Akash Nandakumar vs Reserve Bank Of India
2022 Latest Caselaw 8546 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                   THE HONOURABLE MR.JUSTICE V.G.ARUN
     WEDNESDAY, THE 6TH DAY OF JULY 2022 / 15TH ASHADHA, 1944
                        WP(C) NO. 20444 OF 2022
PETITIONER/S:

          AKASH NANDAKUMAR
          AGED 25 YEARS
          PUNNAPPILLIL HOUSE, THAZHATHIL KARIMPINPUZHA P.O.,
          PUTHOOR,KOTTARAKKARA, KOLLAM ,KERALA, PIN-691 507
          BY ADVS.
          V.PREMCHAND
          SURYA MOHAN P.
          INDHU G.


RESPONDENT/S:

    1     RESERVE BANK OF INDIA
          REPRESENTED BY THE REGIONAL DIRECTOR, BAKERY JUNCTION,
          PIN NO-695 033
    2     PUNJAB NATIONAL BANK,
          Q S ROAD, KOLLAM DISTRICT, REPRESENTED BY THE BRANCH
          MANAGER, KOLLAM DISTRICT,PIN-691 001
    3     THE BRANCH MANAGER,
          Q S ROAD, KOLLAM DISTRICT, KOLLAM DISTRICT,PIN-691 001
          BY ADV C.Ajith Kumar


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
06.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 20444 OF 2022
                               2

                      JUDGMENT

Dated this the 6th day of July, 2022

The petitioner had applied for an educational loan of

Rs.33 Lakhs for pursuing his studies in Canada. The

immovable property belonging to the petitioner's mother

was offered as security for the loan. The respondent bank

did not sanction the loan, since the property offered as

security was not sufficient to cover the amount of loan

applied for. Faced with such a situation, petitioner raised

some amount from his friends and relatives. The petitioner

requires Rs.10 lakhs more to pursue his dream.

2. When the writ petition was taken up for

consideration, learned Counsel for the petitioner submitted

that, since the petitioner is seeking only a lesser amount as

loan, the bank may be directed to accept the security

offered and sanction the amount now sought.

3. Learned Standing Counsel for the bank points

out that, as per the extant guidelines, education loan upto

7.5 lakhs alone can be sanctioned without collateral and WP(C) NO. 20444 OF 2022

beyond that the borrower has to satisfy the bank as to how

he proposes to repay the loan amount.

In view of the above submissions, the Writ Petition is

disposed of, directing to reconsider Ext.P2 loan application

and sanction 7.5 lakhs without insisting for collateral. If

the petitioner requires loan beyond 7.5 lakhs, he will have

to satisfy the bank regarding his capacity to repay the

amount in excess of 7.5 lakhs and execute necessary

documents in that regard.

Sd/-

V.G.ARUN JUDGE RK WP(C) NO. 20444 OF 2022

APPENDIX OF WP(C) 20444/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE LETTER OF ACCEPTANCE DATED 04.02.2022 ISSUED BY THE CANADORE COLLEGE, CANADA Exhibit P2 TRUE COPY OF THE APPLICATION FOR EDUCATIONAL LOAN UPLOADED IN THE VIDYA LAKSHMI PORTAL DATED 24.3.2022 Exhibit P3 TRUE COPY OF THE RECEIPT ISSUED BY THE CANADORE COLLEGE , CANADA DATED 23.3.2022 Exhibit P4 TRUE COPY OF THE COMMUNICATION DATED 11.05.2022 FROM THE 2ND RESPONDENT Exhibit P5 TRUE COPY OF THE JUDGMENT DATED 07.12.2021 IN WPC NO.15248/2021 OF THIS HON'BLE COURT Exhibit P6 TRUE COPY OF THE JUDGMENT DATED 03.07.2020 IN WPC NO.10968/2021 OF THIS HON'BLE COURT RESPONDENT EXHIBITS Exhibit R2(A) TRUE COPY OF THE RELEVANT PAGES OF CIRCULAR NO.129/2021 DATED 28.12.2021. Exhibit R2(B) TRUE COPY OF THE VALUATION REPORT OBTAINED BY THESE RESPONDENTS FORM THE PANEL VALUER.