Rajith Kumar S vs Kerala State Copoperative Bank ...
2021 Latest Caselaw 10147 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM

                              PRESENT

                THE HONOURABLE MR. JUSTICE A.M.BADAR

    THURSDAY, THE 25TH DAY OF MARCH 2021 / 4TH CHAITHRA, 1943

                      WP(C).No.6638 OF 2021(D)


PETITIONER:

              RAJITH KUMAR S
              AGED 42 YEARS
              S/O. SUSEELAN, AJITH NIVAS, LMS JUNCTION,
              AVANAVANCHERY VILLAGE, CHIRAYINKEEZHU TALUK,
              THIRUVANANTHAPURAM.

              BY ADV. SRI.S.MOHAMMED AL RAFI

RESPONDENT:

              KERALA STATE COPOPERATIVE BANK LTD.
              REPRESENTED BY AUTHORISED OFFICER, EAST FORT,
              THIRUVANANTHAPURAM - 695 023.

              BY SRI.THOMAS ABRAHAM, SC.


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
25.03.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C) No.6638/2021               2


                             JUDGMENT

Dated this the 25th day of March 2021

Heard both sides.

2. The petitioner had availed loan of Rs.10 lakhs in the year

2019 for a term upto 2029. He defaulted in repayment because of

financial constraints and now he wants to regularise the loan

account.

3. Learned Standing Counsel appearing for the respondent-

Bank submits that the closure amount is Rs.11,62,503/-and the

overdue amount is about Rs.3,62,495/-.

4. Learned counsel for the petitioner submits that the

petitioner wants to clear the overdue amount in ten equated

monthly instalments. Learned Standing Counsel appearing for the

Bank submits that the Bank agrees for the same. Hence the

order:

The petitioner to clear the entire overdue amount with

interest and other charges in ten equated successive monthly

instalments commencing from 30.03.2021. In addition, the

petitioner should also pay the EMIs regularly. If the petitioner

complies with these directions, then the respondent shall keep

coercive action under the SARFAESI Act initiated against the

petitioner in abeyance. A single default on the part of the

petitioner in compliance with these directions shall entail the

respondent to continue with the coercive action initiated against

the petitioner. No further extension of time shall be granted to the

petitioner for compliance with these directions.

This writ petition is disposed of as above.

Sd/-

A.M.BADAR

JUDGE

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APPENDIX PETITIONER'S EXHIBITS:

EXHIBIT P1 TRUE COPY OF THE POSSESSION NOTICE DATED 19.2.2201 ISSUED BY THE RESPONDENT ALONG WITH ENGLISH TRANSLATION.

RESPONDENTS' EXHIBITS: NIL.

True Copy

P.S to Judge

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