Disposed

Jithesh Chandran v. Kerala State Co-Operative Bank Ltd.(Formerly Known as Kannur District Co-Operative Bank Ltd.

Kerala HC14 Jan 2022WP(C)/1272/2022

Case brief

AI extract

What is this about?

Bench directed respondent bank to accept repayment of overdue amount in 15 instalments, keep coercive proceedings in abeyance, and regularize petitioner's loan account upon compliance.

What did the court decide?

Directoried respondent bank to accept ₹8,45,717/- plus charges in 15 EMIs starting 15.02.2022; stay coercive proceedings and regularize account after repayment.

Jithesh Chandran Vs Kerala State Co-Operative Bank… — Banking and Recovery | 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 BECHU KURIAN THOMAS FRIDAY, THE 14^TH DAY OF JANUARY 2022 / 24TH POUSHA, 1943 WP(C) NO. 1272 OF 2022

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PETITIONER:

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JITHESH CHANDRAN, AGED 42 YEARS S/O.CHANRAN P.P., PALAYATH (H), PANNIYANNUR (PO), KANNUR (DT.), PIN - 670 672. BY ADVS. CIBI THOMAS G.PRATHAP CHANDRA

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RESPONDENT:

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KERALA STATE CO-OPERATIVE BANK LTD.(FORMERLY KNOWN AS KANNUR DISTRICT CO-OPERATIVE BANK LTD.] KANNUR REGIONAL OFFICE, PB NO.35, KANNUR - 670 001. REPRESENTED BY ITS AUTHORIZED OFFICER. ADV.M.SASINDRAN, SC

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14.01.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C) NO.1272 OF 2022

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BECHU KURIAN THOMAS, J

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======================= W.P.(C) No.1272 of 2022

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Dated this the 14th day of January, 2022

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JUDGMENT

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Petitioner as borrower from the respondent-Bank, has

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committed default in repayment. Consequently, proceedings

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have been initiated by the Bank for recovery of the amounts due.

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During the course of the hearing, petitioner has confined the relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation of the loan account.

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It was submitted on behalf of the respondent-Bank that the petitioner committed default in repayment and the overdue amount is Rs.8,45,717/-. It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent Bank is willing to accept repayment of the overdue amount in limited instalments and regularise the loan account.

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I have heard Sri.Cibi Thomas, the learned counsel for the

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WP(C) NO.1272 OF 2022

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petitioner as well as Sri.M.Sasindran, the learned Standing Counsel for respondent.

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Having regard to the circumstances of the case and the situation now prevailing, apart from the submissions made as recorded above, I am of the view that the petitioner can be granted an opportunity to repay the overdue amount in instalments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised.

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Accordingly, there will be a direction to the respondent-Bank to accept repayment of the entire overdue amount of Rs.8,45,717/- along with bank charges from the petitioner and to regularise the loan account of the petitioner on the following conditions:

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(i). The overdue amount of Rs.8,45,717/- shall be repaid in '15' equated monthly instalments.

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(ii). The first instalment shall be paid on or before 15.02.2022.

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(iii). Petitioner shall continue to pay the regular EMI’s

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along with the instalments directed above.

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WP(C) NO.1272 OF 2022

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(iv). In the event of default of any one instalment,

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the respondent bank shall be entitled to proceed in

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accordance with law.

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(v) In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept

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in abeyance.

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The writ petition is disposed of.

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Sd/BECHU KURIAN THOMAS, JUDGE

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AMV/14/01/2022

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WP(C) NO.1272 OF 2022

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APPENDIX OF WP(C) 1272/2022

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PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE UNDER SEC. 13(2) OF THE ACT ON 19/11/2020.

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RESPONDENTS EXHIBITS NIL

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TRUE COPY

Jithesh Chandran v. Kerala State Co-Operative Bank Ltd.(Formerly Known as Kannur District Co-Operative Bank Ltd.

Case brief

What is this about?

What did the court decide?

Jithesh Chandran v. Kerala State Co-Operative Bank Ltd.(Formerly Known as Kannur District Co-Operative Bank Ltd.

Case brief

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What did the court decide?

What the court decided

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