Kerala High Court
Mohammed Ashraf Mele Veetil vs Bank Of Baroda on 30 April, 2024
Author: Kauser Edappagath
Bench: Kauser Edappagath
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE DR. JUSTICE KAUSER EDAPPAGATH
TUESDAY, THE 30TH DAY OF APRIL 2024 / 10TH VAISAKHA, 1946
WP(C) NO. 16779 OF 2024
PETITIONER:
MOHAMMED ASHRAF MELE VEETIL,
AGED 58 YEARS
S/O AVUKADHERKUTTY MELE VEETIL,
MELE VEETIL HOUSE, CHETTIPADI P.O, PARAPPANANGADI,
MALAPPURAM., PIN - 676319
BY ADVS.
NAVANEETH.N.NATH
GAUTHAM KRISHNA E.J.
ABHIRAMI S.
SHINTO THOMAS
RESPONDENT:
BANK OF BARODA,
REPRESENTED BY ITS CHIEF MANAGER (AUTHORIZED OFFICER),
PRAMOD BUILDING, CHEROTY ROAD, KOZHIKODE, PIN - 673001
SRI.K. ANAND, SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
30.04.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 16779 OF 2024
2
JUDGMENT
The petitioner availed credit facilities which included two term loan facilities to the extent of Rs.40,00,000/- on 12.02.2016 and Rs.14,00,000/- on 30.06.2017 from the Cheroty Road Branch of the respondent. The petitioner defaulted the repayment of the loan amount and hence, revenue recovery proceedings have been initiated against him. The learned counsel for the petitioner submits that the petitioner is prepared to clear off the entire amount due in 12 equal monthly instalments. The learned counsel for the petitioner further submits that the petitioner may be permitted to seek for a one-time settlement.
2. The learned standing counsel for the respondent submits that the total overdue amount would come to Rs.14,66,567/-.
3. Having heard both sides, this writ petition is disposed of as follows:
i) The petitioner shall remit a sum of Rs.5 Lakhs within two weeks from today to the respondent.
WP(C) NO. 16779 OF 2024 3
ii) The petitioner shall pay the balance amount with interest due in 10 equal monthly instalments commencing from 01.06.2024 onwards. The subsequent instalments shall be paid by the petitioner on the 5th day of every succeeding month. Along with the aforesaid payment, regular monthly instalment shall also be paid.
iii) In case of default on the part of the petitioner in payment of the initial amount of Rs.5 Lakhs or any of the instalments thereafter including regular monthly instalments, the aforesaid facility extended to the petitioner shall stand cancelled and the Bank will be at liberty to proceed with the recovery proceedings. Subject to the above direction, the recovery proceedings against the petitioner shall be kept in abeyance.
iv) The petitioner is also free to approach the respondent with a plea for a one-time settlement. In WP(C) NO. 16779 OF 2024 4 such an event, the respondent shall consider the same in accordance with law.
Sd/-
DR.KAUSER EDAPPAGATH JUDGE NP WP(C) NO. 16779 OF 2024 5 APPENDIX OF WP(C) 16779/2024 PETITIONER'S EXHIBITS Exhibit P1 THE TRUE COPY OF THE POSSESSION NOTICE DATED 09.02.2024 RESPONDENT'S EXHIBITS: NIL