Kerala High Court
Padmakumar vs The Pannivizha Service ... on 1 October, 2021
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE SATHISH NINAN
FRIDAY, THE 1ST DAY OF OCTOBER 2021 / 9TH ASWINA, 1943
WP(C) NO. 16327 OF 2021
PETITIONER:
PADMAKUMAR
AGED 58 YEARS
S/O.SAMBASIVAN, KRISHNA VILASOM VEEDU, KARUVATTA MURI,
PERINGANADU VILLAGE, PATHANAMTHITTA DISTRICT - 685 590.
BY ADVS.
MANU RAMACHANDRAN
M.KIRANLAL
R.RAJESH (VARKALA)
T.S.SARATH
SAMEER M NAIR
RESPONDENTS:
1 THE PANNIVIZHA SERVICE CO-OPERATIVE BANK LTD NO.891
ANANDAPALLY, ADOOR TALUK, PATHANAMTHITTA - 691 525
REPRESENTED BY ITS SECRETARY.
2 THE SPECIAL SALES OFFICER
PARAKODE SCB GROUP, OFFICE OF THE ASSISTANT REGISTRAR OF
CO-OPERATIVE SOCIETIES (GENERAL), ADOOR, PATHANAMTHITTA
DISTRICT - 691 523.
BY SRI.BIMAL K. NATH, SR. GOVT. PLEADER
BY ADV K.SHAJ
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
01.10.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
SATHISH NINAN, J.
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W. P. (C) No.16327 of 2021
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Dated this the 1st day of October, 2021
J U D G M E N T
The petitioner availed loan of `5 lakhs from the
first respondent Bank in the year 2013. Consequent on
the default in repayment, the Bank initiated ARC
proceedings. The proceeding is pending before the
Assistant Registrar, Adoor. The petitioner has
approached this Court seeking waiver of penal interest
and for grant of easy monthly installments to wipe off
the entire liability.
2. A statement dated 20.09.2021 has been filed by
the learned Standing Counsel for the Bank wherein it has
been stated that, as on 16.09.2021 the total amount due
from the petitioner, including interest at the rate of
13.5% per annum and penal interest is `9,80,688/-. It is
further stated that the Bank is willing to waive an
amount of `93,678/- therefrom and to permit the
W. P. (C) No.16327 of 2021
petitioner to pay the balance amount in fifteen equal
monthly installments with interest at the rate of 12%
per annum. The only condition which the Bank seeks to
impose is that, in case the petitioner defaults in
payment of three consecutive installments the Bank may
be permitted to recover the then dues, with interest at
the rate of 12% per annum by way of execution
proceedings, without having to take recourse to a fresh
ARC proceeding. The petitioner accepts the offer made by
the Bank and has filed an affidavit dated 25.09.2021
before this Court to the said effect.
3. In the light of the above, the writ petition is
disposed of as follows:-
(i) The total amount due from the petitioner to the
first respondent Bank as on 16.09.2021 is fixed at
`8,87,010/- (`9,80,688 minus `93,678).
(ii) The amount in clause(i) shall bear interest at
the rate of 12% per annum from 16.09.2021, till full
satisfaction.
W. P. (C) No.16327 of 2021
(iii) The amount as in clauses (i) and (ii) above
shall be payable in 15 equal monthly installments
commencing from 15th November, 2021.
(iv) In case of default in payment of three
consecutive installments, the balance amount due, with
interest at 12% thereon, shall be recoverable by the
respondent Bank.
(v) It will be open for either the petitioner or
the first respondent to produce a copy of this judgment
in the ARC proceedings. An award shall be passed in the
ARC on the above terms, which award shall be open for
execution in case of default.
Sd/-
SATHISH NINAN
JUDGE
kns/-
//True Copy//
P.S. to Judge
APPENDIX OF WP(C) 16327/2021
PETITIONER EXHIBITS
Exhibit P1 THE TRUE COPY OF THE RELEVANT PAGES OF INDIAN
PASSPORT NO.J793362 OF THE PETITIONER.
Exhibit P2 THE TRUE COPY OF THE PLAINT IN ARC
NO.202/2021 WITH THE SUMMONS ISSUED BY THE
2ND RESPONDENT.
Exhibit P3 THE TRUE COPY OF THE REPRESENTATION DATED
06/0/2021 PREFERRED BY THE PETITIONER TO THE
1ST RESPONDENT.
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