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judgement
Subject : Banking and Finance - Loan Default
Kerala High Court Allows Installment Payments for Defaulting Borrower
Background: A petitioner had availed credit facilities from a respondent bank and defaulted on the loan. The bank initiated proceedings against the petitioner under the Kerala State Co-operative (Agricultural and Rural Development Banks) Act, 1984.
Legal Question: Whether the petitioner should be allowed to clear the entire liability in installments.
Arguments Presented: - The petitioner's counsel requested permission to clear the entire liability in installments. - The bank's counsel informed the court that the outstanding amount as of 19-02-2024 was Rs. 5,91,615/- and suggested reasonable installments.
Court's Analysis and Reasoning: The court considered the petitioner's request and the bank's suggestion and directed the bank to accept repayment of the entire amount of Rs. 5,91,615/- along with bank charges from the petitioner in twelve (12) equated monthly installments, starting from 15-03-2024.
The court also directed that in the event of default of any one installment, the bank would be entitled to proceed in accordance with the law. Additionally, all coercive proceedings against the petitioner were to be kept in abeyance during the repayment period.
Decision: The Kerala High Court allowed the petitioner to clear the entire liability in installments, subject to certain conditions, including timely payments and adherence to the repayment schedule.
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