Finny Thomas vs Thiruvalla Primary Co-Operative and Rural Agricultural Development Bank Limited

Type Court Judgment Court Kerala Decided Mar 22, 2024

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Citation: sooperkanoon.com/1309826
Court: Kerala High Court
Judge: Honourable Mr. Justice Raja Vijayaraghavan V
Decided On: Mar 22, 2024
Case Number: WP(C)/6262/2024

Parties & Advocates

Appellant / Petitioner

Finny Thomas

Respondent

Thiruvalla Primary Co-Operative and Rural Agricultural Development Bank Limited

Excerpt

.....petitioners in discharging their financial obligations to the 1st respondent. this approach is wp(c) no. 6262 of 2024 3 deemed necessary to provide a structured pathway for the petitioner to clear off their monetary liabilities in a manageable manner.4. resultantly, this writ petition is ordered, and the following directions are issued:(i) the petitioners shall approach the 1st respondent with arequest to inform them of the details of the outstanding amount together with interest and other charges due from them 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 paythe amounts shown therein in twelve (12) equal monthly installments commencing from 15.4.2024 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 them by the respondents for the realization of the amount shall be kept in abeyance.(iv) it is made clear that if the petitioners commit defaultof any two installments, they will lose the benefit of this judgment, and the concerned respondents will be free to continue the recovery proceedings against them from the stage at which they presently stand and recover the entire amount along with interest and other charges. wp(c) no. 6262 of 2024 4(v) it is further made clear that no application for anextension of time will be entertained. sd/- raja vijayaraghavan v judge sru wp(c) no. 6262 of 2024 5 appendix of wp(c) 6262/2024 petitioner’s exhibits exhibit p-1 a true copy of the statement of accounts given by the 1st respondent to the petitioner dated nil. exhibit p-2 a true copy of the notice dated nil issued by the 3rd respondent to the petitioner

Full Judgment

IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT THE HONOURABLE MR. JUSTICE RAJA VIJAYARAGHAVAN V FRIDAY, THE 22ND DAY OF MARCH 2024 / 2ND CHAITHRA, 1946 WP(C) NO. 6262 OF 2024 PETITIONERS: 1 FINNY THOMAS AGED 58 YEARS S/O LATE THOMAS, PATTAPARAMBIL, KRIPA MANDIRAM, KUTTIPUZHA P.O, THIRUVALLA, PATHANAMTHITTA, PIN - 689103. 2 BETSY SAM AGED 54 YEARS W/O FINNY THOMAS, PATTAPARAMBIL, KRIPA MANDIRAM, KUTTIPUZHA P.O, THIRUVALLA, PATHANAMTHITTA, PIN - 689103. BY ADVS. NOBLE MATHEW KUMARI SANGEETHA S.NAIR MANOJ GEORGE DEEPA NOBLE RESPONDENTS: 1 THIRUVALLA PRIMARY CO-OPERATIVE AND RURAL AGRICULTURAL DEVELOPMENT BANK LIMITED NO. A-159, REPRESENTED BY ITS SECRETARY, THIRUVALLA, PATHANAMTHITTA, PIN - 689103.
2 THE ARBITRATOR/SPECIAL OFFICER THIRUVALLA PRIMARY CO-OPERATIVE AND RURAL AGRICULTURAL DEVELOPMENT BANK LIMITED, OFFICE OF THE ASSISTANT REGISTRAR (GENERAL) OF CO-OPERATIVE SOCIETIES, THIRUVALLA P.O PATHANAMTHITTA, PIN - 689101. 3 SPECIAL SALES OFFICER THIRUVALLA PRIMARY CO-OPERATIVE AND RURAL AGRICULTURAL DEVELOPMENT BANK LIMITED, OFFICE OF THE ASSISTANT REGISTRAR (GENERAL) OF CO-OPERATIVE SOCIETIES, THIRUVALLA P.O. PATHANAMTHITTA, PIN - 689101. BY ADV T.P.PRADEEP THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22.03.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C) NO. 6262 OF 2024 2

JUDGMENT

The petitioners state that the 1st petitioner had availed a loan for a sum of Rs.15 lakhs from the 1st respondent. Towards security the property owned by the petitioners were furnished as collateral. The petitioners were not able to make regular remittances and when default was committed they have been served with notices intimating them about the issuance of coercive proceedings to realise the defaulted amounts. This has led the petitioners to approach this Court seeking issuance of directions to the respondents to permit them to make payment in manageable installments.

2. The learned Standing Counsel appearing for the respondents

submits that as of date, the total outstanding is Rs.3,26,844/-. 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 eight 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.3 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 petitioners in discharging their financial obligations to the 1st respondent. This approach is WP(C) NO. 6262 OF 2024 3 deemed necessary to provide a structured pathway for the petitioner to clear off their monetary liabilities in a manageable manner.

4. Resultantly, this writ petition is ordered, and the following directions are issued:

(i) The petitioners shall approach the 1st respondent with a

request to inform them of the details of the outstanding amount together with interest and other charges due from them 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 15.4.2024 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 them by the respondents for the realization of the amount shall be kept in abeyance.

(iv) It is made clear that if the petitioners commit default

of any two installments, they will lose the benefit of this judgment, and the concerned respondents will be free to continue the recovery proceedings against them from the stage at which they presently stand and recover the entire amount along with interest and other charges. WP(C) NO. 6262 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. 6262 OF 2024 5 APPENDIX OF WP(C) 6262/2024 PETITIONER’S EXHIBITS Exhibit P-1 A TRUE COPY OF THE STATEMENT OF ACCOUNTS GIVEN BY THE 1ST RESPONDENT TO THE PETITIONER DATED NIL. Exhibit p-2 A TRUE COPY OF THE NOTICE DATED NIL ISSUED BY THE 3RD RESPONDENT TO THE PETITIONER

Same Court & Year Kerala · 2024 Same Parties Finny Thomas vs Thiruvalla Primary Co-Operative and Rural Agr... Same Judge Honourable Mr. Justice Raja Vijayaraghavan V