Allowed

Raveendran T. v. the Adoor Primary Co-Operative Agricultural and Rural Development Bank Ltd.

Kerala HC30 Mar 2023WP(C)/3965/2023

Case brief

AI extract

What is this about?

Petitioner approached Court seeking permission to clear loan default via instalments instead of full recovery. High Court allowed delay, permitting payment in 12 monthly instalments and staying coercive proceedings.

What did the court decide?

Overdue amount to be paid in twelve monthly instalments; all coercive proceedings kept in abeyance until default.

Raveendran T. Vs the Adoor Primary Co-Operative… — 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 GOPINATH P.

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THURSDAY, THE 30TH DAY OF MARCH 2023 / 9TH CHAITHRA, 1945

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WP(C) NO. 3965 OF 2023

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PETITIONER/S:

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RAVEENDRAN T.

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AGED 63 YEARS
S/O THEVAN, IRAPPANKUZHI HOUSE, ELAMPALLICKAL,
PAYYANELLOR P.O., PALLICKAL VILLAGE, PATHANAMTHITTA
DISTRICT, PIN - 691511
BY ADV AJEESH K.SASI

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RESPONDENTS:

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1 THE ADOOR PRIMARY CO-OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK LTD NO.PT-235, ADOOR, PATHANAMTHITTA DISTRICT-691523 REPRESENTED BY ITS MANAGER

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2 THE MANAGER

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THE ADOOR PRIMARY CO-OPERATIVE AGRICULTURAL AND RURAL
DEVELOPMENT BANK LTD NO.PT-235, ADOOR, PATHANAMTHITTA
DISTRICT, PIN - 691523

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3 SPECIAL SALE OFFICER

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THE ADOOR PRIMARY CO-OPERATIVE AGRICULTURAL AND RURAL
DEVELOPMENT BANK LTD NO.PT-235, ADOOR, PATHANAMTHITTA
DISTRICT, PIN - 691523

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BY ADVS.

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GEORGE ABRAHAM PACHAYIL

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O.K.DEEPAMOL(K/455/2009)

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
30.03.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

WPC NO.3965 of 2023

J U D G M E N T

The petitioner availed credit facilities from the respondent bank. On default being committed, recovery proceedings have been initiated against the petitioner under the provisions of the Kerala Co-operative Societies Act, 1969 and Ext.P1 notice has been issued. The petitioner has, therefore, approached this Court by filing the above writ petition.

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The learned counsel appearing for the petitioner would submit that the only relief sought for by the petitioner is to permit the petitioner to clear the liability in instalments.

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The learned counsel appearing for the respondent bank submits that the overdue amount as on 04.03.2023 is Rs.5,55,438/- (Rupees Five lakh Fifty Five Thousand Four Hundred and Thirty Eight only). He states that some instalments can be granted to the petitioner.

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In the result, the writ petition is disposed of with the following conditions:

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WPC NO.3965 of 2023

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(i) The overdue amount of Rs.5,55,438/- (Rupees

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Five lakh Fifty Five Thousand Four Hundred and Thirty Eight only) along with any accrued interest/costs shall be paid in twelve (12) monthly instalments.

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(ii) The first instalment shall be paid on or before 17.04.2023 and subsequent instalments shall be paid on or before the 17th day of every succeeding months.

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(iii) In the event of default of any one instalment,

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the respondent bank shall be entitled to proceed in accordance with law.

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(iv) In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance.

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The writ petition is disposed of as above.

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Sd/-

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GOPINATH P., JUDGE

rkj

WPC NO.3965 of 2023

APPENDIX OF WP(C) 3965/2023

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PETITIONER EXHIBITS
Exhibit P1TRUE COPY OF THE RECOVERY NOTICE DATED
06.01.2023 ISSUED BY THE 3RD RESPONDENT

Raveendran T. v. the Adoor Primary Co-Operative Agricultural and Rural Development Bank Ltd.

Case brief

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Raveendran T. v. the Adoor Primary Co-Operative Agricultural and Rural Development Bank Ltd.

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