Saneesh P.A vs Kerala State Cooperative Bank
2022 Latest Caselaw 49 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                THE HONOURABLE MR. JUSTICE SATHISH NINAN
      MONDAY, THE 3RD DAY OF JANUARY 2022 / 13TH POUSHA, 1943
                        WP(C) NO. 30205 OF 2021
PETITIONER/S:

          SANEESH P.A.,PANAPARAMBIL HOUSE
          CHAKKARAPPADAM, PERINJANAM P O, TRISSUR-680686.
          BY ADV P.V.JAYACHANDRAN


RESPONDENT/S:

          KERALA STATE COOPERATIVE BANK
          REPRESENTED BY ITS MANAGER, PERINJANAM, P T BUILDING
          ENTERPRISES, MOONUPEEDIKA, PERINJANAM P O, BRANCH CODE-
          00018, THRISSUR-680121.
     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
03.01.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 30205 OF 2021                   2


                                 JUDGMENT

The petitioner availed a credit facility

from the respondent Bank. Repayment of the loan

was defaulted, pursuant to which Ext.P2 demand

notice was issued by the bank. It is at that

stage the petitioner has approached this Court.

2. Heard the learned counsel for the

petitioner and the learned Standing Counsel for

the Bank.

3. The learned Standing Counsel for the

Bank points out that the term of the loan

expires only in the year 2028. As on

20.12.2021, an amount of Rs.7,12,993/- is

overdue in the loan account. Proceedings have

also been initiated under the provisions of the

SARFAESI Act, he further points out.

4. The learned counsel for the petitioner

submits that the petitioner is in great

financial constraints and that a reasonable

opportunity may be granted to have the overdue

amounts repaid in instalments and to have the

account regularised. The Bank is not averse to

such a course of action provided there is

bonafides on the part of the petitioner,

submits the learned Standing Counsel.

5. Taking into consideration the

circumstances pointed out by the petitioner, I

am of the opinion that an opportunity could be

afforded to the petitioner to have the loan

account regularised on conditions.

6. Accordingly the writ petition is

disposed of as hereunder:-

1) The petitioner is permitted to pay the

entire overdues in the loan account, including

interest and costs, in ten equal monthly

instalments commencing from 02.02.2022.

2) The subsequent instalments shall be

payable on or before the 5th day of the

succeeding months.

3) The instalments as above shall be paid

in addition to the regular EMIs payable.

4) In the event of default in payment of

either of the instalments as above, the

petitioner will lose the benefit granted under

this judgment and further proceedings for

recovery can go on.

Sd/-

SATHISH NINAN JUDGE sd

APPENDIX OF WP(C) 30205/2021

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE STATEMENT OF ACCOUNTS DATED 11.10.2021.

Exhibit P2 TRUE COPY OF THE REGISTERED NOTICE DATED 24.09.2021.