K.N.JOBY v. CITY UNION BANK LTD
Case at a glance
Provisions considered
Judgment
I have heard the learned Counsel for the petitioner and the learned Standing Counsel representing the Bank.
The specific case of the petitioner is that the petitioner has been making the repayment and maintaining W.P.(C) No.18392 of 2024 : 5 : the loan account initially. The default in repayment of the loan account occurred lately due to reasons beyond the control of the petitioner. The petitioner has provided substantial security which will safeguard the interest of the Bank.
In the facts and circumstances of the case, I am inclined to dispose of the writ petition giving a short and reasonable time to the petitioner to clear off his liability.
The writ petition is therefore disposed of with the following directions: (i) The petitioner shall remit an amount of ₹ 10 lakhs on or before 20.06.2024 and the balance outstanding amount in subsequent consecutive eight equal monthly instalments thereafter, along with accruing interest and other Bank charges, if any. (ii) If the petitioner commits single default in making payments as directed above, the respondent will be at liberty to continue with W.P.(C) No.18392 of 2024 : 6 : coercive proceedings against the petitioner in accordance with law. (iii) If the petitioner pays the instalments as directed above, any coercive proceedings against the petitioner shall stand deferred. Sd/- N. NAGARESH JUDGE AMR W.P.(C) No.18392 of 2024 : 7 : APPENDIX OF WP(C) 18392/2024 PETITIONER’S EXHIBIT Exhibit P1 TRUE COPY OF THE SALE NOTICE ISSUED BY THE RESPONDENT DATED 10.05.2-24.
Precedent status how later indexed judgments have treated this case
No known negative treatment found in the Courts & Cases corpus.
This is a result about the indexed corpus, not a finding that the judgment remains good law. Coverage may be incomplete.