequently, pro
The judgment continues below.
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