Allowed

K.Baby v. Ottapalam Block Co-Operative Housing Society Ltd.No.P 608

Kerala HC13 Jul 2016WP(C)/20022/2016

Case brief

AI extract

What is this about?

The High Court of Kerala allowed a petition filed by a defaulting borrower seeking to repay outstanding housing loan dues in equated monthly installments instead of facing an auction of the mortgaged property.

What did the court decide?

Petitioner permitted to repay outstanding amounts in 5 equated monthly installments starting from 05.08.2016; first respondent to provide statement of accounts within 2 weeks.

K.Baby Vs Ottapalam Block Co-Operative Housing Society… — 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 MR. JUSTICE SHAJI P.CHALY

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WEDNESDAY, THE 13TH DAY OF JULY 2016/22ND ASHADHA, 1938 WP(C).No. 20022 of 2016 (C)

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PETITIONER :

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K.BABY, AGED 48 YEARS, D/O VELAPPAN, KALLIKATTIL HOUSE, AGALUR POST, OTTAPALAM TALUK, PALAKKAD DISTRICT.

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BY ADVS.SRI.R.SREEHARI SRI.SACHIN VYAS

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RESPONDENTS:

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OTTAPALAM BLOCK CO-OPERATIVE HOUSING SOCIETY LTD.NO.P 608, OTTAPALAM - 679 101, REPRESENTED BY ITS SECRETARY.

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SENIOR INSPECTOR OF CO-OPERATIVE SOCIETIES/ ARBITRATOR CUM SPECIAL SALE OFFICER, OFFICE OF THE ARBITRATION CUM SPECIAL SALE OFFICER, KERALA STATE CO-OPERATIVE HOUSING FEDERATION, IRANJIPALAM, KOZHIKODE - 673 006.

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THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 13-07-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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Skk

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WP(C).No. 20022 of 2016 (C)

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APPENDIX

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PETITIONER'S EXHIBITS :

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EXHIBIT P1 : PHOTO COPY OF THE LOAN PASS-BOOK ISSUED BY THE 1ST RESPONDENT EXHIBIT P2 : PHOTOCOPY OF NOTICE ISSUED BY THE 2ND RESPONDENT UNDER RULE 81(E) OF THE CO-OP. SOCIETIES RULES EXHIBIT P3 : PHOTOCOPY OF NOTICE OF SALE PUBLISHED IN DESABHIMANI DAILY, PALAKKAD EDITION DATED 07-06-2016

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RESPONDENTS' EXHIBITS : NIL

//TRUE COPY//

P.A. TO JUDGE

SKK

SHAJI P. CHALY, J

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W.P.(C)NO.20022 OF 2016

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Dated this the 13^th day of July, 2016

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J U D G M E N T

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Petitioner has availed a housing loan of Rs.2,00,000/- (Rupees two lakhs only) from the first respondent society sanctioned on 28.11.2011 and disbursed on 27.08.2012 and 09.05.2013. The said loan has to be repaid within 15 years. The loan is based on a mortgage executed by the petitioner as well as the guarantor. Admittedly, petitioner has committed default in repayment of the loan amount consequent to which bank has secured an award by resorting to the proceedings under the Act. Thereupon, bank has initiated action as per Ext.P2 by proceeding with the sale of the property mortgaged. It is in this background this writ petition is filed. When this matter was admitted to the files of this court, the interim stay of confirmation of the sale was granted.

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W.P.(C)NO.20022 OF 2016

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According to the petitioner, the sale did not take place on the scheduled time. Even though, notice is served on the respondent bank, there is no appearance.

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Heard learned counsel for the petitioner. Availing loan, default, and the amounts outstanding are not disputed by the petitioner. The sole grievance voiced by the petitioner in this writ petition is that, petitioner may be permitted to pay the amounts in equated monthly installments. Since the bank has not entered appearance in spite of receipt of the notice, I do not think that the bank has any objection in providing the reliefs to the petitioner as sought in the writ petition. Therefore, the petitioner is permitted to repay the outstanding amounts as on 30.06.2016 in 5 equated monthly installments starting from 05.08.2016 and on the same day of the subsequent months. Needless to say, if any of the installments are defaulted by the petitioner, the bank will be at liberty to proceed in accordance with Ext.P2. In order to enable the petitioner to pay the outstanding amounts in

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W.P.(C)NO.20022 OF 2016

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equated monthly installments along with the regular EMI as above, the first respondent shall provide a statement of accounts to the petitioner as on 30.06.2016 within a period of two weeks from the date of receipt of a copy of this judgment.

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Writ petition is disposed of accordingly.

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sd/-

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SHAJI P. CHALY, JUDGE

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R.AV

K.Baby v. Ottapalam Block Co-Operative Housing Society Ltd.No.P 608

Case brief

What is this about?

What did the court decide?

K.Baby v. Ottapalam Block Co-Operative Housing Society Ltd.No.P 608

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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