Allowed

Baby.C.T v. the Alwaye Urban Co-Operative Bank Ltd.

Kerala HC25 Jan 2016WP(C)/2171/2016

Case brief

AI extract

What is this about?

The High Court directed the respondent Bank to allow the petitioner to repay the overdue housing loan amount through eight equal monthly installments starting from 15.02.2016 alongside regular EMIs. Upon satisfaction, the loan account will be regularized.

What did the court decide?

Direction to Bank to permit clearance of overdue amount via eight equal monthly installments from 15.02.2016 with regular EMIs; proceedings placed in abeyance.

Baby.C.T Vs the Alwaye Urban Co-Operative… — Contract and Commercial Disputes | 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. 2171 of 2016 (V)

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PETITIONER :

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BABY.C.T. AGED 45 YEARS S/O.THANKAPPAN, CHINAMPILLY HOUSE MANICKAMANGALAM P.O., PULIYELYPPADY.

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BY ADV. SRI.P.V.GEORGE(PUTHIYIDAM)

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RESPONDENTS:-:

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THE ALWAYE URBAN CO-OPERATIVE BANK LTD.NO.1623 REPRESENTED BY BRANCH MANAGER, KALADY BRANCH KALADY P.O. - 683 574.

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AUTHORIZED OFFICER

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THE ALWAYE URBAN CO-OPERATIVE BANK LTD.NO.1623 HEAD OFFICE, MARKET ROAD, ALUVA - 683 101.

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

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THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 25-01-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 2171 of 2016 (V)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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EXT.P1. TRUE COPY OF THE DEMAND NOTICE DATED 20.10.2015 ISSUED BY 2ND RESPONDENT.

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RESPONDENT(S)' EXHIBITS : NIL

/TRUE COPY/

P.A TO JUDGE

P.V.ASHA, J.

W.P.(C) No.2171 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 3,00,000/- from the₹ respondent Bank. Due to default in repayment of the same, the Bank initiated proceedings under the 'SARFAESI' Act. Hence, the petitioner has approached this Court.

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The learned counsel for the petitioner submits that the petitioner is ready and willing to clear the overdue amount.

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Heard the learned counsel for the petitioner and the learned Standing Counsel for the respondents.

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According to the learned Standing Counsel, as on 25.01.2016, a sum of 91,746/- is due from the petitioner as₹ overdue. It is also submitted that the total amount due from the petitioner is 2,83,946/-. ₹

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In view of the fact that, the petitioner only seeks some installment facility to repay the amount, there will be a direction to the respondent Bank to permit the petitioner to clear the overdue amount by way of eight equal monthly installments along with regular EMIs starting from 15.02.2016. On satisfying the repayment as above, the loan account of the petitioner will stand regularised. In the meanwhile the proceedings based on Ext.P1 shall be kept in

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W.P.(C) No.2171 of 2016

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abeyance. It is made clear that, if any default is committed in payment of any of the installments or regular EMIs, the respondents are free to proceed against the petitioner in accordance with law.

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The writ petition is disposed of accordingly.

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Sd/- P.V.ASHA, JUDGE.

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Baby.C.T v. the Alwaye Urban Co-Operative Bank Ltd.

Case brief

What is this about?

What did the court decide?

Baby.C.T v. the Alwaye Urban Co-Operative Bank Ltd.

Case brief

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What did the court decide?

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