Kerala High Court
Siju vs 1. The Chalakudy Service Co-Op Bank Ltd on 7 August, 2023
Author: P Gopinath
Bench: P Gopinath
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
MONDAY, THE 7TH DAY OF AUGUST 2023 / 16TH SRAVANA, 1945
WP(C) NO. 9075 OF 2023
PETITIONER:
SIJU,
AGED 48 YEARS,
S/O.SUBRAN, PERAMBRA PARAYAN HOUSE, NEAR POTTA ASHRAM,
POTTA P.O., CHALAKUDY TALUK, THRISSUR DISTRICT,
PIN - 680 722.
BY ADV N.L.BITTO
RESPONDENTS:
1 THE CHALAKUDY SERVICE CO-OP BANK LTD,
REP BY THE SECRETARY, CHALAKUDY P.O., CHALAKUDY TALUK,
THRISSUR DISTRICT,PIN - 680 307.
2 THE SPECIAL SALE OFFICER,
ASSISTANT REGISTRAR OFFICE CHALAKUDY, CHALAKUDY P.O.,
THRISSUR DISTRICT,PIN - 680 307.
BY ADV T.N MANOJ
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
07.08.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 9075 OF 2023
2
JUDGMENT
The petitioner availed a loan from the respondent bank. On default being committed, proceedings have been initiated against the petitioner under the provisions of the Kerala Co-operative Societies Act, 1969 and an award was obtained determining the amounts payable by the petitioner. The award is at the stage of execution and the property of the petitioner was brought to sale, prompting the petitioner to approach this court by filing the above writ petition.
2. The learned counsel for the petitioner would submit that the petitioner may be permitted to clear the liability in installments.
3. The learned counsel for the respondent bank submits that outstanding amount as on 27.07.2023 is Rs.20,35,340/-. It was submitted that the term of the loan has already over and therefore the entire amount will have to be cleared by the petitioner. It is submitted that the bank has no objection in granting some reasonable installments to the petitioner to clear the liability.
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 WP(C) NO. 9075 OF 2023 3 granted an opportunity to repay the outstanding amount in 20 instalments.
5. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.20,35,340/- along with any accrued interest, costs and charges from the petitioner on the following conditions:
(i) The outstanding amount of Rs.20,35,340/- (Rupees twenty lakhs thirty five thousand three hundred and forty only) together with any accrued interest, costs and charges shall be repaid in 20 equated monthly instalments.
(ii) The first instalment shall be paid on or before 25.08.2023 and subsequent instalments shall be paid on or before the 25th day of every succeeding months.
(iii) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law.
(iv) In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance.
The writ petition is disposed of as above.
Sd/-
GOPINATH P. JUDGE DK WP(C) NO. 9075 OF 2023 4 APPENDIX OF WP(C) 9075/2023 PETITIONER EXHIBITS Exhibit-P1 A TRUE COPY OF THE AUCTION NOTICE IN OF IN EP.731 OF 2019 IN ARC 480 OF 2018 ISSUED FROM THE 2ND RESPONDENT DATED 17/1/2023 Exhibit-P2 A TRUE COPY OF THE RESIDENTIAL CERTIFICATE ISSUED FROM THE CHALAKUDY MUNICIPALITY DATED 23/3/2016 Exhibit-P3 A TRUE COPY OF THE REPRESENTATION SUBMITTED THE PETITIONER BEFORE THE ASSISTANT REGISTRAR DATED 13/3/2023