Satheesh V.K., a borrower, defaulted on a loan from Federal Bank, leading the bank to initiate SARFAESI measures. The High Court ordered a structured repayment, which the appellant challenged in a Special Leave Petition (SLP) before the Supreme Court. This SLP was subsequently withdrawn unconditionally. The appellant then filed a review petition in the High Court, which was dismissed.
Appellant Satheesh V.K. obtained financial assistance from respondent Federal Bank, a secured creditor, by creating an equitable mortgage over properties in Kozhikode.
Appellant defaulted on loan repayment, leading Federal Bank to classify the account as a Non-Performing Asset (NPA) and initiate measures under Section 13(4) of the SARFAESI Act.
Appellant invoked the jurisdiction of the High Court of Kerala at Ernakulam under Article 226 of the Constitution by filing a writ petition.
The High Court, on October 1, 2024, ordered the appellant to pay Rs.2,00,00,000/- by October 30, 2024, and the remaining outstanding amount (Rs.7,77,41,321/-) with future interest in 12 equal monthly installments, with the first installment due by November 15, 2024.
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High Court of Kerala disposed of the writ…
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Satheesh V.K., a borrower, defaulted on a loan from Federal Bank, leading the bank to initiate SARFAESI measures. The High Court ordered a structured repayment, which the appellant challenged in a Special Leave Petition (SLP) before the Supreme Court. This SLP was subsequently withdrawn unconditionally. The appellant then filed a review petition in the High Court, which was dismissed.
Appellant Satheesh V.K. obtained financial assistance from respondent Federal Bank, a secured creditor, by creating an equitable mortgage over properties in Kozhikode.
Appellant defaulted on loan repayment, leading Federal Bank to classify the account as a Non-Performing Asset (NPA) and initiate measures under Section 13(4) of the SARFAESI Act.
Appellant invoked the jurisdiction of the High Court of Kerala at Ernakulam under Article 226 of the Constitution by filing a writ petition.
The High Court, on October 1, 2024, ordered the appellant to pay Rs.2,00,00,000/- by October 30, 2024, and the remaining outstanding amount (Rs.7,77,41,321/-) with future interest in 12 equal monthly installments, with the first installment due by November 15, 2024.
…High Court of Kerala disposed of the writ…
Deadline for the appellant to pay the initial…