Allowed

Mithun M.P, v. Thiruvananthapuram District Co-Operative Banak

Kerala HC6 Feb 2019WP(C)/2829/2019

Case brief

AI extract

What is this about?

The High Court permitted the petitioner to regularise his bank loan account by paying Rs.3,70,035/- as overdue interest with applicable charges before March 28, 2019, along with regular instalments from February 2019, failing which the relief is vacated.

What did the court decide?

Permission to pay Rs.3,70,035/- as overdue interest by 28.03.2019 to regularise the loan account; payment of regular instalments from February 2019.

Mithun M.P, Vs Thiruvananthapuram District Co-Operative… — Banking and Recovery | Kerala HC (2019)

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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 DEVAN RAMACHANDRAN

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WEDNESDAY,THE 06TH DAY OF FEBRUARY 2019 / 17TH MAGHA, 1940

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WP(C).No. 2829 of 2019

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PETITIONER/S:

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MITHUN M.P, AGED 32 YEARS S/O PUSHPALATHA, THADATHARIKATHU HOUSE, KAVUMOOLA, AANAPETTY, THOLICODE P.O.THIRUVANANTHAPURAM 695 541.

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BY ADV. SRI.J.G.SYAMNATH

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RESPONDENT/S:

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THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANAK HEAD OFFICE, FORT,THIRUVANANTHAPURAM-695 023,REPRESENTED BY ITS AUTHORIZED OFFICER.

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BY ADV. SRI.THOMAS ABRAHAM - SC - THIRUVANANTHAPURAM DIST. CO.OP BANK

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06.02.2019, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

WPC 2829/19

JUDGMENT

Even though the prayer of the petitioner in

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this writ petition is that the respondent-Bank be directed to allow him to pay off the entire liability in a loan facility, availed of by him from the said Bank, in instalments, the learned counsel for the petitioner today prays that the Bank be directed to regularise the loan account so that his client can then service it as per the original loan sanction.

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The learned Standing Counsel appearing for the Bank submits that the petitioner can

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either be allowed to pay off the entire amounts

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under a One-Time-Settlement by paying Rs.9,65,036/- or that he can opt to have the

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loan regularised by making payment of

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Rs.3,70,035/-, provided this payment comes by the end of this financial year.

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The learned counsel for the petitioner,

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in answer to this, submits that his client

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WPC 2829/19

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intends to accept the second suggestion and that he will pay the overdue amount aforementioned before the end of this financial year and prays

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that this writ petition be ordered on such terms.

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In the afore circumstances, I order this

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writ petition permitting the petitioner to pay an amount of Rs.3,70,035/- which is stated to be the overdue interest as on today, along with all applicable charges and interest, if any, on or before 28.03.2019. He shall also pay the regular instalments in the said loan without fail from February 2019. Upon payment as afore, the Bank will regularise the loan account and permit the petitioner to service it as per the original terms of sanction.

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It goes without saying that if there is any

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default in making the payment as directed above, the benefit granted under this judgment would stand vacated and the Bank will be at liberty to

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WPC 2829/19

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recover the entire liability from the petitioner

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by continuing with the proceedings from the stage it is on this date.

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I make it clear that the directions in this

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judgment are peremptory in nature and that the

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petitioner will have to comply with the same meticulously. I caution the petitioner that no

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further requests for extension or modification

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of this judgment, except in exceptional circumstances, will be permitted and that if the petitioner fails to comply with the directions

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herein, he will lose the benefit of this judgment and he will also be foreclosed from challenging the measures/proceedings taken by

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the Bank under the SARFAESI Act and impugned in this writ petition before any other alternative

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Forum or Court.

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Sd/-

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DEVAN RAMACHANDRAN

JUDGE

WPC 2829/19

APPENDIX

PETITIONER'S/S EXHIBITS:

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EXHIBIT P1 A TRUE COPY OF THE NOTICE ISSUED BY THE RESPONDENT DATED 5.1.2019

Mithun M.P, v. Thiruvananthapuram District Co-Operative Banak

Case brief

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Mithun M.P, v. Thiruvananthapuram District Co-Operative Banak

Case brief

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