Saseendran Kodanchembath vs The Iritty Primary Co-Operative ...
2023 Latest Caselaw 9310 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                 PRESENT
               THE HONOURABLE MR. JUSTICE GOPINATH P.
        FRIDAY, THE 25TH DAY OF AUGUST 2023 / 3RD BHADRA, 1945
                       WP(C) NO. 36895 OF 2022
PETITIONER/S:
           SASEENDRAN KODANCHEMBATH, AGED 54 YEARS, S/O. NANU
           NAMBIAR, KODANCHEMBATH HOUSE, IRITTY P.O, KANNUR
           DISTRICT, PIN- 670 703.

            BY ADV CIBI THOMAS


RESPONDENT/S:
     1     THE IRITTY PRIMARY CO-OPERATIVE AGRICULTURAL RURAL
           DEVELOPMENT BANK LTD.IRITTY BRANCH, IRITTY P.O, KANNUR
           DISTRICT -670 703. REPRESENTED BY ITS BRANCH MANAGER.

    2       THE SPECIAL SALE OFFICER,THE THALASSERY PRIMARY CO-
            OPERATIVE AGRICULTURAL RURAL DEVELOPMENT BANK LTD.,
            OFFICE OF THE JOINT REGISTRAR OF CO-OPERATIVE SOCIETIES
            (GENERAL) KANNUR, THAVAKKARA, KANNUR DISTRICT- 670 002.

    3       THE JOINT REGISTRAR OF CO-OPERATIVE SOCIETIES,OFFICE OF
            THE JOINT REGISTRAR OF CO-OPERATIVE SOCIETIES (GENERAL)
            KANNUR, THAVAKKARA,KANNUR DISTRICT-670 002.

            BY ADV M.SASINDRAN


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
25.08.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P (C) No.36895/2023                    -2-

                                 JUDGMENT

The petitioner availed credit facilities from the respondent bank. On default

being committed, proceedings have been taken against the petitioner under the

provisions of the Kerala State Co-operative (Agricultural and Rural Development)

Banks Act, 1985. The property of the petitioner was brought to sale, prompting the

petitioner to approach this court.

2. The learned counsel for the petitioner would submit that the petitioner

had complied with the interim order dated 17-11-2022 by remitting a sum of

Rs.2,00,000/-. It is submitted that the petitioner may be permitted to regularise the

loan account by paying the overdue amount in some installments.

3. The learned counsel for the respondent bank submits that the overdue

amount as on 19-08-2023 is Rs.8,81,534/-. It is submitted that the petitioner can

be given some accommodation to permit him to clear the overdue amount in some

installments along with regular EMIs.

4. Having regard to the facts and circumstances of the case and the

situation now prevailing, apart from the submissions made as recorded above and

also taking into account the fact that the petitioner has undertaken to clear off the

overdue amount along with regular EMIs, I am of the view that the petitioner can be

granted an opportunity to clear off the overdue amount in eighteen (18) equal

monthly instalments first of which shall be paid on or before 15-09-2023 and

thereafter, if the amount so directed is repaid within the time as directed above, to

have the loan account regularised.

5. Accordingly, there will be a direction to the respondent bank to accept

repayment of the entire overdue amount of Rs.8,81,534/- along with bank charges

from the petitioner and regularise the loan account of the petitioner on the

following conditions:

(i) The overdue amount of Rs.8,81,534/- together with any accrued interest and charges shall be repaid in eighteen equated monthly instalments.

(ii) The first instalment shall be paid on or before 15-09-2023 and the subsequent instalments shall be paid on or before 15 th day of every succeeding month.

(iii) Petitioner shall continue to pay the regular EMI's along with the instalments directed above.

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

(v) 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/-

GOPINATH P.

JUDGE AMG

APPENDIX OF WP(C) 36895/2022 PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE SALE NOTICE ISSUED BY THE 2ND RESPONDENT.