Disposed

Surendran K.V. v. Karakulam Farmers Social Welfare Co-Operative Society Ltd.No. T-1644

Kerala HC16 Mar 2021WP(C)/1052/2021

Case brief

AI extract

What is this about?

Petitioner challenged recovery proceedings for a loan default. Petitioner sought installment payment due to financial and medical crisis. Court allowed installment plan with interest-free deferment of recovery proceedings.

What did the court decide?

Petitioner directed to remit Rs. 1,00,000/- by 16.05.2021 and pay remaining liability in equal monthly installments; recovery proceedings deferred.

Surendran K.V. Vs Karakulam Farmers Social Welfare… — Banking and Recovery | Kerala HC (2021)

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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 SUNIL THOMAS

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TUESDAY, THE 16TH DAY OF MARCH 2021 / 25TH PHALGUNA, 1942

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WP(C).No.1052 OF 2021(F)

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PETITIONER:

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SURENDRAN K.V. AGED 53 YEARS S/O. VELAYUDHAN, KOLLAMPARAMBIL HOUSE, NETTIRACHIRA, NEDUMANGAD P.O., PIN-695541.

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BY ADVS. SRI.ARUN FRANCIS SMT.DEENA JOSEPH

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RESPONDENTS:

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KARAKULAM FARMERS SOCIAL WELFARE CO-OPERATIVE SOCIETY LTD.NO. T-1644 REPRESENTED BY ITS MANAGER/SECRETARY, KELTRON JUNCTION, KARAKULAM P.O., TRIVANDRUM-695502.

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R1 BY ADV. SMT.N.P.ASHA R1 BY ADV. SRI.K.K.DHEERENDRAKRISHNAN

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16.03.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No.1052 OF 2021(F)

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JUDGMENT

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Dated this the 16th day of March 2021

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The petitioner has approached this Court challenging the recovery proceeding against the petitioner for the loan taken from the Co-operative Society. The petitioner contended that the due to acute financial crisis and medical complications, the petitioner was unable to remit the amount in installments. Ext.P3 notice was issued to him. Hence, the petitioner approached this Court. By an interim order of this Court, the petitioner was directed to deposit a sum of Rs.50,000/- (Rupees Fifty thousand only) within one month from today.

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When the matter was taken up today, it was submitted that the interim order has been complied with. The learned Counsel for the petitioner sought permission to remit the amount in installments. The learned Counsel for the respondent submitted that the amount due is

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Rs.10,67,000/- as on today. This is recorded.

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WP(C).No.1052 OF 2021(F)

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Accordingly, I am inclined to dispose of the writ petition with a direction that the petitioner shall remit a sum of Rs.1,00,000/- (Rupees One lakh only) on or before 16.05.2021 and thereafter, pay off the remaining liability in ten equal monthly installments payable on or before 16^th of every succeeding month. If default is committed, the above concession will be lost and the respondent Society will be free to recover the entire amount by appropriate proceedings. The recovery proceedings will stand deferred during the above period.

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The writ petition is disposed of as above.

Sd/-

SUNIL THOMAS

JUDGE

SKP/16-3

WP(C).No.1052 OF 2021(F)

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APPENDIX

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PETITIONER'S EXHIBITS:

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EXHIBIT P1 TRUE COPY OF THE DEMAND DRAFT DATED 20.5.2019. EXHIBIT P2 TRUE COPY OF THE MEDICAL CERTIFICATE DATED 22.2.2020. EXHIBIT P3 TRUE COPY OF THE DEMAND NOTICE DATED 15.12.2020 ISSUED BY THE RESPONDENT. EXHIBIT P4 TRUE COPY OF THE APPLICATION FOR ONE-TIME SETTLEMENT SCHEME DATED 5.1.2021.

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RESPONDENTS'S EXHIBITS:NIL

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TRUE COPY P.A. TO JUDGE

Surendran K.V. v. Karakulam Farmers Social Welfare Co-Operative Society Ltd.No. T-1644

Case brief

What is this about?

What did the court decide?

Surendran K.V. v. Karakulam Farmers Social Welfare Co-Operative Society Ltd.No. T-1644

Case brief

What is this about?

What did the court decide?

What the court decided

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