Kerala High Court
Sukumaran vs *1. Irinjalakuda Town Co-Operative ...
Author: P.R.Ramachandra Menon
Bench: P.R.Ramachandra Menon
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR.JUSTICE P.R.RAMACHANDRA MENON
FRIDAY, THE 19TH DAY OF DECEMBER 2014/28TH AGRAHAYANA, 1936
WP(C).No. 31028 of 2014 (C)
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PETITIONER(S):
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1. SUKUMARAN, S/O MADHAVAN,
AGED 59 YEARS, MAARIYIKKAL HOUSE,
KOTTANALOOR P.O., THRISSUR DISTRICT.
2. RAJESWARI, W/O. SUKUMARAN,
AGED 52 YEARS, MAARIYIKKAL HOUSE,
KOTTANALOOR P.O., THRISSUR DISTRICT.
BY ADVS.SRI.K.S.RAJESH,
SRI.M.SHAJU PURUSHOTHAMAN.
RESPONDENT(S):
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*1. IRINJALAKUDA TOWN CO-OPERATIVE BANK LTD.,
KOODALMANIKYAM BRANCH, IRINJALAKUDA,
THRISSUR DISTRICT, PIN:680 121. *(CORRECTED)
* THE BRANCH NAME OF THE 1ST RESPONDENT IS CORRECTED AS
'NADA BRANCH' INSTEAD OF 'KOODALMANIKYAM BRANCH' AS
PER ORDER DATED 19/12/2014 IN I.A. NO.17309/2014.
2. THE AUTHORIZED OFFICER,
IRINJALAKUDA TOWN CO-OPERATIVE BANK LTD.,
HEAD OFFICE, IRINJALAKUDA, THRISSUR DISTRICT,
PIN:680 121.
BY ADV. SRI.DEVAPRASANTH.P.J.
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 19-12-2014, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
rs.
WP(C).No. 31028 of 2014 (C)
APPENDIX
PETITIONER'S EXHIBITS:-
EXHIBIT P1: TRUE COPY OF THE NOTICE DATED 08.11.2014 ISSUED BY
THE 2ND RESPONDENT TO THE PETITIONER.
RESPONDENT'S EXHIBITS:- NIL.
//TRUE COPY//
P.A. TO JUDGE
rs.
P.R. RAMACHANDRA MENON, J.
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W.P(C). No. 31028 of 2014
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Dated this the 19th day of December, 2014
J U D G M E N T
The petitioners availed a 'loan' of RS.5,00,000/- (Rupees five lakhs only) from the respondent Bank for purchasing a used 'national permit lorry'. The tenure of the loan was 5 years. Since the repayment could not be effected as scheduled, the Bank proceeded with steps under the SARFAESI Act, which made the petitioners to approach this Court by filing this writ petition.
2. The learned counsel appearing for the respondent Bank submits that the outstanding liability as on date is nearly Rs.5.59 lakhs (Rupees five lakh fifty nine thousand only).
3. The learned counsel for the petitioners submits that the default was never wilful, but because of some unforeseen circumstances and that steps are being taken, to have the 'entire liability' amount cleared, for which some breathing time is sought for.
After hearing both the sides, the petitioners are directed to satisfy the 'liability', by way of 'eight' equal monthly instalments, the first of it shall be effected on or before the 31st of December, WP(c). No.31028 of 2014 2 2014, followed by similar installments, to be effected on or before the last working day of the succeeding months. Subject to this, the recovery proceedings shall be kept in abeyance, for the time being. It is made clear that, if any single default is committed with regard to the satisfaction of the 'liability' as above, it will be open for the respondent Bank to proceed with further steps for realization of the entire amount in lump, by pursuing such steps from the stage where it stands now.
The writ petition is disposed of.
Sd/-
P.R. RAMACHANDRA MENON, JUDGE.
Pn