Allowed

Binu C. T. v. the General Manager

Kerala HC19 Jun 2023WP(C)/8295/2021

Case brief

AI extract

What is this about?

In this writ petition, the petitioner, facing enforcement proceedings for a mortgage loan, sought a stay on coercive action to enable repayment via instalments. The Court allowed the petition, directing the Bank to defer recovery and permitting repayment in six instalments.

What did the court decide?

The Court permitted the petitioner to pay the outstanding loan amount in six equated monthly instalments from July 19, 2023, and directed the Bank to defer coercive proceedings pending repayment.

Binu C. T. Vs the General Manager — Contract and Commercial Disputes | Kerala HC (2023)

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WP(C) No.8295 of 2021

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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

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MONDAY, THE 19^TH DAY OF JUNE 2023 / 29TH JYAISHTA, 1945

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WP(C) NO. 8295 OF 2021

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PETITIONER/S:

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BINU C. T.,AGED 46 YEARS,S/O. THANKAPPAN, CHANAKUZHIKARA
HOUSE, PERUVA P. O., KARIKODE, PIN - 686605, KOTTAYAM
DISTRICT.

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BY ADVS.
P.GEORGE VARGHESE
SHRI.BENTO PAULSON

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RESPONDENT/S:

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1 THE GENERAL MANAGER,KADUTHURUTHY URBAN CO-OPERATIVE BANK LTD. NO.K 339, KADUTHURUTHY P. O., PIN - 686604, KOTTAYAM DISTRICT.

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2 THE BRANCH MANAGER,KADUTHURUTHY URBAN CO-OPERATIVE BANK LTD. NO.K 339, KOTHANALLUR BRANCH, KOTHANALLUR P. O., PIN - 686632, KOTTAYAM DISTRICT.

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3 THE AUTHORIZED OFFICER,KADUTHURUTHY URBAN CO-OPERATIVE BANK LTD. NO.K 339, KADUTHURUTHY P. O., PIN - 686604, KOTTAYAM DISTRICT.

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4 JOINT REGISTRAR OF CO-OPERATIVE SOCIETIES, KOTTAYAM KUMALI ROAD, COLLECTORATE, PIN - 686002, KOTTAYAM DISTRICT. BY ADVS. J.JULIAN XAVIER R1 TO R3 FIROZ K.ROBIN PIOUS MATHEW ROY JOSEPH AANNIES MATHEW ASHA TREESA JOSE SMT.PARVATHY.K- GOVERNMENT PLEADER-R4

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 19.06.2023, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:

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WP(C) No.8295 of 2021

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C.S DIAS,J.

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WP(C) No.8295 of 2021

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----------------------------Dated this the 19^th day of June, 2023^.

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JUDGMENT

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The writ petition is filed to direct the respondents 1 to 3

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to permit the petitioner to pay the outstanding amount in

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equated monthly instalments.

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

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an equitable mortgage. Due to unforeseen circumstances,

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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 Enforcement of Security Interest Act (in short,

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‘Act’). The petitioner is ready to pay the outstanding amount in equated monthly instalments. Hence, the writ petition.

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WP(C) No.8295 of 2021

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Heard; Sri.P George Varghese, the learned counsel

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appearing for the petitioner, Sri.J.Julian Xavier, the learned counsel appearing for the respondents 1 to 3 and Smt.Parvathy.K, the learned Government Pleader appearing for the fourth respondent.

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Sri.J.Julian Xavier, on instructions, submitted that as on today the outstanding amount is 8,06,012/-. The respondents 1 to 3 are willing to permit the petitioner to pay the outstanding amount in six 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 offer.

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Having considered the pleadings and materials on record, the submissions made by the learned counsel appearing for the parties, the consensus arrived at between the

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parties and to provide the petitioner one last opportunity to clear off the liability, I am inclined to exercise the powers of

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WP(C) No.8295 of 2021

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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 1 to 3 are directed to defer further coercive proceedings pursuant to Exts P1 and P2 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 outstanding amount as stated above with future interest and cost to the

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second respondent – Bank – in six equated monthly instalments commencing from 19.7.2023.

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(iii) Needless to mention, if the petitioner commits default in any of the conditions ordered above, the petitioner

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would lose the benefit of this judgment and the respondents 1

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to 3 would be at liberty to proceed with recovery proceedings

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from the stage it presently stands.

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WP(C) No.8295 of 2021

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(iv) It is made clear that, no further application for

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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.8295 of 2021

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APPENDIX OF WP(C) 8295/2021

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PETITIONER EXHIBITS

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EXHIBIT P1A TRUE PHOTOCOPY OF THE NOTICE DATED
22.10.2019 ISSUED BY THE 3RD RESPONDENT TO
THE PETITIONER.
EXHIBIT P2A TRUE PHOTOCOPY OF THE NOTICE DATED
19.03.2021 ISSUED BY THE ADVOCATE
COMMISSIONER IN MC NO.151/2020.
EXHIBIT P3REPRESENTATION DATED 24.03.2021 SUBMITTED
BY THE PETITIONER BEFORE THE RESPONDENTS 1
TO 3 WITH ENGLISH TRANSLATION.

Binu C. T. v. the General Manager

Case brief

What is this about?

What did the court decide?

Binu C. T. v. the General Manager

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Statutes considered

Parties & counsel

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