Disposed

Lorance Mon T.J. v. the Regional Manager

Kerala HC8 Feb 2022WP(C)/2338/2022

Case brief

AI extract

What is this about?

In a writ petition regarding a defaulted loan, the High Court of Kerala directed the bank to permit the petitioner to regularize the account by paying overdue amounts with interest and costs via monthly instalments.

What did the court decide?

Permitted regularisation of loan account on payment of overdue amounts with interest and costs in twelve equal monthly instalments commencing from 04.03.2022.

Lorance Mon T.J. Vs the Regional Manager — Contract and Commercial Disputes | 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 SATHISH NINAN

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TUESDAY, THE 8^TH DAY OF FEBRUARY 2022 / 19TH MAGHA, 1943 WP(C) NO. 2338 OF 2022

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PETITIONER:

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LORANCE MON T.J. AGED 42 YEARS S/O.JAMES T.A., THAKIDIYEL PARAMBIL HOUSE, GANDHINAGAR P.O., KOTTAYAM DISTRICT - 686 008.

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BY ADVS. MANOJ RAMASWAMY JOLIMA GEORGE C.B.SABEELA JISHA SASI CHINNU ROSE MARY THOMAS APARNA G.

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RESPONDENTS:

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1 THE REGIONAL MANAGER O/O. REGIONAL OFFICE, KERALA STATE CO-OPERATIVE BANK LIMITED, KOTTAYAM - 686 001.

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2 THE BRANCH MANAGER THE KERALA STATE CO-OPERATIVE BANK LIMITED, GANDHINAGAR BRANCH, KOTTAYAM DISTRICT - 686 008.

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SR. GOVT. PLEADER SRI.SHAMEER P.M.

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08.02.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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SATHISH NINAN, J.

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= = = = = = = = = = = = = = = = = = W.P.(C) No.2338 of 2022 = = = = = = = = = = = = = = = = = = Dated this the 8^th day of February, 2022

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J U D G M E N T

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Repayment of the loan availed by the petitioner

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from the second respondent Bank was defaulted. Thereupon

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the Bank issued Ext.P2 notice proposing to initiate

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recovery steps. The petitioner seeks to have the loan account regularised.

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Heard the learned counsel for the petitioner and

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the learned Standing Counsel for the Bank.

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The petitioner is in grave financial

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difficulties which led to the default in repayment of the facility and that if reasonable instalment facility could be afforded to wipe off the overdue amounts, the petitioner could have the account regularized, submits the learned counsel for the petitioner.

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The learned Standing Counsel, on instructions submits that further term is available for the loan

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W.P.(C) No.2338 of 2022

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-: 2 :-

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facility and that as on 24.01.2022 the overdue amount is approximately ` 12,25,000/-. The interests of the Bank may be adequately safeguarded, is his submission.

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Considering the facts as above, I am of the

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opinion that an opportunity could be granted to the petitioner to have the loan account regularised.

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Accordingly the writ petition is disposed of with the following directions:-

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(i) The petitioner shall be permitted to have the loan account regularised on payment of the entire overdue amounts with interest and costs, in twelve equal monthly instalments commencing from 04.03.2022.

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(ii) The succeeding installments shall be payable on or before 5^th day of the succeeding months.

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(iii) The installments as above shall be paid in addition to the regular EMIs payable.

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(iv) It is made clear that, in case of default in payment of any one instalment as above, including the

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W.P.(C) No.2338 of 2022

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-: 3 :-

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regular EMI, the petitioner will lose the benefit granted under this judgment and further proceedings for

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recovery can go on.

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Sd/-

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SATHISH NINAN JUDGE

kns/-

//True Copy//

P.S. to Judge

APPENDIX OF WP(C) 2338/2022

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PETITIONER EXHIBITS

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Exhibit P1 TRUE COPY OF THE STATEMENT OF LOAN ACCOUNT VIDE NO.050056042220491. Exhibit P2 TRUE COPY OF THE NOTICE DATED 16/11/2021 ISSUED BY THE 2ND RESPONDENT. Exhibit P3 TRUE COPY OF THE COMPLAINT PREFERRED BY THE FATHER OF THE PETITIONER BEFORE THE JOINT REGISTRAR, KOTTAYAM. Exhibit P4 TRUE COPY OF THE APPLICATION SUBMITTED BEFORE THE BANK DATED 22/12/2021.

Lorance Mon T.J. v. the Regional Manager

Case brief

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Lorance Mon T.J. v. the Regional Manager

Case brief

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