Allowed

Santhi B., v. the Branch Manager

Kerala HC3 Oct 2023WP(C)/13130/2023

Case brief

AI extract

What is this about?

The High Court disposed of a writ petition filed under Article 226 challenging a notice and demanding loan restructuring. Upon the bank agreeing to accept installments, the Court directed the bank to regularize the account and stay SARFAESI proceedings subject to strict repayment compliance.

What did the court decide?

Bank to regularize the loan account; petitioner to repay overdue amount with interest and charges in 12 equal monthly installments; SARFAESI proceedings kept in abeyance.

Santhi B., Vs the Branch Manager — Banking and Recovery | Kerala HC (2023)

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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 K. BABU

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TUESDAY, THE 3RD DAY OF OCTOBER 2023 / 11TH ASWINA, 1945
WP(C) NO. 13130 OF 2023

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PETITIONER:

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SANTHI B.,
AGED 48 YEARS
SANTHI NIKETAN, PUTHIYIDAM,
KAYAMKULAM, ALAPPUZHA DISTRICT-690502
BY ADVS.
P.SREEKUMAR
HELEN P.A.
ARUN ROY
SHAHIR SHOWKATH ALI
ATHUL ROY
STEPHANIE SHARON

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RESPONDENTS:

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1THE BRANCH MANAGER,
KERALA STATE COOPERATIVE BANK LTD, K P ROAD BRANCH,
KAYAMKULAM, ALAPPUZHA DISTRICT- 690502
2THE AUTHORISED OFFICER,
KERALA STATE COOPERATIVE BANK LTD, REGIONAL OFFICE,
ALAPPUZHA P. O.,PIN - 688001
BY ADVS.
GILBERT GEORGE CORREYA
Thomas Abraham

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
03.10.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C) NO. 13130 OF 2023

K.BABU, J

W.P(C) No.13130 of 2023

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Dated this the 3^rd day of October, 2023

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J U D G M E N T

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The prayers in this Writ Petition filed under Article 226 of the

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Constitution of India are as follows:-

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“i)To issue a writ of certiorari or any other writ or order calling for the records leading to exhibit P1 and to quash the same.

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ii) To permit the petitioner to repay the outstanding amount in 12 monthly instalments commencing from May 2023 and to get the loan account regularized or restructured.

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iii) Grant such other reliefs as this Hon’ble Court deems fit and proper.

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iv) Dispense with filing of the translation of vernacular documents.”

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Heard both sides.

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The learned Standing Counsel for the respondent Bank, upon

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instructions, submits that the Bank is agreeable to permit the petitioner

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to remit the overdue amount in 12 equal monthly instalments.

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In the above circumstances, the Writ Petition is disposed of

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W.P(C) No.13130 of 2023

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with the following directions:-

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(i) Respondent Bank is directed to regularize the loan account by accepting repayment of the entire overdue amount of Rs.4,34,808/- along with Bank charges from the petitioner.

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(ii) The petitioner shall remit the overdue amount of Rs.4,34,808/- together with any accrued interest and charges in 12 equal monthly instalments.

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(iii) The first instalment shall be paid on or before 30.10.2023 and the subsequent instalments shall be paid on the last working day of every succeeding month.

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(iv) The petitioner shall continue to pay the regular EMIs in terms of the contract.

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(v) In the event of default of any one instalment, the respondent Bank is entitled to proceed in accordance with law.

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(vi) The proceedings initiated under the SARFAESI Act against the petitioner shall be kept in abeyance to facilitate repayment as stated above.

K.BABU

JUDGE

W.P(C) No.13130 of 2023

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APPENDIX OF WP(C) 13130/2023

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PETITIONER EXHIBITS
Exhibit P1A TRUE COPY OF THE NOTICE DATED 23.2.2023
ISSUED TO THE PETITIONER

Santhi B., v. the Branch Manager

Case brief

What is this about?

What did the court decide?

Santhi B., v. the Branch Manager

Case brief

What is this about?

What did the court decide?

What the court decided

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