Kerala High Court
Hariprasad C vs M/S. The Iriveri Service Co-Operative ... on 11 April, 2024
Author: Devan Ramachandran
Bench: Devan Ramachandran
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE DEVAN RAMACHANDRAN
THURSDAY, THE 11TH DAY OF APRIL 2024 / 22ND CHAITHRA, 1946
WP(C) NO. 13924 OF 2024
PETITIONER:
HARIPRASAD C
AGED 33 YEARS
S/O SUBRAMANIYAN NAMBOOTHIRI, RESIDING AT CHALAKUNNATH
ILLAM, THALAVIL, PODUVACHERY P.O., KANNUR DISTRICT,
PIN - 670621
BY ADVS.
G.HARIHARAN
PRAVEEN.H.
K.S.SMITHA
B.R.SINDU
V.R.SANJEEV KUMAR
V.ROHITH
AFNA V.P.
RESPONDENTS:
1 M/S. THE IRIVERI SERVICE CO-OPERATIVE BANK LTD., NO: F
6861,
[REPRESENTED BY ITS SECRETARY] CP 8/214, NEAR
CHAKKARAKAL BUS STAND, KANNUR, PIN - 670614
2 ASSISTANT REGISTRAR OF CO-OPERATIVE SOCIETIES
(GENERAL)
KANNUR, PIN, PIN - 670002
3 JOINT REGISTRAR OF CO-OPERATIVE SOCIETIES (GENERAL)
KANNUR, PIN, PIN - 670002
4 RESERVE BANK OF INDIA,
NEAR LISSIE HOSPITAL, ERNAKULAM NORTH, KALOOR,
ERNAKULAM REPRESENTED BY ITS AUTHORISED OFFICER, PIN -
682018
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
11.04.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO.13924 OF 2024 2
JUDGMENT
When this matter was called today, learned Standing Counsel
for the 1st respondent - Bank, submitted that, the total outstanding in
the loan account of the petitioner, as on 10.04.2024, is Rs.92,340/-;
and that if he is willing to pay the same in not more than 15 equal
monthly installments, his client will not stand in the way of this Court
disposing of this writ petition on such terms.
2. Sri.G.Hariharan - learned counsel for the petitioner, fully
agreed to the afore and prayed that this writ petition be thus
ordered.
In the afore circumstances, I allow this writ petition, granting
liberty to the petitioner to pay the total outstanding amount in the
loan account, namely, Rs.92,340/- as on 10.04.2024, with all
applicable charges and interest, in 15 equal monthly installments
commencing from 15.05.2024. If this is done, the 1 st respondent -
Bank shall close the loan account and return the security documents
to him, on proper receipt.
Needless to say, as long as the petitioner pays as per the above
directions, all further action pursuant to Ext.P1 will stand deferred;
but if he defaults payment of two consecutive installments as ordered
above, the 1st respondent - Bank will be at full liberty to invoke
appropriate remedies for recovery of the total balance amount as per
law, without having to obtain any further orders from this Court.
Sd/-DEVAN RAMACHANDRAN
JUDGE
lsn
APPENDIX OF WP(C) 13924/2024
PETITIONER EXHIBITS
Exhibit P1 A TRUE COPY OF THE ORDER PASSED BY THE 2ND
RESPONDENT ON 21.03.2023 DEMANDING A SUM
OF RS.83,614/- ALONG WITH INTEREST @13%
AND PENALTY INTEREST @ 2%
Exhibit P2 A TRUE COPY OF THE CIRCULAR NO. RBI/2022-
23/108 DOR.ORG.REC.65/ 21.04.158/2022-23
ISSUED BY THE RESERVE BANK OF INDIA ON
12.08.2022
Exhibit P3 A TRUE COPY OF THE GUIDELINE ISSUED BY THE
RESERVE BANK OF INDIA IN THE MALAYALA
MANORAMA DAILY NEWSPAPER ON 01.04.2024
RESPONDENTS EXHIBITS: NIL
TRUE COPY
P.A TO JUDGE
LSN
