Disposed

Radhakrishnan .a.D v. the Mallappaly Primary Co-Operative Agricultural and Rural Development Bank Ltd. No . Pt. 234

Kerala HC19 Mar 2021WP(C)/4365/2021

Case brief

AI extract

What is this about?

Petitioners, a defaulting borrower, sought regularization of future loan installments after complying with an interim order. The single-judge bench directed payment of the entire overdue amount in 10 monthly installments. Default would lead to lump-sum recovery and auction rights.

What did the court decide?

Petitioner directed to pay entire overdue amount in 10 equal monthly installments from May 3, 2021; default leads to lumpsum recovery and auction.

Radhakrishnan .a.D Vs the Mallappaly Primary… — 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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FRIDAY, THE 19TH DAY OF MARCH 2021 / 28TH PHALGUNA, 1942

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WP(C).No.4365 OF 2021(U)

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PETITIONERS:

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1 RADHAKRISHNAN .A.D AGED 45 YEARS S/O DAIVATHAN, ANJAZHIMANNIL VEEDU, EZHUMATTOOR P O, MALLAPPALLY, PATHANAMTHITTA DISTRICT.

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2 AJITHAMOL C K W/O RADHAKRISHNAN, ANJAZHIMANNIL VEEDU, EZHUMATTOOR P O, MALLAPPALLY, PATHANAMTHITTA DISTRICT.

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BY ADVS. SRI.D.SAJEEV SMT.LIGEY ANTONY

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RESPONDENTS:

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1 THE MALLAPPALY PRIMARY CO-OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK LTD. NO . PT. 234 MALLAPALLY WEST P O, PATHANAMTHITTA DISTRICT, PIN-689585, REPRESENTED BY THE SECRETARY.

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2 THE SECRETARY

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THE MALLAPPALY PRIMARY CO-OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK LTD, NO.PT.234, MALLAPALLY WEST P O, PATHANAMTHITTA DISTRICT, PIN-689585.

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3 THE SPECIAL SALE OFFICER THE MALLAPPALY PRIMARY CO-OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK LTD. NO.PT.234, MALLAPALLY WEST P O, PATHANAMTHITTA DISTRICT, PIN-689585.

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R1-2 BY ADV. SRI.VARUGHESE M EASO

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19.03.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

W.P(C).4365/2021

JUDGMENT

Learned counsel for the petitioner submits that, interim order has been complied with. Learned counsel for the petitioner offers to pay the entire overdue amount in 10 equal monthly installments. Learned counsel for the respondents/bank was heard.

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After hearing both sides, I am inclined to dispose of the Writ Petition by directing the petitioner to pay the entire balance overdue amount in 10 equal monthly installments, commencing from 03.05.2021 onwards. Each installment shall be remitted in the loan account on or before the 3^rd of every relevant month. If there is a default of two installments consecutively or otherwise, this benefit will be lost and respondents will be entitled to recover the entire amount in a lump. Along with the overdue amount, the regular monthly installment shall also be remitted. On successful deposit of the overdue amount, respondents shall regularize the future installments thereafter. On deposit of the first installment on 03.05.2021, bank shall give the statement of the amount paid and that of the amount due.

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Writ Petition is disposed of as above.

Sd/-

SUNIL THOMAS

JUDGE

Sbna

W.P(C).4365/2021

APPENDIX

PETITIONER'S EXHIBITS:

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EXHIBIT P1

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TRUE COPY OF THE RELEVANT PAGES OF THE PASS BOOK ISSUED BY THE 1ST RESPONDENT TO THE PETITIONERS.

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EXHIBIT P2

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TRUE COPY OF THE RELEVANT PAGES OF THE LOAN LEDGER ISSUED BY THE 1ST RESPONDENT DATED 28/01/2021 EVIDENCING THE PAYMENT IN THE LOAN ACCOUNT.

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EXHIBIT P3

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TRUE COPY OF THE NOTICE OF SALE PROCLAMATION DATED 15.01.2021 ISSUED BY THE 3RD RESPONDENT.

Radhakrishnan .a.D v. the Mallappaly Primary Co-Operative Agricultural and Rural Development Bank Ltd. No . Pt. 234

Case brief

What is this about?

What did the court decide?

Radhakrishnan .a.D v. the Mallappaly Primary Co-Operative Agricultural and Rural Development Bank Ltd. No . Pt. 234

Case brief

What is this about?

What did the court decide?

What the court decided

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