Full Judgment
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT THE HONOURABLE MR. JUSTICE RAJA VIJAYARAGHAVAN V WEDNESDAY, THE 28TH DAY OF FEBRUARY 2024 / 9TH PHALGUNA, 1945 WP(C) NO. 5781 OF 2024 PETITIONER: PRANAV RAVI AGED 36 YEARS S/O RAVI, PANTHALANICKAL HOUSE, MAMMATTIKKANAM POST, RAJAKKAD VILLAGE, IDUKKI DISTRICT, PIN - 685566. BY ADVS. S.JIJI M.M.BABY C.A.JOJO PRATHEESH PRABHA SHEENAMOL VARGHESE RESPONDENTS: 1 MALANADCO-OPERATIVE AGRICULTURAL & RURAL DEVELOPMENT BANK LTD. NO. K-352 REPRESENTED BY THE SECRETARY CHURCH ROAD, NEDUMKANDOM, IDUKKI DISTRICT, PIN - 685553.
2 THE SPECIAL SALE OFFICER (ASST. REGISTRAR) MALANAD CO-OPERATIVE AGRICULTURAL & RURAL DEVELOPMENT BANK LTD. NO. K-352, OFFICE OF THE ASST. REGISTRAR, UDUMBANCHOLA TALUK, NEW CIVIL STATION, NEDUMKANDOM, PIN - 685553. BY ADVS. JASMINE V.H. RAHMATH C.A.(K/845/2004) THOMAS P.MATHEWS(K/1059/2006) SUMAYYA K.B.(K/1752/2023) SATHEESH P. MATHEWS(K/003584/2023) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28.02.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C) NO. 5781 OF 2024 2
JUDGMENT
The petitioner states that he, along with his wife, have availed a loan for a sum of Rs. 4 lakhs from the 1st respondent Bank for agricultural purposes. Towards collateral, immovable property having an extent of 1 acre and 11 cents was furnished. According to the petitioner, due to financial difficulties, he was unable to make remittances on time, consequent to which Exts.P1 and P2 coercive proceedings have been initiated. It is in the above backdrop that this writ petition is filed seeking directions.
2. The learned Standing Counsel appearing for the respondents
submits that the total outstanding as of the date due from the petitioner is about Rs.5,82,568/-. It is submitted that the bank is not averse to granting the petitioner an opportunity to clear the outstanding. However, he submits that not more than four installments be granted.
3. Upon careful consideration of the submissions made by both
parties, it is evident that the petitioner owes in excess of Rs.5 lakhs to the 1st respondent Bank. The respondents have agreed to permit the petitioner to settle these debts through a limited number of installments. As a measure of last resort, I am inclined to issue directions to facilitate the petitioner in discharging his financial obligations to the 1st respondent. This WP(C) NO. 5781 OF 2024 3 approach is deemed necessary to provide a structured pathway for the petitioner to clear off his monetary liabilities in a manageable manner.
4. Resultantly, this writ petition is ordered, and the following directions are issued:
(i) The petitioner shall approach the 1st respondent with a
request to inform him of the details of the outstanding amount together with interest and other charges due from him in respect of the loan account. If such a request is made within two weeks from the date of receipt of a copy of this judgment, the 1st respondent shall forthwith issue a statement in writing detailing the amounts.
(ii) On receipt of such a statement, the petitioner shall pay
the amounts shown therein in twelve (12) equal monthly installments commencing from 1.4.2024 and continue to pay the same on every successive month thereafter until the entire loan is wiped off.
(iii) If the amounts are diligently paid in terms of the directions above, coercive proceedings initiated against him by the respondents for the realization of the amount shall be kept in abeyance.
(iv) It is made clear that if the petitioner commits default
of any two installments, he will lose the benefit of this judgment, and the concerned respondents will be free to continue the recovery proceedings against him from the stage at which he presently stands and recover the entire amount along with interest and other charges. WP(C) NO. 5781 OF 2024 4
(v) It is further made clear that no application for an
extension of time will be entertained. Sd/- RAJA VIJAYARAGHAVAN V JUDGE Sru WP(C) NO. 5781 OF 2024 5 APPENDIX OF WP(C) 5781/2024 PETITIONER EXHIBITS Exhibit P-1 TRUE COPY OF THE NOTICE DATED 15-12-2022 ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER. Exhibit P-2 TRUE COPY OF THE NOTICE DATED 28-12-2023 ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER.