Disposed

Ratheesh M.D. v. Iringalakuda Town Co-Operative Bank Ltd.No. 55

Kerala HC25 Jan 2016WP(C)/1928/2016

Case brief

AI extract

What is this about?

The petitioner sought installment facility for a housing loan default. The court permitted clearing the overdue amount in six monthly installments and directed the Bank to keep SARFAESI proceedings in abeyance, with liberty to proceed on default.

What did the court decide?

Petitioner permitted to clear overdue amount in six equal monthly installments starting 01.02.2016. SARFAESI proceedings kept in abeyance.

Ratheesh M.D. Vs Iringalakuda Town Co-Operative Bank… — Consumer Protection | Kerala HC (2016)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT:

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THE HONOURABLE SMT. JUSTICE P.V.ASHA

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MONDAY, THE 25TH DAY OF JANUARY 2016/5TH MAGHA, 1937

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WP(C).No. 1928 of 2016 (M)

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PETITIONER :

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RATHEESH M.D AGED 33 YEARS

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S/O.THANKAPPAN, MUTHUPARAMBIL HOUSE, MARATHAKKARA.P.O. THRISSUR DISTRICT.680 306.

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BY ADVS.SRI.C.A.CHACKO SMT.C.M.CHARISMA SMT.MEGHA K.XAVIER

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RESPONDENTS :

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IRINGALAKUDA TOWN CO-OPERATIVE BANK LTD.NO. 55 IRINGALAKUDA, THALORE BRANCH, THRISSUR DISTRICT REPRESENTED BY ITS SECRETARY. 680 121.

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THE AUTHORIZED OFFICER IRINGALAKUDA TOWN CO-OPERATIVE BANK LTD.NO. 55 IRINGALAKUDA, THALORE BRANCH THRISSUR DISTRICT.680 121.

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R BY ADV. SRI.DEVAPRASANTH.P.J.

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25-01-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 1928 of 2016 (M)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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P1- TRUE COPY OF THE SALE NOTICE DATED 10.12.1015 PUBLISHED BY THE 2ND RESPONDENT.

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P2- TRUE COPY OF NOTICE CIRCULATED BY THE RESPONDENTS IN THE LOCALITY.

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RESPONDENT(S)' EXHIBITS : NIL

/TRUE COPY/

P.A TO JUDGE

P.V.ASHA, J.

W.P.(C) No.1928 of 2016

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Dated this the 25^th day of January, 2016

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J U D G M E N T

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The petitioner availed a housing loan of 6,00,000/- from₹ the respondent Bank in the year 2012. Due to default in repayment of the same, the Bank initiated 'SARFAESI' proceedings against the petitioner as per Exts.P1 & P2 sale notices. The petitioner's only prayer in this writ petition is to provide installment facility to pay off the debt due to the respondent Bank.

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Heard the learned counsel for the petitioner as well as the learned Standing Counsel for the respondent.

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It is submitted by the learned Standing Counsel for the Bank that as on 19.01.2016, a sum of 3,48,728/- is due from the₹ petitioner as overdue towards the housing loan availed.

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In view of the facts and circumstances of the case, the petitioner will be permitted to clear the overdue amount in six equal monthly installments starting from 01.02.2016 along with regular EMIs. So as to enable the petitioner to clear the overdue amount as directed, the proceedings initiated against the petitioner as per Exts.P1 & P2 shall be kept in abeyance. In the

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W.P.(C) No.1928 of 2016

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event of any default, the respondent Bank will be free to proceed

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against the petitioner, in accordance with law.

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Accordingly, the writ petition is disposed of.

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Sd/- P.V.ASHA, JUDGE.

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Ratheesh M.D. v. Iringalakuda Town Co-Operative Bank Ltd.No. 55

Case brief

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Ratheesh M.D. v. Iringalakuda Town Co-Operative Bank Ltd.No. 55

Case brief

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