Allowed

Rajeev K. v. Kilimanoor Co-Operative Agriculture and Rural Development Bank Ltd. No. T.316

Kerala HC14 Jun 2022WP(C)/11274/2022

Case brief

AI extract

What is this about?

Pending WP(C) NO. 11274 OF 2022 involving a petitioner seeking to pay overdue loan amounts in easy monthly installments to the respondent banks. The court permitted the petitioner to pay Rs. 1,00,000/- monthly towards the overdue amount, with coercive recovery steps kept in abeyance.

What did the court decide?

Permitted payment of total overdue amount of Rs. 14,20,000/- in equal monthly installments of Rs. 1,00,000/- each, with coercive recovery steps kept in abeyance for the stipulated period.

Rajeev K. Vs Kilimanoor Co-Operative Agriculture and… — Specific Performance | Kerala HC (2022)

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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 T.R.RAVI

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TUESDAY, THE 14^TH DAY OF JUNE 2022 / 24TH JYAISHTA, 1944

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WP(C) NO. 11274 OF 2022

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PETITIONER:

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RAJEEV K. AGED 55 YEARS LAL MANDIRAM, THUNDILKADA, KILIMANOOR P.O., PAZHAYAKUNNUMEL, THIRUVANANTHAPURAM - 695 601.

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BY ADVS. S.K.ADHITHYAN GOKUL M.S KEERTHI S. JYOTHI

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RESPONDENTS:

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1 KILIMANOOR CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANK LTD NO. T.316 REPRESENTED BY ITS MANAGING DIRECTOR, KILIMANOOR P.O., THIRUVANANTHAPURAM - 695 601.

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2 THE SPECIAL SALE OFFICER KILIMANOOR COOPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK LTD.NO.T 316, REPRESENTED BY ITS SECRETARY, KILIMANOOR P.O., THIRUVANANTHAPURAM - 695 601.

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BY ADVS. ANJANA KANNATH SRI.K.SIJU, SC, KILIMANOOR GRAMA PANCHAYAT

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C) NO. 11274 OF 2022

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JUDGMENT

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The petitioner has approached this Court praying for permission to pay the amounts due to the respondent Bank in easy monthly instalments.

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A statement has been filed on behalf of respondents 1 and 2. It is stated that the petitioner has availed two loans, one for Rs.15,00,000/-, which is payable in 180 monthly instalments from 30.08.2014 and another for Rs.8,00,000/which is repayable in 120 monthly instalments from 16.06.2017. It is submitted that the amounts have periods up to 2029 and 2027 respectively. It is further stated that a sum of Rs.8,70,000/- is overdue in the first loan account and a sum of Rs. 5,50,000/- is overdue in the 2^nd loan account. The total overdue amount comes to Rs.14,20,000/-.

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Considering the difficulty expressed by the petitioner's counsel for making the payment of the overdue amount immediately and the fact that both the loans have further duration of more than five years, the writ petition is disposed of permitting the petitioner to pay the amounts overdue in

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WP(C) NO. 11274 OF 2022

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equal monthly instalments of Rs.1,00,000/- each, the 1^st instalment falling due on or before 15.07.2022 and the subsequent instalments falling due on or before the 15^th day of the succeeding months. The petitioner shall also pay the regular monthly instalments towards the loan accounts along with the aforesaid amount of Rs.1,00,000/- each. The bank may appropriate the amount of Rs.1,00,000/- towards the two loan accounts based on the ratio of the outstanding amounts. If the petitioner makes continuous defaults of two instalments, the respondents are free to initiate coercive steps against the petitioner. Coercive steps for recovery shall be kept in abeyance in order to facilitate payment in instalments.

Sd/-

T.R.RAVI JUDGE

mpm

WP(C) NO. 11274 OF 2022

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APPENDIX OF WP(C) 11274/2022

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PETITIONER EXHIBITS

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Exhibit P1 TRUE COPY OF THE NOTICE SEND BY THE 2ND RESPONDENT DATED 24/01/2022 IN EP 12/21 & EP 13/21. Exhibit P2 TRUE COPY OF THE SALE NOTICE DATED 15/12/2021 ISSUED BY THE 2ND RESPONDENT.

Rajeev K. v. Kilimanoor Co-Operative Agriculture and Rural Development Bank Ltd. No. T.316

Case brief

What is this about?

What did the court decide?

Rajeev K. v. Kilimanoor Co-Operative Agriculture and Rural Development Bank Ltd. No. T.316

Case brief

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What did the court decide?

What the court decided

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