Disposed

A.K.Subramanian v. Cochin Co-Operative Agricultural and Rur

Kerala HC19 Mar 2010WP(C)/1667/2010

Case brief

AI extract

What is this about?

Disposed of a writ petition challenging coercive action for loan recovery. Ordered the petitioner to remit default amounts and future dues in monthly instalments, allowing the bank to institute further action upon subsequent default.

What did the court decide?

Directed petitioner to remit default amounts in three equal monthly instalments starting from 15.4.2010 and pay future dues per loan agreement; bank to intimate exact amount within two weeks.

A.K.Subramanian Vs Cochin Co-Operative Agricultural and… — Company and Corporate | Kerala HC (2010)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT :

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THE HONOURABLE MR. JUSTICE K.SURENDRA MOHAN

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FRIDAY, THE 19TH MARCH 2010 / 28TH PHALGUNA 1931

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WP(C).No. 1667 of 2010(G)

PETITIONER(S):

A.K.SUBRAMANIAN, AGED 55 YEARS, S/O.KESHAVAN, AVASSERY HOUSE, P.O.VARAVOOR, THALAPPILLY TALUK, THRISSUR DISTRICT.

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BY ADV. SRI.C.D.DILEEP

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RESPONDENT(S):

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COCHIN CO-OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK, THRISSUR-4, REPRESENTED BY ITS SECRETARY.

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SPECIAL SALE OFFICER, COCHIN CO-OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK, THRISSUR-4.

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JOINT REGISTRAR, CO-OPERATIVE SOCIETIES (GENERAL), THRISSUR.

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ADV. SRI.V.G.ARUN FOR R1

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SRI.T.R.HARIKUMAR FOR R1

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THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 19/03/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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APPENDIX(WP(C) 1667/2010)

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PETITIONER'S EXTS.

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EXT.P1 TRUE COPIES OF THE LOAN ALLOTMENT ORDERS DATED 28.10.2005.

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EXT.P2 SALE NOTIFICATION DTD. 14.12.2009 PUBLISHED BY R2 IN MATHRUBHOOMI DAILY DATED 15.1.2010.

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EXT.P3 TRUE COPY OF THE REPRESENTATION GIVEN BY THE PETITIONER TO R3 DTD. 16.1.2010.

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lgk

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K.SURENDRA MOHAN, J

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WP(C).NO.1667 OF 2010

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DATED THIS THE 19TH DAY OF MARCH, 2010

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JUDGMENT

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The petitioner has filed this writ petition challenging the coercive action initiated against him for the recovery of arrears of instalments due on loans availed by him. The petitioner had availed three loans for a total amount of Rs.2,00,000/- from the first respondent Bank by mortgaging an item of immovable property owned by him. However, since the instalments were not remitted regularly, the loans are remaining in default. Therefore, the Bank initiated coercive action for recovery of the amounts due and his property was brought to sale as per Ext.P2. It is at this stage that the present writ petition was filed. As per an interim order dated 18.1.2010, the petitioner was directed to pay substantial amounts as a condition for interim order. Accordingly, the petitioner has remitted the amounts directed to be so paid. The petitioner prays that he is ready to remit the entire amounts that are remaining in default in three equal monthly instalments so that he would be able to pay off the balance amount as per the original

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Wpc 1667/2010 2

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repayment schedule. It is pointed out that the petitioner has time till 2015 to pay of the entire amount of loan.

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I have heard Adv.T.R.Harikumar, who appears for the first respondent Bank also.

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In the above circumstances, this writ petition is disposed of directing the petitioner to remit the entire amount that is remaining in default in three equal monthly instalments starting from 15.4.2010, the subsequent instalments to be paid on the 15^th of the succeeding months thereafter. He shall also pay the monthly instalments that are payable by him as per the original repayment schedule without default. This writ petition is accordingly disposed of. The exact amount that is remaining in default and payable by the petitioner shall be intimated by the first respondent Bank within a period of two weeks from today. If the petitioner commits default in payment as directed above, along with monthly instalments payable as per the loan agreement, the Bank shall be free to initiate further action for recovery of the amounts due in accordance with law.

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K.SURENDRA MOHAN, JUDGE

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lgk

A.K.Subramanian v. Cochin Co-Operative Agricultural and Rur

Case brief

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A.K.Subramanian v. Cochin Co-Operative Agricultural and Rur

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