Sanjayan Paramban vs The Karala State Co-Operative Bank Ltd
2024 Latest Caselaw 23104 Ker

Kerala High Court

Sanjayan Paramban vs The Karala State Co-Operative Bank Ltd on 1 August, 2024

Author: Dinesh Kumar Singh

Bench: Dinesh Kumar Singh

    IN THE HIGH COURT OF KERALA AT ERNAKULAM
                        PRESENT
     THE HONOURABLE MR. JUSTICE DINESH KUMAR SINGH
THURSDAY, THE 1ST DAY OF AUGUST 2024 / 10TH SRAVANA, 1946
                WP(C) NO. 27497 OF 2024
PETITIONER:

         SANJAYAN PARAMBAN,
         AGED 49 YEARS
         S/O SUDAKAR,ANUSUDHA HOUSE, EDACHOVVA, CHOVVA
         S.O, CHOVVA,KANNUR, PIN - 670006
         BY ADV AJITH M. JIJI


RESPONDENTS:

         THE KARALA STATE CO-OPERATIVE BANK LTD,
         REPRESENTED BY THE AUTHORIZED OFFICER,KANNUR
         REGIONAL OFFICE,PB NO.35,KANNUR, PIN - 670001
         BY ADV M.SASINDRAN .



THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 01.08.2024, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
 W.P (C) No.27497 of 2024
                                        2



                               JUDGMENT

The present Writ Petition has been filed with following

prayers:

" i. Issue a writ of mandamus directing the Respondent to regularize the loan account by permitting the Petitioner to pay the overdue amount in installments.

ii. Pass such other orders which are incidental and proper in the interest of justice. "

2. The petitioner has availed a personal loan from the

respondent - Bank for an amount of Rs.30 lakhs in the year

2015. The loan amount along with interest has to be paid in

120 equal monthly installments, i.e., up to 2025. The

petitioner has committed default in making repayment of the

loan amount as per the terms of the loan agreement. As of

today, the overdue amount is Rs.26,51,757/- and the total

outstanding amount is Rs.36,85,547/-.

3. The learned counsel for the respondent - Bank

submits that if the petitioner pays the substantial amount

upfront and agrees to pay the remaining amount in

installments as this Court may fix within the tenure of the

loan, the Bank has no objection to accept the amount in

installments.

Considering the said stand of the learned counsel for the

respondent - Bank, the present Writ Petition is disposed of

with the following terms:

i) The petitioner shall pay Rs.5 lakhs within a period of

one month, i.e., on or before 01.09.2024. The remaining

overdue amount has to be paid in eighteen equal monthly

installments along with regular EMI. The 1st installment is to

be paid on or before 07.10.2024 and remaining seventeen

installments along with regular EMIs on or before the 7 th day

of each succeeding month.

ii) In case of failure to remit Rs.5 lakhs or any

subsequent installments as directed above, the Bank shall

free to proceed with the SARFAESI proceedings against the

petitioner for realization of the outstanding loan amount, in

accordance with law.

Sd/-DINESH KUMAR SINGH JUDGE lsn

APPENDIX OF WP(C) 27497/2024

PETITIONER EXHIBITS Exhibit -P1 TRUE COPY OF THE POSSESSION NOTICE DATED 19.01.2024 ISSUED BY THE RESPONDENT

RESPONDENTS EXHIBITS: NIL

TRUE COPY

P.A TO JUDGE

LSN