In a recent legal development, a city civil court in Chennai has ruled against Education Loan Default, mandating the repayment of ₹2.9 lakh to the State Bank of India (SBI). This court order is related to a loan sanctioned in April 2013 for the educational pursuit of the son, Vignesh Kumar, aiming to undertake a postgraduate degree in computer science. Background and Loan Agreement The court’s directive requires both Vignesh Kumar and his father, Muniraj, to repay the original loan amount along with accrued interest. The court has imposed an interest rate of 9% from the date of filing the suit until the decree date. Subsequently, an interest rate of 6% starts from the decree date until the actual realization of the suit amount. Agreement Terms and Education Loan Default The State Bank of India had sanctioned a loan of ₹1.6 lakh, and an agreement was reached in June 2016 between the bank and the borrowers for the repayment schedule. The borrowers committed to repaying the loan in 60 EMIs of ₹3,679 each. Additionally, they agreed to pay interest on floating rate loans and any other debits raised in the account, including charges and fees, in instalments from June 2016 onwards. Despite the agreed-upon terms, no payments have been made by the borrowers to date, prompting the State Bank of India to file a suit in 2021. Court’s Ruling and Implications on Education Loan Default Assistant Judge S Priya delivered a decisive ruling, declaring that a total of ₹2.9 lakh […]
News Tags: Court Order
In a groundbreaking decision, Justices R. Subramanian and N. Senthil Kumar of the Madras High Court have delivered a verdict with significant implications. The court ruled that, as per the Indian Succession Act of 1925, a mother is not entitled to her son’s assets if he dies intestate, leaving behind a widow and children. On fact, This pivotal judgment, part of a case involving a Christian family, is supported by a precedent set in 2021. Moreover, It sheds light on the intricacies of inheritance law and challenges a district court’s order that allocated a portion of the deceased husband’s properties to his mother. The court’s meticulous consideration of the Indian Succession Act’s provisions and the appointment of an amicus curiae underscore the significance of this legal precedent. Mother Denied Entitlement to Son’s Intestate Assets as per Indian Succession Act: HC Verdict Madras High Court Rules on Christian Family Case Under Indian Succession Act Justices R. Subramanian and N. Senthil Kumar Uphold Decision Based on Precedent The Madras High Court, in a significant ruling, declared that the mother of a person who dies intestate is not entitled to claim any rights over the properties left behind. Justices R. Subramanian and N. Senthil Kumar delivered this verdict while addressing the case of a Christian family governed by the Indian Succession Act of 1925. Concordance with Prior Order The judges based their decision on a similar order issued by the High Court in 2021, supporting the legal stance taken in the present case. […]
