Santhosh vs Tirurangadi Cooperative ...
2023 Latest Caselaw 3950 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
                THE HONOURABLE MR. JUSTICE GOPINATH P.
     THURSDAY, THE 30TH DAY OF MARCH 2023 / 9TH CHAITHRA, 1945
                       WP(C) NO. 10424 OF 2023
PETITIONER:

          SANTHOSH,
          AGED 45 YEARS,
          S/O KRISHNAN, PALLIKKAL HOUSE, NEDUVA P.O.,
          PARAPPANANGADI, MALAPPURAM DISTRICT - 676 303.
          BY ADV P.S.SYAMKUTTAN


RESPONDENTS:

    1     THIRURANGADI COOPERATIVE AGRICULTURAL & RURAL
          DEVELOPMENT BANK LTD. NO.M858,
          REPRESENTED BY ITS SECRETARY, CHEMMAD P.O.,
          THIRURANGADI, MALAPPURAM DISTRICT - 676 306.
    2     SPECIAL SALE OFFICER,
          PRIMARY CO-OPERATIVE AGRICULTURAL & RURAL DEVELOPMENT
          BANK, THIRURANGADI, MALAPPURAM, PIN - 676 306.
          BY ADVS.
          V KRISHNA MENON
          J.SURYA


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
30.03.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 10424 OF 2023
                                2

                          JUDGMENT

The petitioner availed four separate loans from the 1st

respondent Bank. On default being committed, proceedings were

initiated under the Kerala State Co-operative Agricultural and

Rural Development Bank Act, 1984 (in short 'CARD Act') and

Ext.P2 demand notice has been issued to the petitioner.

2. The learned counsel for the petitioner submits that the

petitioner may be permitted to regularize the loan account by

paying the overdue amounts in some instalments.

3. The learned counsel appearing for the respondent

Bank submits that there has been practically no repayment after

the petitioner availed the loans and the total outstanding amount

as on 25.03.2023 is Rs.7,95,966/-. It is submitted that if the

petitioner is permitted to regularize the loan accounts, the

amount to be remitted would be Rs.6,39,389/- as on 25.03.2023

and the petitioner may be directed to regularize the loan accounts

within a period of six months from today.

4. I have heard the learned counsel for the petitioner as

well as the learned counsel for the respondent Bank. WP(C) NO. 10424 OF 2023

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 overdue amount in six

instalments and thereafter, if the amount so directed is repaid

within the time as directed above, to have the loan account

regularised.

6. Accordingly, there will be a direction to the respondent

bank to accept repayment of the entire overdue amount of

Rs.6,39,389/-(Rupees six lakhs thirty nine thousand three

hundred and eighty nine only) along with any accrued interest,

costs and charges from the petitioner and regularise the loan

accounts of the petitioner on the following conditions:

i. The overdue amount of Rs.6,39,389/-(Rupees six lakhs thirty nine thousand three hundred and eighty nine only) along with any accrued interest, costs and charges shall be repaid in six equated monthly instalments.

ii. The first instalment shall be paid on or before 17.04.2023 and the subsequent instalments shall be paid on or before the 17th 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.

WP(C) NO. 10424 OF 2023

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 DK WP(C) NO. 10424 OF 2023

APPENDIX OF WP(C) 10424/2023

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE RELEVANT PAGES OF THE LOAN PASSBOOK OF THE PETITIONER ISSUED BY THE 1ST RESPONDENT BANK Exhibit P2 TRUE COPY OF THE DEMAND NOTICE DATED 9.6.2022 ISSUED BY THE 1ST RESPONDENT BANK