Disposed

Venugopal Cs v. Parur Vadakkekara Service Co-Operative Bank Qtd) NO.3131

Kerala HC9 Feb 2024WP(C)/964/2024

Case brief

AI extract

What is this about?

Husband and wife who defaulted on co-operative bank loans sought installments to avoid sale of mortgaged property after arbitration award. Bank agreed to eight installments. Court directed payment of outstanding of about Rs.3.58 lakhs in ten equal monthly installments, with coercive proceedings kept in abeyance on diligent payment.

What did the court decide?

Payment in ten equal monthly installments permitted; coercive proceedings kept in abeyance subject to diligent payment; loss of benefit on two defaults.

Venugopal Cs Vs Parur Vadakkekara Service Co-Operative… — Cooperative Societies | Kerala HC (2024)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT

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THE HONOURABLE MR. JUSTICE RAJA VIJAYARAGHAVAN V FRIDAY, THE 9^TH DAY OF FEBRUARY 2024 / 20TH MAGHA, 1945 WP(C) NO. 964 OF 2024

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PETITIONERS:

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1VENUGOPALCS
AGED65YEARS
C/ORAGHAVANPILLAI,ARACKALHOUSE,MACHAMTHUNTHU,
VADAKKEKARAPO,PIN-683522

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2JAYAVENUGOPAL
AGED60YEARS
W/OVENUGOPALCS,ARACKALHOUSE,MACHANTHUNTHU,
VADAKKEKARAPO,PIN-683522

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BYADVS.
AJAIJOHN
DEEPAKJOY.K.
SANDHYARAMAN

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RESPONDENTS:

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1PARURVADAKKEKARASERVICECO-OPERATIVEBANK(LTD)
NO.3131
REPRESENTEDBYITSSECRETARY,VADAKKEKARANEENDOOR,
VADAKKEKARAPO,NORTHPARUR,ERNAKULAMDISTRICT,
PIN-683522

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2 SECRETARY

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PARURVADAKKEKARASERVICECO-OPERATIVEBANK(LTD)
NO.3131,VADAKKEKARANEENDOOR,VADAKKEKARAPO
NORTHPARUR,ERNAKULAMDISTRICT,PIN-683522

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3SPECIALSALEOFFICER
PARAVURVADAKKEKARASERVICECO-OPERATIVEBANK(LTD)
NO.3131,OFFICEOFASSISTANTREGISTRAROF
CO-OPERATIVESOCIETIES(GENERAL),NORTHPARUR,
ERNAKULAMDISTRICT,PIN-683513

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4 ASSISTANT REGISTRAR PARAVUR VADAKKEKARA SERVICE CO-OPERATIVE BANK (LTD) NO.3131, NORTH PARAVUR, ERNAKULAM DISTRICT,

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W.P.(C).964 of 2024

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PIN-683513

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BYADVS.
M.PAULVARGHESE
M.M.MONAYE(K/182/1984)
K.V.SANOSH(K/144/2012)
ANJANASUGUNAN(K/003577/2022)

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SRIMMMONAYE,SCFORPARURVADAKKEKARASERVICE
CO-OPERATIVEBANK

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THISWRITPETITION(CIVIL)HAVINGCOMEUPFORADMISSIONON
09.02.2024,THECOURTONTHESAMEDAYDELIVEREDTHEFOLLOWING:

W.P.(C).964 of 2024

JUDGMENT

The petitioners, who are husband and wife respectively, had availed credit facility to the tune of Rs.50,000/- each from the 1st respondent Bank. Towards collateral, immovable property has been furnished. It is stated that due to various reasons that could not be foreseen by the petitioners, they defaulted on the payment. Arbitration proceedings were initiated when default was committed, and an award was obtained. The petitioners state that they have now been issued with notices threatening the sale of immovable property mortgaged. This has led the petitioners to approach this Court seeking directions to grant the petitioner an opportunity to make the payments in easy installments.

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The learned Standing Counsel appearing for the respondents submits that in respect of the two loans availed by the petitioners, the total outstanding as of date is Rs.3,58,943/-. It is further submitted that a sum of Rs.50,000/- has been paid in terms of the directions issued by this Court. It is submitted that the bank is not averse to granting the petitioners an opportunity to clear the outstanding. However, he submits that not more than eight

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W.P.(C).964 of 2024

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installments be granted.

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Upon careful consideration of the submissions made by

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both parties, it is evident that the petitioner owes in excess of Rs.3.58 lakhs to the 1^st respondent Bank. The respondents, very fairly, have agreed to permit the petitioners to settle these debts through a limited number of installments. As a measure of last resort, I am inclined to issue directions to facilitate the petitioners in discharging their financial obligations to the 1^st respondent. This approach is deemed necessary to provide a structured pathway for the petitioner to clear off their monetary liabilities in a manageable manner.

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Resultantly, this writ petition is ordered, and the following directions are issued:

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(i) The petitioners shall approach the 1^st respondent with a request to inform them of the details of the outstanding amount together with interest and other charges due from them in respect of the loan account. If such a request is made within two weeks from the date of receipt of a copy of this judgment, the 1^st respondent shall forthwith issue a statement in writing detailing the amounts due.

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(ii) On receipt of such a statement, the petitioners shall pay the amounts shown therein in ten(10) equal

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W.P.(C).964 of 2024

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monthly installments. The first of which shall be payable on 15.3.2024, and the balance shall be paid on the 15th of every succeeding month.

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(iii) If the amounts are diligently paid in terms of the directions above, coercive proceedings initiated against them by the respondents for the realization of the amount shall be kept in abeyance.

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(iv) It is made clear that if the petitioners commit default of any two installments, they will lose the benefit of this judgment, and the concerned respondents will be free to continue the recovery proceedings against them from the stage at which they presently stand and recover the entire amount along with interest and other charges.

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(v) It is further made clear that no application for an extension of time will be entertained.

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Sd/-

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RAJA VIJAYARAGHAVAN V, JUDGE

IAP

W.P.(C).964 of 2024

APPENDIX OF WP(C) 964/2024

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PETITIONERS’EXHIBITS:

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`Exhibit`	`P1` `PLAINT DATED 12.11.2015 FILED BY THE 2ND` `RESPONDENT IN ARBITRATION CASE NO.4332/15.`
`Exhibit`	`P2` `PLAINT DATED 12.11.2015 FILED BY THE 2ND` `RESPONDENT IN ARBITRATION CASE NO.4333/15.`
`Exhibit`	`P3` `NOTICE DATED 13.02.2023 ISSUED BY THE 3RD` `RESPONDENT PRIOR TO THE SALE IN` `E.P.NO.2227/16.`
`Exhibit`	`P4` `NOTICE DATED 13.02.2023 ISSUED BY THE 3RD` `RESPONDENT PRIOR TO THE SALE IN` `E.P.NO.2227/16.`
`Exhibit`	`P5` `NOTICE DATED 26.12.2023 ISSUED BY THE 3RD` `RESPONDENT.`
`Exhibit`	`P6` `NOTICE DATED 26.12.2023 ISSUED BY THE 3RD` `RESPONDENT.`
`Exhibit`	`P7` `STATEMENT OF LOAN ACCOUNT (1ST PETITIONER)`
`Exhibit`	`P8` `STATEMENT OF LOAN ACCOUNT (1ST PETITIONER)`

Venugopal Cs v. Parur Vadakkekara Service Co-Operative Bank Qtd) NO.3131

Case brief

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Venugopal Cs v. Parur Vadakkekara Service Co-Operative Bank Qtd) NO.3131

Case brief

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