Disposed

Ramakrishnan, v. the Irinjalakuda Town Co-Operative Bank

Kerala HC10 Jan 2020WP(C)/360/2020

Case brief

AI extract

What is this about?

The High Court on a writ petition granted the petitioner facility to clear loan dues in 10 equal monthly instalments. The impugned bank proceedings were kept in abeyance contingent on the petitioner's timely compliance, with a direction to the bank to provide a detailed account statement.

What did the court decide?

Petitioner directed to clear dues in 10 monthly instalments; impugned proceedings stayed; bank directed to furnish detailed account statement within one week.

Ramakrishnan, Vs the Irinjalakuda Town Co-Operative Bank — Banking and Recovery | Kerala HC (2020)

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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 ALEXANDER THOMAS

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FRIDAY, THE 10TH DAY OF JANUARY 2020 / 20TH POUSHA, 1941

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WP(C).No.360 OF 2020(T)

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PETITIONER:

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RAMAKRISHNAN, AGED 50 YEARS S/O VELU, ISWARA MANGALATH HOUSE, KAVANAD, MALA P.O.THRISSUR DISTRICT-680 732. BY ADV. SRI.P.V.JEEVESH

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RESPONDENTS:

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1 THE IRINJALAKUDA TOWN CO-OPERATIVE BANK, TANA SOUTH, IRINJALAKUDA, KERALA,PIN-680 121, REPRESENTED BY ITS AUTHORISED OFFICER, THRISSUR DISTRICT, PIN-680 121.

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2 THE AUTHORIZED OFFICER, IRINJALAKUDA TOWN CO-OPERATIVE BANK, TANA SOUTH, IRINJALAKUDA, KERALA, PIN-680 121.

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BY ADVS. SRI.P.J.DEVAPRASANTH

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10.01.2020, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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W.P(C). No. 360 of 2020

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ALEXANDER THOMAS, J.

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W.P(C). No. 360 of 2020

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Dated this the 10^th day of January, 2020

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JUDGMENT

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The prayers in the above writ petition (Civil) are as follows:-

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“i) issue a writ of mandamus or any other writ directing the respondents to regularise the loan amount and to receive the same in equal monthly instalments.

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ii) other reliefs as this Honourable Court may deem fit and proper in the circumstances of the case.”

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Heard Sri.P.V.Jevesh, the learned counsel appearing for the

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petitioner and Sri.P.J.Devaprasanth, the learned counsel appearing for the respondents (Irinjalakkuda Town Co-operative Bank Limited).

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Sri.P.J.Devaprasanth, the learned counsel appearing for the respondent Bank would submit on the basis of instructions from the party that the over dues to be paid by the petitioner in this loan transaction for the regularisation of the loan account is Rs.8,45,228/(Eight Lakhs Forty Five Thousand Two Hundred and Twenty Eight only) as on 10-01-2020 and that the respondent Bank is prepared to give reasonable time to the petitioner to clear the entire over dues in 8

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W.P(C). No. 360 of 2020

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equal monthly instalments and that he shall be inclusive of all the applicable charges and interests and that the petitioner should also pay the regular EMI instalments in time and that until then, the respondent Bank will keep in abeyance further steps pursuant to the impugned proceedings. Further that in case the petitioner defaults any of the abovesaid condition then, the respondent Bank will be at liberty to proceed with further steps pursuant to the impugned proceedings from the stage, where it has stopped.

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The learned counsel for the petitioner submits that the petitioner is broadly agreeable to the said terms and conditions and that he would pay the 1^st instalment on or before 10-02-2020 and that he may be given the facility to pay the dues in 10 instalments. Due to the persuasions made by this Court, the respondent Bank does not appear to have serious objections in granting 10 instalment facility.

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Accordingly, the following directions and orders are issued:

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(i) The competent official of the respondent bank shall immediately furnish a comprehensive and authenticated statement of accounts pertaining to the instant loan transaction so as to precisely and clearly show the total dues to be paid by the borrower in the above transaction

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W.P(C). No. 360 of 2020

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and the details may also be shown in the said statement, as to how the said figures have been arrived at, to the petitioner and this may be done within one week.

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(ii) The petitioner shall clear the entire due amounts with all applicable charges and interest in 10 equal monthly instalments starting from 10-02-2020 and ending on 10-11-2020 . Until then, further steps pursuant to the impugned proceedings shall be kept in abeyance. Further that the petitioner shall pay the regular EMI in time without fail.

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(iii) In case the petitioner complies with the abovesaid directions, then the impugned proceedings shall be kept in abeyance. Further in case the petitioner does not pay any of the instalments, then the respondent bank will be at liberty to proceed further with the impugned steps from the stage where it has stopped.

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With these observations and directions, the Writ Petition (Civil) stands finally disposed of.

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Sd/-

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ALEXANDER THOMAS, JUDGE

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KAS

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W.P(C). No. 360 of 2020

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APPENDIX

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PETITIONER'S/S EXHIBITS:

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EXHIBIT P1 TRUE COPY OF THE POSSESSION NOTICE DATED 27.11.2019 BY THE BANK

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RESPONDENT'S/S EXHIBITS: NIL

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//TRUE COPY// PA TO JUDGE

Ramakrishnan, v. the Irinjalakuda Town Co-Operative Bank

Case brief

What is this about?

What did the court decide?

Ramakrishnan, v. the Irinjalakuda Town Co-Operative Bank

Case brief

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What did the court decide?

What the court decided

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