In The High Court Of Malaya At Kuala Lumpur
In The Federal Territory, Malaysia
(Commercial Division)
Between
CIMB Islamic Bank Berhad (Plaintiff)
And
Rusdiyanto Bin Azhar (Defendant)
Table of Contents
This case is a profound lesson on financial responsibility, the gravity of loan agreements, and the legal proceedings when these agreements are broken. Here’s a breakdown in the requested format:
1 Characters
- Characters: CIMB Islamic Bank (Plaintiff): Initiates legal action against Rusdiyanto for failing to keep up with his housing loan payments.
- Rusdiyanto Bin Azhar (Defendant): Borrowed RM864,235 in 2014 for a 30-year term and defaulted, leading to the lawsuit.
- Footnote: In legal terms, the plaintiff is the party that brings a case against another in a court of law, alleging that they have been wronged and seeking redress. The defendant is the party against whom the lawsuit is brought, who must defend against the plaintiff’s charges.
2 Introduction
- Background: The narrative begins with Rusdiyanto taking a loan for his dream home, which turns into a legal nightmare due to defaulting on repayments. The bank, left with no choice, takes legal action to recover the outstanding debt.
3 Story
- The Narrative: Rusdiyanto takes out a loan for RM864,235, agreeing to a 30-year journey of monthly payments. Rusdiyanto missed payments for 14 months, totaling RM65,141.55. After several notices and a final demand, CIMB claimed RM2,579,871.85 due to continued non-compliance, leading to the auction of the property. The sale, however, did not cover the debt, leaving a substantial shortfall. The bank, left with no alternative, initiates a foreclosure on the property, auctioning it off in an attempt to recuperate the outstanding debt.
- After defaulting on the loan, the property is auctioned off, but the sale proceeds do not cover the total debt. CIMB seeks to recover the shortfall from Rusdiyanto, leading to a court battle over the financial obligations and legal rights of both parties.
4 Conclusion
- Judicial Judgment and Reflections: Judicial Judgment and Reflections: The court sides with CIMB, underscoring the importance of adhering to financial commitments and highlighting the legal mechanisms in place for debt recovery. It’s a cautionary tale about the consequences of loan defaulting and the judicial process involved in resolving such disputes.
- Technical Aspects of the Judgment::The judgment details the loan amount, the default in payments, and the auction process, providing a clear view of the legal and financial proceedings that follow a loan default. This case emphasizes the need for financial prudence and awareness of legal obligations in loan agreements.
- This case underscores the critical importance of understanding and complying with the terms of loan agreements, serving as a vital lesson in financial and legal responsibility.
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