Prasad Madhava Menon vs The Manager
2021 Latest Caselaw 22448 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
          THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
    TUESDAY, THE 9TH DAY OF NOVEMBER 2021 / 18TH KARTHIKA, 1943
                       WP(C) NO. 24538 OF 2021
PETITIONER:

          PRASAD MADHAVA MENON
          AGED 50 YEARS
          S/O. LATE MADHAVAN PANIKKAR, PRANAVAM, OPPOSITE BLOCK
          OFFICE, DWARAKS NAGAR, AT ROAD KASARAGOD.
          BY ADVS.
          T.B.SHAJIMON
          GOVINDU P.RENUKADEVI


RESPONDENTS:

    1     THE MANAGER
          KERALA STATE COOPERATIVE   BANK LTD., REGIONAL OFFICE,
          KANNUR, KANNUR DISTRICT,   KERALA, PIN-670 001.
    2     CHIEF MANAGER/AUTHORIZED   OFFICER
          KERALA STATE COOPERATIVE   BANK LTD., REGIONAL OFFICE,
          KANNUR, KANNUR DISTRICT,   KERALA, PIN-670 001.
     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
09.11.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 24538 OF 2021
                                   2

                 BECHU KURIAN THOMAS, J
              ................................................
              W.P.(C) NO.24538 OF 2021
              ...........................................
         Dated this the 9th day of November, 2021

                           JUDGMENT

Petitioner as borrower from the respondent bank,

had availed a short term non-agricultural cash credit

facility. He committed default in repayment. Consequently,

proceedings have been initiated by the bank for recovery of

the amounts due.

2. During the course of hearing, petitioner has

confined his relief to an opportunity for repayment of the

total outstanding amount in instalments.

3. It was submitted on behalf of the respondent

bank that petitioner committed default in repayment and

the total outstanding amount is Rs.27,01,658/- as on

31/10/2021. It was further submitted that though

proceedings for recovery have been initiated, as a matter of

indulgence, the respondent bank is willing to accept WP(C) NO. 24538 OF 2021

repayment of the total outstanding amount in limited

instalments.

4. I have heard Adv.Shajimon T.B, learned

counsel for the petitioner as well as Adv.M.Sasindran, the

learned Standing Counsel for the respondents.

5. Having regard to the circumstances of the

case and the situation now prevailing, apart from the

submissions made as recorded above, I am of the view that

the petitioner can be granted an opportunity to repay the

total outstanding amount in eighteen instalments.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire total

outstanding amount of Rs.27,01,658/- along with bank

charges from the petitioner on the following conditions:

(i) The total outstanding amount of Rs.27,01,658/- shall be repaid in eighteen equated monthly instalments.

(ii) The first instalment shall be paid on or before 10/12/2021.

WP(C) NO. 24538 OF 2021

(iii) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law.

(iv) In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance.

The writ petition is disposed of as above.

Sd/-

BECHU KURIAN THOMAS JUDGE AJM WP(C) NO. 24538 OF 2021

APPENDIX OF WP(C) 24538/2021

PETITIONER'S EXHIBITS :

Exhibit P1 COPY OF THE DEMAND NOTICE DATED 1.9.2021 ISSUED UNDER SECTION 13(2) OF SARFAESI ACT.

RESPONDENT'S EXHIBITS : NIL



AJM                 //TRUE COPY//             PA TO JUDGE