Disposed

Babu.K v. State of Kerala

Kerala HC10 Mar 2022WP(C)/3737/2022

Case brief

AI extract

What is this about?

This writ petition sought 12 months' time from a cooperative bank to service outstanding dues with a prayer for loan renewal at lower interest. The Court approved the terms proposed by the Bank's counsel, directing payment in installments with renewal upon default-free adherence, subject to cancellation of any future notice.

What did the court decide?

Ordered to pay Rs.13,17,711/- in 12 equal monthly installments starting 28.03.2022; upon default-free payment, the loan to be renewed at applicable rate. Default of two installments allows Bank to exe

Babu.K Vs State of Kerala — Contract and Commercial Disputes | Kerala HC (2022)

¶1

IN THE HIGH COURT OF KERALA AT ERNAKULAM

¶2

PRESENT

¶3

THE HONOURABLE MR. JUSTICE DEVAN RAMACHANDRAN

¶4

THURSDAY, THE 10^TH DAY OF MARCH 2022 / 19TH PHALGUNA, 1943

¶5

WP(C) NO. 3737 OF 2022

¶6

PETITIONERS:

¶7

1 BABU.K AGED 61 YEARS S/O KURIAKOSE, KODIYIL PUTHEN VEEDU, VIPIN HOUSE, KANNALLUR.P.O., KOLLAM DISTRICT, KERALA. PIN 691576.

¶8

2 VIMALA.B AGED 60 YEARS W/O BABU.K, KODIYIL PUTHEN VEEDU, VIBIN HOUSE,KANNALLUR.P.O., KOLLAM DISTRICT, KERALA. PIN 691576.(THROUGH POWER OF ATTORNEY HOLDER VIBIN BABU, S/O BABU AGED 29 YEARS, KODIYIL PUTHEN VEEDU, VIBIN HOUSE,KANNALLUR.P.O., KOLLAM DISTRICT, KERALA. PIN 691576)

¶9

BY ADVS. T.R.RAJAN R.JOHNSON

¶10

RESPONDENTS:

¶11

1 STATE OF KERALA REPRESENTED BY THE SECRETARY, CORPORATION DEPARTMENT SECRETARIAT, THIRUVANANTHAPURAM. PIN-695001.

¶12

2 THE ASSISTANT REGISTRAR OF CO-OPERATIVE SOCIETIES ARBITRATOR-CUM-SALE OFFICER, PARAVUR S.N.V.R.C. BANK LTD, NO1685, PARAVUR, KOLLAM. PIN-691 301., PIN - 691301

¶13

3 PARAVUR S.N.V.R.C. BANK LTD NO1685 REPRESENTED BY ITS SECRETARY, PARAVUR, KOLLAM. PIN-691 301.

¶14

WP(C) NO. 3737 OF 2022

¶15

¶16

BY ADV B.SURESH KUMAR

¶17

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10.03.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

¶18

WP(C) NO. 3737 OF 2022

¶19

¶20

J U D G M E N T

¶21

The petitioners have approached this Court praying for a latitude from the 3 rd respondent – Cooperative Bank, with respect to a loan facility availed of by the 2 nd among them. The petitioners say that, on account of unavoidable financial crisis faced by them, the loan facility could not be properly serviced, though it has been so done in the past and admits that some amounts have now become due. They, therefore, pray that the Bank be directed to grant them at least 12 months time to pay of such amounts, so that the loan can then be renewed for a lower interest rate.

¶22

2 . In response to the afore submissions of the petitioners, the learned Standing Counsel for the Bank – Sri.Suresh Kumar, submitted that the total dues, as on today, is Rs.13,17,711/- in the loan facility and that if they pay the same in 12 equal monthly installments, it can be renewed on a lesser rate of interest. He submitted that no further lenitude can be offered to the petitioners, except that they can also pay off the entire loan liability by remitting an amount of Rs.19,87,119/-, under a One Time Settlement Scheme, but before 31.03.2022.

¶23

3 . On hearing the learned Standing Counsel for the Bank as

¶24

WP(C) NO. 3737 OF 2022

¶25

¶26

afore, the learned counsel for the petitioner chose the first option and prayed that this writ petition be ordered on such terms.

¶27

Taking note of the afore submissions, I order this writ petition and direct the petitioner to pay an amount of Rs.13,17,711/- in 12 equal monthly installments commencing from 28.03.2022; and if the said amounts are paid without default, at the end of the term, the Bank will renew the loan amount at the then applicable rate, so as to enable them to thereafter service the loan without default.

¶28

Needless to say, if the petitioners commit default of any two installments as ordered above, the Bank will be at full liberty to execute the Award already obtained by them with respect to the loan account.

¶29

SD/-

¶30

DEVAN RAMACHANDRAN JUDGE

¶31

¶32

WP(C) NO. 3737 OF 2022

¶33

¶34

APPENDIX OF WP(C) 3737/2022

¶35

PETITIONER EXHIBITS

¶36

Exhibit P1	TRUE COPY OF THE POWER OF ATTORNEY DATED 2/8/2014 EXECUTED BY THE 2ND PETITIONER IN FAVOUR OF HER SON VIBIN BABU
Exhibit P2	TRUE COPY OF THE NOTICE NO E.P. 580/18 OL 12359 DATED NIL ISSUED BY THE 2ND RESPONDENT
Exhibit P3	TRUE COPY OF THE PETITION DATED 27/1/2022 SUBMITTED BY THE POWER OF ATTORNEY HOLDER OF THE 2ND PETITIONER BEFORE THE 2ND RESPONDENT
Exhibit P4	TRUE COPY OF THE PETITION DATED 27/1/2022 SUBMITTED BY THE POWER OF ATTORNEY HOLDER OF THE 2ND PETITIONER BEFORE THE 3RD RESPONDENT

Babu.K v. State of Kerala

Case brief

What is this about?

What did the court decide?

Babu.K v. State of Kerala

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Ashique Ali Vs State of Kerala

Sojan Jacob @ Sojan Vs District Collector

A.A. Pareed, Vs State of Kerala

Green Worth Rocks and Sands Pvt. Ltd., Vs State of Kerala

Naseema.C.M, Vs the State of Kerala

Jasmine Joseph Vs the Sub Registrar