Dismissed

Joseph M.J v. the Thodupuzha Urban Co-Operative Bank Ltd.

Kerala HC21 Aug 2014WP(C)/15740/2014

Case brief

AI extract

What is this about?

The Kerala High Court stayed recovery proceedings against petitioners who overdrew from a cash credit facility on the condition that they pay the overdue amount in four monthly installments within a stipulated timeframe.

What did the court decide?

Recovery proceedings to be kept in abeyance pending payment of overdue amounts in four monthly installments; revival upon two consecutive defaults.

Joseph M.J Vs the Thodupuzha Urban… — Contract and Commercial Disputes | 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.VINOD CHANDRAN

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THURSDAY, THE 21ST DAY OF AUGUST 2014/30TH SRAVANA, 1936

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WP(C).No. 15740 of 2014 (N)

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PETITIONER :

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1. JOSEPH M.J, AGED 58 YEARS,

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S/O.JOSEPH, MULLAKKARIL HOUSE, THODUPUZHA.P.O., IDUKKI DISTRICT.

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2. PUSHPA JOSEPH, AGED 55 YEARS,

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W/O.JOSEPH, MULLAKKARIL HOUSE, THODUPUZHA.P.O.,

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IDUKKI DISTRICT.

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BY ADV. SRI.ALIAS M.CHERIAN

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RESPONDENTS :

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1. THE THODUPUZHA URBAN CO-OPERATIVE BANK LTD, NO.394, M.NO.37292, THODUPUZHA.P.O.- 685 584, IDUKKI DISTRICT, REPRESENTED BY ITS MANAGER.

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2. THE AUTHORIZED OFFICER, THE THODUPUZHA URBAN CO-OPERATIVE BANK LTD, NO.394-M NO.37292, THODUPUZHA.P.O.- 685 584, IDUKKI DISTRICT.

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BY ADVS. SRI.ALEXANDER JOSEPH SRI.T.P.JOSEPH

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THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 21-08-2014, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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Msd.

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WP(C).No. 15740 of 2014 (N)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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EXHIBIT P1 : TRUE COPY OF NOTICE DATED NIL UNDER SECTION 13(2) OF THE SARFAESI ACT. EXHIBIT P2 : TRUE COPY OF SALE NOTICE DATED 22.05.2014. EXHIBIT P3 : TRUE COPY OF APPLICATION DATED 19.06.2014. EXHIBIT P4 : TRUE COPY OF APPLICATION DATED 19.06.2014. EXHIBIT P5 : TRUE COPY OF RECEIPT NO.79 DATED 27.06.2014. EXHIBIT P6 : TRUE COPY OF RECEIPT NO.598 DATED 25.07.2014. EXHIBIT P7 : TRUE COPY OF CERTIFICATE DATED 21.07.2014.

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RESPONDENT(S)' EXHIBITS:

NIL

//TRUE COPY//

P.A.TO JUDGE.

Msd.

K.VINOD CHANDRAN, J

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- - - - W.P.(C).No. 15740 of 2014

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- - - - Dated 21^st August, 2014

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JUDGMENT

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The petitioners are aggrieved by the recovery proceedings initiated in a cash credit facility availed by them for conducting a business. The learned counsel appearing for the respondent Bank submits that the petitioners were granted an overdue limit of Rs.50,00,000/and the same now exceeds the limit by Rs.17,36,861/- as on 20.08.2014. If the overdue amounts are paid, the Bank would consider grant of further time for settling the dues, is the submission.

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In the circumstances pleaded by the

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petitioners as also the fair concession granted by the Bank, the recovery proceedings shall be kept in abeyance on condition of the petitioners paying the overdue amounts as indicated above,

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WP(C).15740/14

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in four monthly instalments starting from 21.09.2014 and followed up on the 21^st of each succeeding month. On such payment, if the petitioners make an application, the respondent Bank shall consider grant of further time for payment of the balance amounts. Two consecutive defaults in the instalments shall result in the revival of the recovery proceedings from where it stands now.

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Writ petition disposed of.

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Sd/-

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K.VINOD CHANDRAN Judge

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Mrcs

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//True Copy//

Joseph M.J v. the Thodupuzha Urban Co-Operative Bank Ltd.

Case brief

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Joseph M.J v. the Thodupuzha Urban Co-Operative Bank Ltd.

Case brief

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