Kerala High Court
Velayudhan C vs Kerala Bank Ltd on 30 April, 2024
Author: Kauser Edappagath
Bench: Kauser Edappagath
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE DR. JUSTICE KAUSER EDAPPAGATH
TUESDAY, THE 30TH DAY OF APRIL 2024 / 10TH VAISAKHA, 1946
WP(C) NO. 16740 OF 2024
PETITIONER:
VELAYUDHAN C
AGED 50 YEARS
S/O CHELLY, RESIDING AT CHEMBAMARIL HOUSE, PILATHARA,
KADAMBUZHA P.O, MALAPPURAM, PIN - 676553
BY ADVS.
VIJAY SANKAR V.H.
AYISHA RIFATH K.
AMRUTHA P S
RESPONDENT:
KERALA BANK LTD
REPRESENTED BY AUTHERISED OFFICER, KOTTAKKAL BRANCH,
MALAPPURAM DISTRICT, PIN - 676503
OTHER PRESENT:
GILBERT GEORGE CORREYA, SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30.04.2024,
THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 16740 OF 2024
2
JUDGMENT
The petitioner had availed a loan of Rs.19,00,000/- in the year 2018 from the respondent bank. The petitioner has defaulted the repayment of the loan amount and hence recovery proceedings have been initiated.
2. The learned counsel for the petitioner submits that the petitioner is ready to clear off the entire loan amount in 13 equal monthly installments.
3. The learned counsel for the respondent submits that the total outstanding amount due is Rs.31,01,448/- and the overdue amount is Rs.14,99,355/-.
Having heard both sides, this writ petition is disposed of as follows:
(i) The petitioner shall remit a sum of Rs.5,00,000/- within a period of one month from today.
(ii) The petitioner shall clear off the entire balance overdue amount in 15 equal monthly installments commencing from 01/06/2024 onwards, along with regular EMI. The subsequent installment shall be paid by the petitioner on 5 th day of every month. In case of default on the part of the petitioner in payment of the initial amount of Rs.5,00,000/- or any of the installment WP(C) NO. 16740 OF 2024 3 thereafter, the aforesaid facility shall stand cancelled and the bank will be at liberty to proceed with the recovery proceedings.
Subject to the above directions, the recovery proceedings against the petitioner shall be kept in abeyance.
SD/-
DR. KAUSER EDAPPAGATH JUDGE rp WP(C) NO. 16740 OF 2024 4 APPENDIX OF WP(C) 16740/2024 PETITIONER EXHIBITS Exhibit P-1 A TRUE COPY OF THE JUDGEMENT OF THIS HON'BLE COURT IN WP(C) NO.14220/2023 DATED 18/04/2023 IS PRODUCED HEREWITH AND MARKED AS EXHIBIT-P1 Exhibit P 2 A TRUE COPY OF THE CASH RECEIPT DATED 24/07/2023 IS PRODUCED HEREWITH AND MARKED AS EXHIBIT-P2. Exhibit P 3 A TRUE COPY OF THE CASH RECEIPT DATED 20/02/2024 IS PRODUCED HEREWITH AND MARKED AS EXHIBIT-P3. Exhibit P 4 A TRUE COPY OF THE REVENUE RECOVERY NOTICE ISSUED BY THE RESPONDENT DATED 16/04/2024 IS PRODUCED HEREWITH AND MARKED AS EXHIBIT-P4