Writ petition against a co-operative bank's loan recovery; the court permitted the borrower to pay the overdue amount of Rs.14,15,726 in 18 monthly installments with regular EMIs, with regularization on full payment and loss of benefit on default.
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE DEVAN RAMACHANDRAN
FRIDAY, THE 5TH DAY OF APRIL 2024 / 16TH CHAITHRA, 1946
WP(C) NO. 1041 OF 2024
PETITIONER:
SALEEM P M, AGED 55 YEARS,
S/O MUHAMMED, PUTHIYA VEETIL HOUSE,
NATTIKA DESOM, THRISSUR DISTRICT, PIN – 680566.
BY ADVS.
JITHIN BABU A
ARUN SAMUEL
RESPONDENTS:
1 NATTIKA SERVICE CO-OPERATIVE BANK LTD.NO.308, REPRESENTED BY ITS SECRETARY,NATTIKA P.O., THRISSUR DISTRICT, PIN – 680566.
2 THE JOINT REGISTRAR OF CO-OPERATIVE SOCIETIES (GENERAL) AYYANTHOLE, THRISSUR DISTRICT, PIN – 680003.3 ASSISTANT REGISTRAR OF COOPERATIVE SOCIETIES ADMINISTRATION OFFICE OF THE ASSISTANT REGISTRAR OF COOPERATIVE SOCIETIES, CHAVAKKAD, THRISSUR DISTRICT, PIN – 680506.4 SPECIAL SALE OFFICER, ASSISTANT REGISTRAR OFFICE, CHAVAKKAD, THRISSUR DISTRICT, PIN – 680506.BY ADV RASMI NAIR . T
SMT.MABLE C.KURIAN, SR.GP
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
05.04.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 1041 OF 2024
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JUDGMENT
When this matter was called today,
Smt.Rasmi Nair T. -learned counsel for the 1st
respondent, submitted that, if the petitioner is
interested, he can be allowed to pay off the
overdue amount in his loan account in
installments, so that the said account can then
be regularized. He submitted that the overdue in
the loan account of the petitioner, as on
05.04.2024, is Rs.14,15,726/-; and that if this
Court is so inclined, the petitioner can be
allowed to pay off the said amount in not more
than 18 installments, provided he pays the same
along with regular EMIs without default.
2.Sri.Jithin Babu – learned counsel for
the petitioner, accepted the above suggestion.
Taking note of the afore submissions, I
allow this writ petition and permit the
petitioner to pay off the overdue amount, along
WP(C) NO. 1041 OF 2024
with all applicable charges and interest, in 18
installments, commencing from 01.06.2024. These
payments shall be made along with the regular
EMIs, without any default in either of them.
Needless to say, if the overdue amount is
paid by the petitioner as afore, his account
will stand regularized; but should he default in
payment of any two consecutive installments, as
ordered by this Court, or any of the regular
EMIs, then the benefit of this judgment will be
lost to him; and necessary recovery action can
be continued against him, without the Bank
having to obtain any further orders from this
Court.
Sd/-
DEVAN RAMACHANDRAN
JUDGE
akv
WP(C) NO. 1041 OF 2024
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APPENDIX OF WP(C) 1041/2024
PETITIONER EXHIBITS
EXHIBIT P1A TRUE COPY OF THE DEMAND NOTICE DATED
16.10.2023 ISSUED BY THE 4TH
RESPONDENT.
Saleem P M
Nattika Service Co-Operative Bank Ltd.No.308
The Joint Registrar of Co-Operative Societies (General)
Assistant Registrar of Cooperative Societies
Special Sale Officer
Devan Ramachandran
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court