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IN THE HIGH COURT OF KERALA AT ERNAKULAM
V.G.ARUN, J
BAIJU CHANDRAN – Appellant
Versus
KERALA FINANCIAL CORPORATION – Respondent
| Table of Content |
|---|
| 1. overview of loan and settlement background. (Para 1) |
| 2. arguments regarding adjustments between different loan accounts and legal stipulations. (Para 2 , 3 , 4 , 6) |
| 3. court's observations on the legality of actions taken by kfc. (Para 7) |
JUDGMENT
The petitioner is the partner of a Cinema Theatre functioning in the name and style 'Chand V Movies' and is also the proprietor of 'Chand V Regency' hotel at Kaipamangalam in Trichur district. The petitioner availed loans from the 2nd respondent, Kerala Financial Corporation ('the KFC' for short) and defaulted repayment. The KFC therefore initiated recovery measures against the property given as security. Thereupon, the petitioner submitted a request for settling the loan availed for Chand V Movies. Acceding to the request, the 1st respondent agreed for One Time Settlement (OTS) of the account on payment of Rs.134.81 lakhs under the Special Recovery Drive for Doubtful Loans (SRD) Scheme. As the petitioner failed to pay the amount in accordance within the time stipulated, the KFC demanded further sum of Rs.8,16,217/- towards interest on belated payment.
Thereupon, the petitioner submitted Ext.P1 explaining the reasons for t
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