Disposed

Bharathi.K v. Kerala Bank (Kerala State Co. Operative Bank)

Kerala HC15 Mar 2021WP(C)/2109/2021

Case brief

AI extract

What is this about?

In a writ petition, the petitioner, a housing loan defaulter facing financial difficulty, sought to settle arrears via a one-time settlement scheme. The court ordered payment of calculated arrears in three monthly installments, with regularization of the balance loan upon completion; default would revive the entire debt.

What did the court decide?

Payment of calculated arrears in three equal monthly installments from 20.04.2021 with regularization of remaining loan balance on completion.

Bharathi.K Vs Kerala Bank (Kerala State Co… — Contract and Commercial Disputes | 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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MONDAY, THE 15TH DAY OF MARCH 2021 / 24TH PHALGUNA, 1942

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WP(C).No.2109 OF 2021(K)

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PETITIONER/S:

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BHARATHI.K, W/O.VIJAYAN.M.S., RESIDING AT 4/299, MUNDEKKODE HOUSE, MUNDOOR, PALAKKAD TALUK, PALAKKAD DISTRICT.

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BY ADVS. SRI.G.HARIHARAN SMITHA PRAVEEN SRI.V.R.SANJEEV KUMAR

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RESPONDENT/S:

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1 M/S.KERALA BANK (KERALA STATE CO OPERATIVE BANK) REGIONAL OFFICE, P.B.NO.21, H.P.O. ROAD, SULTHANPET,

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PALAKKAD-678 001, REPRESENTED BY ITS AUTHORISIED OFFICER, (EXECUTIVE OFFICER).

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2 REGISTRAR OF CO-OPERATIVE SOCIETIES, OFFICE OF THE REGISTRAR OF CO-OPERATIVE SOCIETIES, JAWAHAR SAHAKARANA BHAVAN, DPI JUNCTION, THYCAUD P.O., KERALA-695 014.

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3 STATE OF KERALA, REPRESENTED BY THE PRINCIPAL SECRETARY TO GOVERNMENT, DEPARTMENT OF CO-OPERATION, SECRETARIAT, THIRUVANANTHAPURAM-695 001.

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4 RESERVE BANK OF INDIA, LISSIE JUNCTION, ERNAKULAM NORTH, ERNAKULAM-682 018, REPRESENTED BY ITS AUTHORISED OFFICER.

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WP(C).No.2109 OF 2021(K)

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5 UNION OF INDIA, REPRESENTED BY THE PRINCIPAL SECRETARY TO GOVERNMENT, MINISTRY OF FINANCE AND BANKING AFFAIRS, SANSAD MARG, NEW DELHI-110 001.

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BY ADV.SRI.M.SASINDRAN SR.GP K.P HARISH, ASG SRI.P VIJAYAKUMAR

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15.03.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No.2109 OF 2021(K)

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JUDGMENT

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The petitioner has approached this court lamenting that though she has availed housing loan of Rs.20,000/(Rupees twenty lakhs only) from the respondent – bank on 22.01.2019, which was a cash credit facility and after repayment of substantial amount, still huge amounts are demanded. The petitioner, though claiming that she is in extreme financial difficulty has offered to adopt the one time settlement scheme. On a direction from this court, the petitioner approached the bank and after negotiation, it seems that some settlement has been arrived at, on a condition that the petitioner shall pay the arrears which has been calculated as Rs.4,52,126/- (Rupees four lakhs fifty two thousand one hundred twenty six only) as on 27.01.2021. The learned counsel for the petitioner offers to repay the said amount along with accrued interest in three equal monthly installments On this payment, the respondent-bank will regularise the balance loan amount

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WP(C).No.2109 OF 2021(K)

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due. Accordingly, I am inclined to dispose of the Writ Petition with a direction that the petitioner shall pay the said amount in three equal monthly installments, commencing from 20.04.2021. If the petitioner commits default of any one of the installments, the entire amount due as per the original agreement can be claimed and petitioner will loose the above benefit. However, on completion of the payment as above, the remaining loan amount shall be regularised by the bank.

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Writ Petition is disposed of.

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Sd/-

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SUNIL THOMAS, JUDGE

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R.AV

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WP(C).No.2109 OF 2021(K)

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APPENDIX

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PETITIONER'S/S EXHIBITS:

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EXHIBIT P1

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TRUE COPY OF STATEMENT OF ACCOUNTS ISSUED BY THE 1ST RESPONDENT BANK ON 20.11.2020 RELATING TO LOAN AVAILED BY THE PETITIONER.

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EXHIBIT P2 TRUE COPY OF THE SCHEDULE OF THE PROPERTY MORTGAGED BY THE PETITIONER TOWARDS THE LOAN AVAILED BY HER FROM THE 1ST RESPONDENT.

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EXHIBIT P3 TRUE COPY OF THE NOTICE DATED 15.01.2021 ISSUED BY THE 1ST RESPONDENT.

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EXHIBIT P4 TRUE COPY OF THE CASH RECEIPT DATED 31.12.2020 ISSUED BY THE RESPONDENT EVIDENCING RECEIPT OF RS.1/- LAKH.

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EXHIBIT P5 TRUE COPY OF THE CIRCULAR NO.RBI/201920/186 DATED 27.03.2020 ISSUED BY THE 5TH RESPONDENT AS A PART OF COVID 19 REGULATORY PACKAGE.

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EXHIBIT P6 TRUE COPY OF THE CIRCULAR NO.RBI/202021/16 ON 06.08.2020 ISSUED BY THE 5TH RESPONDENT.

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EXHIBIT P7 TRUE COPY OF THE RELIEF PACKAGE NOTIFICATION ISSUED BY THE RESERVE BANK OF INDIA ON 23.05.2020.

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EXHIBIT P8 TRUE COPY OF THE CIRCULAR NO.RBI 202021/34 DATED 07.09.2020 PRESCRIBING FRAME WORKS FOR COVID 19 RELATED STRESS - FINANCIAL PARAMETERS BY THE 5TH RESPONDENT.

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EXHIBIT P9

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TRUE COPY OF CIRCULAR NO.28/2020 DATED 04.04.2020 ISSUED BY THE 2ND RESPONDENT.

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WP(C).No.2109 OF 2021(K)

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EXHIBIT P10 TRUE COPY OF CIRCULAR NO.47/2020 DATED 28.05.2020 ISSUED BY THE 2ND RESPONDENT.

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EXHIBIT P11 TRUE COPY OF CIRCULAR NO.01/2021 DATED 01.01.2021 ISSUED BY THE 2ND RESPONDENT.

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RESPONDENT'S/S EXHIBITS NIL

Bharathi.K v. Kerala Bank (Kerala State Co. Operative Bank)

Case brief

What is this about?

What did the court decide?

Bharathi.K v. Kerala Bank (Kerala State Co. Operative Bank)

Case brief

What is this about?

What did the court decide?

What the court decided

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