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Mumthas, v. the Ottapalam Co-Operative Urban Bank Ltd,.

Kerala HC20 Jun 2023WP(C)/2441/2023

Case brief

AI extract

What is this about?

Petitioner sought writ to regularize loan account and arrange repayment in installments. Court directed respondents to defer coercive proceedings and permitted petitioner to pay overdue amount and future installments via eight equated monthly payments.

What did the court decide?

Respondents directed to defer coercive proceedings; petitioner permitted to pay overdue amount plus future interest and costs in eight equated monthly installments commencing 20.07.2023.

Mumthas, Vs the Ottapalam Co-Operative Urban… — Contract and Commercial Disputes | Kerala HC (2023)

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WP(C) No.2441 of 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 C.S.DIAS
TUESDAY, THE 20TH DAY OF JUNE 2023 / 30TH JYAISHTA, 1945
WP(C) NO. 2441 OF 2023

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PETITIONER/S:

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MUMTHAS,
AGED 50 YEARS
WIFE OF SHEREEF, PULIKKAL HOUSE, PALAT ROAD, P.O.
OTTAPALAM, PALAKKAD DISTRICT, PIN - 679101
BY ADVS.
P.JAYARAM
K.R.PAUL
ARJUN P.P.

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RESPONDENT/S:

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1THE OTTAPALAM CO-OPERATIVE URBAN BANK LTD,.
REPRESENTED BY ITS SECRETARY, MAIN ROAD, P.O.
OTTAPALAM, PALAKKAD DISTRICT, PIN - 679101
2THE MANAGER, OTTAPALAM CO-OPERATIVE URBAN BANK LTD
OTTAPALAM CO-OPERATIVE URBAN BANK LTD, MAIN BRANCH,
HEAD OFFICE, MAIN ROAD, P.O. OTTAPALAM PALAKKAD
DISTRICT, PIN - 679101
BY ADVS.
VINOD MADHAVAN
M.V.BOSE(K/8/1967)
BIJU VARGHESE ERUMALA(B-197)
SANIYA C.V.(K/749/2021)

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
20.06.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C) No.2441 of 2023

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C.S DIAS,J.

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WP(C) No.2441 of 2023

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----------------------------Dated this the 20^th day of June, 2023^.

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JUDGMENT

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The writ petition is filed to direct the respondents to

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permit the petitioner to pay the overdue amount in equated monthly instalments and regularise the loan account.

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The petitioner’s case is that she had availed financial assistance from the second respondent – Bank -

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by creating an equitable mortgage. Due to unforeseen circumstances, the petitioner could not pay the instalments on time. The respondents have initiated proceedings against the secured asset under the Securitization and Reconstruction of Financial Assets and

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WP(C) No.2441 of 2023

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Enforcement of Security Interest Act (in short, ‘Act’). The petitioner is ready to pay the overdue amount in equated monthly instalments. Hence, the writ petition.

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Heard; Sri.Jayaram, the learned counsel appearing for the petitioner and Sri.Vinod Madhavan, the learned counsel appearing for the respondents.

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Sri.Vinod Madhavan , on instructions, submitted that as on today the overdue amount is Rs.8,18,137/-. The respondents are willing to permit the petitioner to pay the overdue amount in eight equated monthly instalments. The said submission is recorded.

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The learned counsel appearing for the petitioner submitted that the petitioner is ready to accept the above

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offer.

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WP(C) No.2441 of 2023

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Having considered the pleadings and materials

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on record, the submissions made by the learned counsel appearing for the parties, the consensus arrived at between the parties and to provide the petitioner one last opportunity to clear off the liability, I am inclined to exercise the powers of this Court under Article 226 of the Constitution of India and entertain the writ petition.

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Resultantly, I dispose of the writ petition in the following manner:

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(i) The respondents are directed to defer further coercive proceedings pursuant to Ext P1 to enable the petitioner to pay the liability in equated monthly instalments as stated below.

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(ii) The petitioner is permitted to pay the overdue amount as stated above with future interest and cost to the

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WP(C) No.2441 of 2023

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second respondent – Bank – in eight equated monthly instalments commencing from 20.7.2023 along with regular EMIs.

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(iii) Needless to mention, if the petitioner commits default in any of the conditions ordered above, the petitioner would lose the benefit of this judgment and the respondents would be at liberty to proceed with recovery proceedings from the stage it presently stands.

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(iv) It is made clear that, no further application for modification/extension of time shall be entertained.

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sd/-

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sks/19.6.2023 C.S.DIAS, JUDGE

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WP(C) No.2441 of 2023

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APPENDIX OF WP(C) 2441/2023

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`PETITION`	`ER EXHI`	`BITS`
`Exhibit`	`P1`	`TRUE COPY OF THE NOTICE DATED 10/1/2023` `ISSUED BY THE ADVOCATE COMMISSIONER TO TAKE` `POSSESSION OF THE SECURITY ASSET IN M.C.` `NO. 289/2022, ON THE FILES OF CHIEF` `JUDICIAL MAGISTRATE, PALAKKAD`
`Exhibit`	`P2`	`A TRUE COPY OF THE STATEMENT OF ACCOUNT` `PERTAINING TO PETITIONER'S BANK ACCOUNT` `ISSUED FROM THE OFFICE OF THE RESPONDENT` `BANK`
`Exhibit`	`P3`	`TRUE COPY OF THE FIRST INFORMATION REPORT` `IN CRIME NO. 340/2022 OF OTTAPALAM POLICE` `STATION`
`Exhibit`	`P4`	`A TRUE COPY OF THE POST-MORTEM CERTIFICATE` `DATED 25/5/2022 RELATING TO THE POST-MORTEM` `OF PETITIONER'S SON, SHAROOK, WHO DIED IN A` `MOTOR VEHICLE ACCIDENT`
`Exhibit`	`P5`	`A TRUE COPY OF THE DEATH CERTIFICATE DATED` `9/6/2022 CERTIFYING THE DEATH OF` `PETITIONER'S SON SHAROOK ISSUED FROM THE` `OTTAPALAM MUNICIPALITY`

Mumthas, v. the Ottapalam Co-Operative Urban Bank Ltd,.

Case brief

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Mumthas, v. the Ottapalam Co-Operative Urban Bank Ltd,.

Case brief

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