Full Judgment
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. MONDAY, THE 10TH DAY OF JULY 2023 / 19TH ASHADHA, 1945 WP(C) NO. 19686 OF 2023 PETITIONER/S: THOMAS Y AGED 84 YEARS PUTHENVEEDU HOUSE, PERUMANOOR P.O, PUNALOOR THALUK, KOLLAM, PIN - 691532 BY ADVS. SYAM J SAM MARIAM J. MANAVALAN RESPONDENT/S: THE MANAGER, SERVICE CO-OPERATIVE BANK,ARAKKAL (NO.1858) PUNALOOR THALUK, KOLLAM, PIN - 691532 SRI. SIJU KAMALASANAN (FOR RESP) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10.07.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C) NO. 19686 OF 2023 2
JUDGMENT
Petitioner availed several credit facilities from the respondent bank. On default being committed, proceedings were initiated against the petitioner under the provisions of the Kerala Co-operative Societies Act, 1969, prompting the petitioner to approach this Court by filing the above writ petition.
2. Learned counsel appearing for the petitioner would submit that the petitioner may be given a reasonable opportunity to clear the liability in some instalments.
3. Learned counsel appearing for the respondent bank
would submit that the outstanding liability in respect of the two loans put together, as on 06.07.2023, is Rs.12,26,412/- (Rupees Twelve lakhs twenty six thousand four hundred and twelve only). It is submitted that the respondent bank has no objection in granting some instalments to the petitioner to clear the entire outstanding amount.
4. Having regard to the circumstances of the case and
the situation now prevailing, apart from the submissions made as recorded above, I am of the view that the petitioner can be granted an opportunity to repay the outstanding amount in WP(C) NO. 19686 OF 2023 3 twelve instalments.
5. Accordingly, there will be a direction to the respondent
bank to accept repayment of the entire outstanding amount of Rs.12,26,412/- (Rupees Twelve lakhs twenty six thousand four hundred and twelve only) along with accrued interest and bank charges from the petitioner in the following manner:
(i) The outstanding amount of Rs.12,26,412/- (Rupees Twelve lakhs twenty six thousand four hundred and twelve only) shall be repaid in twelve equated monthly instalments along with any accrued interest/costs;
(ii) The first instalment shall be paid on or before 31.07.2023 and the subsequent instalments shall be paid on or before the last working day of the succeeding months;
(iii)Any sale conducted pursuant to Ext.P1 shall not be confirmed and if the petitioner clears the entire liability as directed above, sale will stand cancelled. However, if the petitioner commits any default, it will be open to the
respondent bank to confirm the sale, if any already held
and shall be entitled to proceed in accordance with law;
(iv) In order to enable the petitioner to repay the entire
amounts as above, all coercive proceedings shall be kept in abeyance. The writ petition is disposed of as above. Sd/- GOPINATH P. JUDGE ajt WP(C) NO. 19686 OF 2023 4 APPENDIX OF WP(C) 19686/2023 PETITIONER EXHIBITS Exhibit1 THE TRUE COPY OF THE NOTICE SENT BY THE CONCERNED REGISTRAR UNDER CO-OPERATIVE SOCIETIES ACT, 1969 DATED 23-05-2023 IS PRODUCED HEREWITH AND MARKED AS EXHIBIT-P1.