Disposed

Siju S. v. the Kattakada Primary Co-Operative Agriculture and Rural Development Bank Ltd. No. T. 2037

Kerala HC10 Jun 2022WP(C)/9378/2022

Case brief

AI extract

What is this about?

Petitioner challenged coercive steps by a bank for loan recovery. Court permitted repayment of overdue amount in six monthly instalments with subsequent regular EMI payments. Coercive steps kept in abeyance pending compliance.

What did the court decide?

Permitted payment of Rs. 3,65,582 in six monthly instalments with regular EMI; coercive steps to remain in abeyance pending payment; threat of resuming coercive measures on two consecutive defaults.

Siju S. Vs the Kattakada Primary… — 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 T.R.RAVI

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FRIDAY, THE 10^TH DAY OF JUNE 2022 / 20TH JYAISHTA, 1944

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WP(C) NO. 9378 OF 2022

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PETITIONER:

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SIJU S.
AGED 48 YEARS
S/O SUBAIRKUNJU, THEKKETHARA HOUSE,
KUTTICHAL, KUTTICHAL P.O.,
MANNOORKKARA VILLAGE, KATTAKADA TALUK,
THIRUVANANTHAPURAM DISTRICT, PIN-695 574.

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BY ADV R.B.RAJESH

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RESPONDENTS:

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1THE KATTAKADA PRIMARY CO-OPERATIVE AGRICULTURE AND
RURAL DEVELOPMENT BANK LTD. NO. T. 2037
REPRESENTED BY ITS SECRETARY,
HEAD OFFICE, MALAYINKEEZHU,
THIRUVANANTHAPURAM DISTRICT,PIN-685 571.

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2THE BRANCH MANAGER,
THE KATTAKADA PRIMARY CO-OPERATIVE AGRICULTURE AND
RURAL DEVELOPMENT BANK LTD NO.T. 2037,
MALAYINKEEZHU, THIRUVANANTHAPURAM DISTRICT,
PIN-685 571.
3THE RESERVE BANK OF INDIA,
REPRESENTED BY ITS CHIEF GENERAL MANAGER,
REGIONAL OFFICE, SHAHID BHAGAT SINGH ROAD,
KALA GHODA, FORT MUMBAI, PIN-400 032.
BY ADVS.
T.R.HARIKUMAR
ARJUN RAGHAVAN

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THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY
HEARD ON 10.06.2022, THE COURT ON THE SAME DAY DELIVERED
THE FOLLOWING:

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WP(C) No. 9378 OF 2022

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T.R.RAVI, J.

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=========================== WP(C) No.9378 OF 2022 ============================ Dated this the 10^th day of June, 2022

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JUDGMENT

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The petitioner has challenged the coercive steps initiated by the respondent bank for realisation of the balance dues. Subsequent to the interim order issued by this Court, the petitioner has remitted a sum of Rs.3,00,000/-. The learned Standing Counsel on instructions submitted that an amount of Rs.3,65,582/- is overdue and the period of loan is upto 2029. Petitioner prays for a period of six months time to repay the amount in instalments.

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Having considered the above submissions, I am of the opinion that it is appropriate to dispose of the writ petition by permitting the petitioner to pay a sum of Rs.3,65,582/- in six monthly instalments, the first instalment falling due on or before 14.07.2022 and the remaining instalments falling due on or before the 14^th of the succeeding months. Along with the above instalments, the petitioner shall also pay regular EMIs towards the loan. If the petitioner makes two consecutive defaults in payment of the aforesaid instalments, the respondents are free to continue with the coercive steps taken against the petitioner. Coercive steps will be kept in abeyance to facilitate the petitioner to pay the amount in instalments.

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The Writ Petition is disposed of as above.

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Sd/- T. R. RAVI JUDGE

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WP(C) No. 9378 OF 2022

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APPENDIX OF WP(C) 9378/2022

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PETITIONER EXHIBITS

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Exhibit P1TRUE COPY OF THE LICENSE ISSUED FROM
KUTTICHALGRAMAPANCHAYATHNO
C1-54/L/3484/2021-22 DATED 27.8.2021
Exhibit P2TRUE COPY OF THE RECEIPT DATED 30.11.2021
Exhibit P3TRUE COPY OF THE RELEVANT PORTIONS OF THE
NOTIFICATIONS OF THE RESERVE BANK OF
INDIA DATED 4.6.2021
Exhibit P4TRUE COPY OF THE REPRESENTATION SUBMITTED
BY THE PETITIONER TO THE BRANCH MANAGER,
RESPONDENT BANK DATED 30.11.2021
Exhibit P5TRUE COPY OF THE AUCTION SALE NOTICE
ISSUED TO THE PETITIONER DATED 10.2.2022
BY THE RESPONDENT BANK

Siju S. v. the Kattakada Primary Co-Operative Agriculture and Rural Development Bank Ltd. No. T. 2037

Case brief

What is this about?

What did the court decide?

Siju S. v. the Kattakada Primary Co-Operative Agriculture and Rural Development Bank Ltd. No. T. 2037

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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