Disposed

Ashfaq.P. v. the Nilishwar Service Co-Operative Bank Ltd.

Kerala HC11 Jun 2014WP(C)/10165/2014

Case brief

AI extract

What is this about?

Petitioner, a defaulter on a bank loan, sought a facility to pay the outstanding amount in monthly instalments. The Court permitted repayment in 12 equal monthly instalments, directing coercive proceedings to remain in abeyance conditionally.

What did the court decide?

Direction to pay the entire due amount with interest in 12 equal monthly instalments, with coercive proceedings kept in abeyance.

Ashfaq.P. Vs the Nilishwar Service Co-Operative Bank Ltd. — Banking and Recovery | Kerala HC (2014)

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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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WEDNESDAY, THE 11TH DAY OF JUNE 2014/21ST JYAISHTA, 1936

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WP(C).No. 10165 of 2014 (U)

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PETITIONER :

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ASHFAQ.P. S/O. MUHAMMED KUNHI P., RESIDING AT HAZEENA MANZIL UCHOOLIKUTHIRU ROAD, NILESHWAR VILLAGE KOTTAPPURAM P.O., KASARAGOD DISTRICT.

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BY ADV. SRI.KODOTH SREEDHARAN

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RESPONDENTS :

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THE SECRETARY THE NILESHWAR SERVICE CO-OPERATIVE BANK LTD. NILESHWAR, P.O.NILESHWAR, NILESHWAR VILLAGE KASARAGOD DISTRICT-671 322.

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JOINT REGISTRAR OF CO-OPERATIVE SOCIETIES KASARAGOD, KASARAGOD DISTRICT-671 322.

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STATE OF KERALA

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REPRESENTED BY ITS SECRETARY DEPARTMENT OF CO-OPERATIVE SOCIETIES THIRUVANANTHAPURAM-695 001.

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R1 BY ADVS. SRI.T.K.VIPINDAS

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SRI.K.V.SREE VINAYAKAN

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SRI.K.M.MUHAMMED HUSSAIN

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SRI.K.M.HASHIR

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R2 & R3 BY GOVERNMENT PLEADER SRI.R.RENJITH

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THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 11-06-2014, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 10165 of 2014 (U)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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EXT.P1 : COPY OF THE DEMAND NOTICE DTD.4.6.2012 BY THE 1ST RESPONDENT.

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RESPONDENT(S)' EXHIBITS : NIL

/TRUE COPY/

P.A TO JUDGE

K.SURENDRA MOHAN, J.

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W.P.(C) No.10165 of 2014

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Dated this the 11^th day of June, 2014

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J U D G M E N T

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The petitioner is a defaulter in the repayment of a loan that he had availed from the 1^st respondent Bank. The only relief sought for by the petitioner is for a facility to pay the outstanding amount in monthly instalments. The learned counsel for the Bank submits that a reasonable facility may be granted.

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Having considered the contentions of the rival parties, I am satisfied that the petitioner can be permitted to repay the entire amount in 12 equal monthly instalments.

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This writ petition is therefore disposed of directing the petitioner to pay the entire amount due to the 1^st respondent Bank with up-to-date interest, in 12 equal monthly instalments, the first instalment to be paid on or before 05.07.2014. The subsequent instalments shall be paid on or before the 5^th day of each succeeding month thereafter. In order to facilitate the petitioner to pay off the entire amount in instalments, it is directed that all coercive proceedings to recover the amount in default shall be kept in abeyance. It is further made clear that, in the event of petitioner committing default in payment of any of the instalments stipulated above, he shall forfeit the benefit of these directions and that, the Bank shall be at liberty to proceed further in the matter for recovery of the entire amount in a lump.

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Sd/-

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K.SURENDRA MOHAN, JUDGE.

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Ashfaq.P. v. the Nilishwar Service Co-Operative Bank Ltd.

Case brief

What is this about?

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Ashfaq.P. v. the Nilishwar Service Co-Operative Bank Ltd.

Case brief

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What the court decided

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