Brijith M. Raj vs Repatriates Cooperative And ...
2021 Latest Caselaw 2902 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM

                               PRESENT

          THE HONOURABLE MR. JUSTICE DEVAN RAMACHANDRAN

    WEDNESDAY, THE 27TH DAY OF JANUARY 2021 / 7TH MAGHA, 1942

                      WP(C).No.29159 OF 2020(T)


PETITIONER:

               BRIJITH M. RAJ, S/O RAJAYYAN S, AGED
               37 YEARS, RAJ BHAVAN, TC 18/1380(2),
               DAS NAGAR, KUNNAPUZHA, ARAMADA P O,
               THIRUVANANTHAPURAM DISTRICT-695032.

               BY ADVS.SRI.C.R.SUDHEESH
               SRI.RAGHUL SUDHEESH
               SRI.K.J.GLAXON
               SMT.J.LAKSHMI

RESPONDENTS:

      1        REPATRIATES COOPERATIVE AND FINANCE AND
               DEVELOPMENT BANK (REPCO BANK), U K EDIFICE
               COMPLEX, GROUND FLOOR, VALIYASALA,
               CHALAI POST, THIRUVANANTHAPURAM-695036.

      2        THE AUTHORIZED OFFICER UNDER THE SARFAESI ACT,
               REPATRIATES COOPERATIVE AND FINANCE AND
               DEVELOPMENT BANK, U K. EDIFICE COMPLEX,
               GROUND FLOOR, CHENTHITTA-KANNETTUMUKKU
               ROAD, VALIYASALA, CHALAI POST,
               THIRUVANANTHAPURAM-695036.

      3        BRANCH MANAGER, REFCO BANK, U K. EDIFICE
               COMPLEX, GROUND FLOOR, CHENTHITTA-
               KANNETTUMUKKU ROAD, VALIYASALA, CHALAI POST,
               THIRUVANANTHAPURAM-695036.

                BY ADV. SRI.V.KRISHNA MENON

     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
27.01.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WPC 29159/20                       2




                             JUDGMENT

Dated this the 27th day of January 2021

The petitioner has approached this Court seeking that a

certain credit facility availed of by him from the respondent Bank be

directed to be regularised and that he be permitted to pay off the

balance in the loan account as per the terms of sanction.

2. However, the learned Standing Counsel for the Bank

submitted that since the petitioner himself admits that he has not

paid the instalments after May 2019, the account has been classified

as a Non Performing Asset (NPA) and that the Bank is not in a

position nor willing to regularise the same. He submitted that the best

the Bank can now offer the petitioner is that he pay off the entire

outstanding in the loan account, which is Rs.21,05,925/-, as on

31.12.2020, in not more than ten equal monthly instalments.

3. On hearing the learned Standing Counsel as afore, the

learned counsel for the petitioner submitted that the petitioner will

accept this offer and prayed that the writ petition be ordered on such

terms.

In the afore circumstances, I order this writ petition, leaving

liberty to the petitioner to pay off the total outstanding in the loan

account - which is stated to Rs.21,05,925/- as on 31.12.2020 - along

with all applicable charges and interest, in ten equal monthly

instalments, commencing from 26.02.2021.

It goes without saying that if there is any default in making

the payment as directed above, the benefit granted under this

judgment would stand vacated and the Bank will be at liberty to

recover the entire liability from the petitioner by continuing with the

proceedings from the stage it is on this date.

I make it clear that the directions in this judgment are

peremptory in nature and that the petitioner will have to comply with

the same meticulously.

Sd/-

Devan Ramachandran, Judge tkv

APPENDIX PETITIONER'S EXHIBITS:

EXHIBIT P1 TRUE COPY OF THE POSSESSION ISSUED BY THE BANK DATED 16.12.2020.

EXHIBIT P2 TRUE COPY OF THE PETITIONER'S LOAN ACCOUNT STATEMENT.

/TRUE COPY/

P.S. TO JUDGE