Maheendran Mambally v. Chovva Co-Operative Rural Bank Group
Co-operative society loan recovery – auction of mortgaged property pursuant to arbitration award
Case brief
What is this about?
WP(C) No.5995 of 2025, High Court of Kerala at Ernakulam, decided 26.03.2025 by Murali Purushothaman J. Maheendran Mambally v. Chovva Co-operative Rural Bank Group and Special Sales Officer. Loan arrears; arbitration proceedings and award; Ext.P1 notice; auction conducted 15.01.2025 with Society bidding the mortgaged property; sale not confirmed; interim stay of confirmation dated 13.02.2025; Society submitted sale excluded petitioner's residential building; disposal with payment directions - Rs.10 lakhs within one week, balance Rs.28,35,525/- in 12 equal monthly installments from 10.05.2025 with interest and charges; coercive proceedings pursuant to Ext.P2 deferred; default permits action in accordance with law. No statutes or precedents cited.
What did the court decide?
Writ petition disposed of, directing the petitioner to pay Rupees Ten Lakhs within one week and the balance outstanding of Rs.28,35,525/- in 12 equal monthly installments commencing 10.05.2025 with accrued interest and applicable charges; coercive proceedings pursuant to Ext.P2 deferred, with liberty to the respondents to proceed in accordance with law upon default.