Moideen Kutty vs Kerala State Co-Operative Bank ...
2024 Latest Caselaw 5254 Ker

Citation : 2024 Latest Caselaw 5254 Ker
Judgement Date : 15 February, 2024

Kerala High Court

Moideen Kutty vs Kerala State Co-Operative Bank ... on 15 February, 2024

Author: V Raja Vijayaraghavan

Bench: V Raja Vijayaraghavan

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                 PRESENT
            THE HONOURABLE MR. JUSTICE RAJA VIJAYARAGHAVAN V
       THURSDAY, THE 15TH DAY OF FEBRUARY 2024 / 26TH MAGHA, 1945
                         WP(C) NO. 5537 OF 2024
PETITIONER:

              MOIDEEN KUTTY
              AGED 51 YEARS
              S/O MOHAMED, THANIKAT HOUSE, KAIMALASSERI, TRIPRANGODE,
              MALAPPURAM DISTRICT, KERALA, PIN - 676108.

              BY ADVS.
              SADIQALI.M
              DHANYA S NAIR
              DELLA ABRAHAM
              NIMA MERIYAM KOSHY
              SHAMNAD.E.
              MOHAMED SHAFI M.


RESPONDENT:

              KERALA STATE CO-OPERATIVE BANK, KARATHUR BRANCH, MALAPPURAM
              REPRESENTED BY AUTHORIZED OFFICER, KERALA STATE
              CO-OPERATIVE BANK KARATHUR BRANCH, KARATHUR, THIRUNAVAYA,
              MALAPPURAM, KERALA, PIN - 676102.

              SRI.GILBERT GEORGE CORREYA, SC



     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION            ON
15.02.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 5537 OF 2024              2




                                     JUDGMENT

The petitioner is stated to have availed a housing loan in the year

2017 from the respondent Bank for a sum of Rs.6 lakhs. Collateral, in the

form of immovable property, was furnished. The petitioner states that he lost

his employment and as his financial sources dried up, he was not in a

position to make regular remittances on time. Coercive proceedings have

been initiated against the petitioner, threatening the sale of immovable

properties. It is on these assertions that this writ petition is filed seeking

directions.

2. The learned standing counsel appearing for the respondent

submitted that the overdue amount as of date is Rs.93,945/- and the

outstanding as of date is Rs.7,96,000/-. However, he fairly submitted that he

has instructions to submit that the bank has no reservations in providing an

opportunity to settle the overdue amount. Nonetheless, he asserted that the

option to pay in installments should be strictly limited to no more than six

installments with a rider and that the petitioner shall continue to pay the

regular installments.

3. I have considered the submissions and have carefully gone

through the records.

4. From the submissions made by both sides, it appears that the

total overdue amount from the petitioner is Rs.93,945/-. As the respondent

has not objected to granting an installment facility to the petitioner to clear

off the dues, I am of the view that necessary directions can be issued to

enable the petitioner to clear the amounts due to the respondents.

5. Resultantly, this writ petition is ordered, and the following

directions are issued:

(i) The petitioner shall approach the respondent with a request to inform him of the details of the overdue amount, together with interest and other charges due from him in respect of the loan account. If such a request is made within two weeks from the date of receipt of a copy of this judgment, the respondent shall forthwith issue a statement in writing detailing the amount due to clear the overdue amount.

(ii) On receipt of such a statement, the petitioner shall pay the amount shown therein in ten (10) equal monthly installments commencing from 15.3.2024 and continue to pay the same on every successive month thereafter until the entire loan is wiped off. In addition, the petitioner shall continue to pay the regular installments as and when the amounts become due.

(iii) If the amounts are diligently paid in terms of the directions above, coercive proceedings initiated against him by the respondents for the realization of the amount shall be kept in abeyance.

(iv) It is made clear that if the petitioner commits default in respect of any two installments, he will lose the benefit of this judgment, and the respondent will be free to continue the recovery proceedings against him from the stage at which he presently stands and recover the entire amount along with interest and other charges.