Disposed

Prasanna K.M. v. Kerala State Co-Operative Bank Ltd.

Kerala HC25 Jan 2021WP(C)/860/2021

Case brief

AI extract

What is this about?

The court resolved a writ petition filed by a loan defaulter to regularize her bank account. Directing the petitioner to clear the overdue amount in six EMIs, the court stayed coercive recovery actions and dismissed the writ.

What did the court decide?

The petitioner is directed to clear the entire overdue amount of loan in six equated monthly instalments commencing from 08.02.2021 along with regular payment of EMIs. The respondent bank shall keep c

Prasanna K.M. Vs Kerala State Co-Operative… — 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 A.M.BADAR

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MONDAY, THE 25TH DAY OF JANUARY 2021 / 5TH MAGHA, 1942

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WP(C).No.860 OF 2021(F)

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PETITIONER/S:

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PRASANNA K.M.,CHIRAKKAL HOUSE, ASHRAMAM, POKKUNNU, GURUVYURAPPAN COLLEGE P.O., KOZHIKODE - 673 014.

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BY ADV. SRI.P.T.MOHANKUMAR

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RESPONDENT/S:

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KERALA STATE CO-OPERATIVE BANK LTD. KINASSERI BRANCH, (FORMERLY KOZHIKODE DISTRICT COOPERATIVE BANK LTD.), REPRESENTED BY ITS BRANCH MANAGER, KINASSERI, KOZHIKODE - 673 002, KALLAI ROAD, KOZHIKODE - 673 002.

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SRI.GILBERT GEORGE CORREYA

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25.01.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No.860 OF 2021 2

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JUDGMENT

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Dated this the 25th day of January 2021

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Heard both sides.

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Learned counsel appearing for the petitioner submitted that the petitioner had availed a loan of Rs.12,00,000/- (Rupees twelve lakhs only). But because of financial crunch, she could not repay the instalmens of that loan regularly. Because of ill health, she was no in a position to continue her avocation and that is how there is delay in repayment of loan.

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Learned counsel appearing for the petitioner further submitted that in fact, the petitioner wants to repay the entire overdue amount of loan within a period of six months and the petitioner is not challenging the action taken by the respondent bank under the SARFAESI Act. She is only interested in regularisation of the loan account.

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Learned Standing Counsel appearing for the respondent

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bank submitted that overdue amount of loan as on 13.01.2021 is Rs.9,99,476/- (Rupees nine lakhs ninety nine thousand four hundred and seventy six only) and the petitioner should pay a substantial amount, if she wants to clear the overdue amount and to regularise her loan account.

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WP(C).No.860 OF 2021 3

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I have considered the submissions so advanced and

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perused the materials placed on record.

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It is not in dispute that the term of loan is up to the year 2024. Keeping in mind the financial difficulties as well as the illhealth suffered by the petitioner as well as her bona fides in stating that she is willing to clear of the entire overdue amount of loan in six months, the petition is disposed of with the following directions:-

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The petitioner is directed to clear the entire overdue amount of loan in six equated monthly instalments commencing from 08.02.2021 along with regular payment of EMIs. If the petitioner abides by this direction, the respondent shall keep coercive action for recovery of loan in abeyance. Needless to mention that any default in adherence to this direction shall entile the respondent to commence the coercive action for recovery of loan. As keeping in mind the special circumstances of the case, the relief as claimed is granted. No further extension of time for payment of overdue amount of loan or EMIs shall be granted.

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The writ petition is accordingly disposed of.

A.M.BADAR

JUDGE

ajt

WP(C).No.860 OF 2021 4

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APPENDIX

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PETITIONER'S/S EXHIBITS:

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EXHIBIT P1 TRUE COPY OF NOTICE RECEIVED BY THE PETITIONER FROM THE RESPONDENT (UNDATED) ALONG WITH ITS ENGLISH TRANSLATION.

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EXHIBIT P2 TRUE COPY OF NOTICE DATED 29/12/2020 ISSUED BY ADVOCATE COMMISSIONER TO THE PETITIONER.

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EXHIBIT P3 TRUE COPY OF THE MARRIAGE INVITATION CARD OF THE PETITIONER'S DAUGHTER ALONG WITH ITS ENGLISH TRANSLATION.

Prasanna K.M. v. Kerala State Co-Operative Bank Ltd.

Case brief

What is this about?

What did the court decide?

Prasanna K.M. v. Kerala State Co-Operative Bank Ltd.

Case brief

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What did the court decide?

What the court decided

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