Allowed

Renimol v. Karamana Co-Operative Urban Bank Ltd.

Kerala HC5 Feb 2021WP(C)/2806/2021

Case brief

AI extract

What is this about?

The High Court of Kerala disposed of the writ petition without applying external statutes, granting the petitioners a one-time opportunity to clear the entire overdue amount of Rs.3,00,000/- in five equated monthly installments commencing from 8th March 2021, with coercive action held in abeyance subject to compliance.

What did the court decide?

Petitioners allowed time to clear entire overdue amount in five equated monthly installments starting from 8th March 2021; coercive action kept in abeyance subject to compliance.

Renimol Vs Karamana Co-Operative Urban Bank Ltd. — 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 A.M.BADAR

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FRIDAY, THE 05TH DAY OF FEBRUARY 2021 / 16TH MAGHA,1942

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WP(C).No.2806 OF 2021(A)

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PETITIONERS:

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1 RENIMOL, AGED 39 YEARS D/O. CHANDRIKA, KULANGARA VAYALIL VEEDU, TC 79/2239, ARA-142, MAVARATHALA ROAD, KARIKAKAM P. O., THIRUVANANTHAPURAM DISTRICT.

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2 SABU, AGED 46 YEARS S/O. SHIVARAJAN, KULANGARA VAYALIL VEEDU, TC 79/2239, ARA-142, MAVARATHALA ROAD, KARIKAKAM P. O., THIRUVANANTHAPURAM DISTRICT.

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BY ADV. SRI. C. DHEERAJ RAJAN

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RESPONDENTS:

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1 KARAMANA CO-OPERATIVE URBAN BANK LTD., REPRESENTED BY ITS GENERAL MANAGER, KARAMANA BRANCH, KARAMANA P. O., THIRUVANANTHAPURAM DISTRICT - 695 002.

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2 AUTHORIZED OFFICER, KARAMANA CO-OPERATIVE URBAN BANK LTD., KARAMANA BRANCH, KARAMANA P. O., THIRUVANANTHAPURAM DISTRICT - 695 002.

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SRI. R. S KALKURA – SC, FOR BANK.

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05.02.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No.2806 OF 2021

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JUDGMENT

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Dated this the 5th day of February 2021

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Heard both sides.

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The learned counsel for the petitioners submitted that overdue amount was meager that is Rs.3,00,000/- out of which they have already paid an amount of Rs.1,00,000/-. The learned counsel for the petitioners further submits that the petitioners will clear the balance overdue amount in suitable installments.

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Sri.R.S Kalkura, the learned Standing Counsel for the respondents argued that as the petitioners have paid Rs.1,00,000/- towards overdue amount, the respondents have already deferred taking of possession.

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In this view of the matter, I am of the considered opinion that, as the petitioners are not challenging any action taken under the SARFAESI Act and they are willing to repay the overdue amount, the petition needs to be disposed of with following direction:-

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i. The petitioners to clear entire overdue amount as on

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WP(C).No.2806 OF 2021

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date in five equated monthly installments commencing from 8^th March, 2021 apart from regular payment of EMIs.

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If the petitioners complies with these direction, respondents shall keep the coercive action in abeyance. In case of a single default, the respondents shall be entitled to continue with the coercive action for recovery of loan. Petitioners shall not be granted any further extension of time for complying this direction.

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This writ petition is disposed of as above.

Sd/-

A.M.BADAR JUDGE

SPR

WP(C).No.2806 OF 2021

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APPENDIX

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PETITIONER'S/S EXHIBITS:

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EXHIBIT P1 THE TRUE COPY OF THE NOTICE DATED 12.01.2021 ISSUED BY THE ADVOCATE COMMISSIONER ALONG WITH TRANSLATION.

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RESPONDENT'S/S EXHIBITS: NIL.

Renimol v. Karamana Co-Operative Urban Bank Ltd.

Case brief

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Renimol v. Karamana Co-Operative Urban Bank Ltd.

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