Disposed

Santha.a.S. v. the Chirakkara Service Co-Operative Bank LTD.NO.1894

Kerala HC10 Feb 2021WP(C)/43/2021

Case brief

AI extract

What is this about?

Disposed of a writ petition wherein petitioners, defaulting on a bank loan of Rs.10 lakhs, sought concession. Court directed bank to accept Rs.15.81 lakh payable in ten monthly installments, conditional on no two successive defaults.

What did the court decide?

Directed petitioners to pay Rs.15,81,973/- in ten equal monthly installments starting 10.03.2021; concession lost if two consecutive defaults occur.

Santha.a.S. Vs the Chirakkara Service… — 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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WEDNESDAY, THE 10TH DAY OF FEBRUARY 2021 / 21ST MAGHA,1942

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WP(C).No.43 OF 2021(E)

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PETITIONER/S:

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1 SANTHA.A.S. AGED 48 YEARS W/O. ANILKUMAR G.S, POTTAPURATHU HOUSE, CHIRAKKARA, KALLUVATHUKKAL P.O, KOLLAM, KERALA - 681578.

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2 ANILKUMAR G.S AGED 51 YEARS S/O. GOPALAN, POTTAPURATHU HOUSE, CHIRAKKARA, KALLUVATHUKKAL P.O, KOLLAM, KERALA - 681578.

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BY ADVS. SMT.REKHA NAIR SMT.S.SURAJA

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RESPONDENT/S:

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THE CHIRAKKARA SERVICE CO-OPERATIVE BANK LTD.NO.1894 CHIRAKKARA P.O, KOLLAM, REPRESENTED BY ITS SECRETARY.

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BY ADV. SRI.N.RAGHURAJ BY ADV. SHRI.SREEKUMAR S

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10.02.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No.43 OF 2021(E)

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JUDGMENT

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The petitioners availed a loan for a sum of Rs.10,00,000/- (Rupees ten lakhs only) from the respondent Bank in the year 2016 by mortgaging the residential property of the petitioners. Petitioners defaulted in repaying the amount and ultimately proceedings were initiated for the recovery of Rs.16,17,742/- (Rupees sixteen lakhs seventeen thousand seven hundred and forty two only) and Ext.P3 and Ext.P3(a) demand notices have been issued. Ext.P4 is the representation submitted by the petitioners before the respondent.

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When the matter came up for hearing, the only submission of the learned counsel for the petitioners was to grant some concession in relation to the amounts payable. Accordingly the petitioners were directed to approach the Bank on a specified day and work out the maximum concession the bank can give.

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WP(C).No.43 OF 2021(E)

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It seems that after a discussion the bank has fairly agreed to wipe off the penal interest portion and the amount now payable is Rs.15,81,973/- (Rupees fifteen lakhs eighty one thousand nine hundred and seventy three only). It seems to be a fair offer, which was accepted by the learned counsel for the petitioners. Though the learned counsel for the bank insisted that the amount shall be paid the lump or at the most installment of three or more installments. After hearing the learned counsel for the petitioners I feel that the reasonable installments can be given. Accordingly, there will be a direction that the amount payable by the petitioners fixed as Rs.15,81,973/- (Fifteen lakhs eighty one thousand nine hundred and seventy three only). It shall be paid by the petitioners in ten equal monthly installments commencing from 10.03.2021. Further installments shall be paid on or before 10^th of every succeeding month. The petitioners shall pay the amount in ten equal monthly installments without default. In case of two consequent defaults, the

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WP(C).No.43 OF 2021(E)

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concession will be lost and the bank will be entitled to recover entire amount due as per Ext.P2 and Ext.P3 with accrued interest and charges. Thereby, the petitioners will loose the concession now offered. In case of remittance of amount in ten equal monthly installments Ext.P2 and P3 will stand deferred till the amount is completely wiped off as above.

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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.43 OF 2021(E)

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APPENDIX

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PETITIONER'S/S EXHIBITS:

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EXHIBIT P1 TRUE COPY OF THE PAGE NUMBER OF THE LOAN PASS BOOK ISSUED IN THE NAME OF THE 1ST PETITIONER.

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EXHIBIT P2 TRUE COPY OF THE RECEIPT DATED 22.04.2019.

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EXHIBIT P3 TRUE COPY OF DEMAND NOTICE DATED 20.11.2020 ISSUED BY THE 1ST PETITIONER.

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EXHIBIT P3(a) TRUE COPY OF DEMAND NOTICE DATED 20.11.2020 ISSUED TO THE 2ND PETITIONER.

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EXHIBIT P4 TRUE COPY OF THE REPRESENTATION SUBMITTED BY THE PETITIONERS BEFORE THE RESPONDENT.

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RESPONDENT'S/S EXHIBITS NIL

Santha.a.S. v. the Chirakkara Service Co-Operative Bank LTD.NO.1894

Case brief

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Santha.a.S. v. the Chirakkara Service Co-Operative Bank LTD.NO.1894

Case brief

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