Koya.K vs The Arbitrator Cum Special Sale Officer ...
2024 Latest Caselaw 14576 Ker

Kerala High Court

Koya.K vs The Arbitrator Cum Special Sale Officer ... on 31 May, 2024

Author: Devan Ramachandran

Bench: Devan Ramachandran

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                              PRESENT
        THE HONOURABLE MR. JUSTICE DEVAN RAMACHANDRAN
    FRIDAY, THE 31ST DAY OF MAY 2024 / 10TH JYAISHTA, 1946
                      WP(C) NO. 10640 OF 2024
PETITIONER:

         KOYA.K
         AGED 60 YEARS
         S/O SAYEED, KOLOTHPARAMBIL HOUSE, ESWARAMANGALAM,
         SREEKRISHNAPURAM (P.O), OTTAPALAM TALUK, PALAKKAD
         DISTRICT., PIN - 679513.
         BY ADV K.RAVI (PARIYARATH)


RESPONDENTS:

    1    THE ARBITRATOR CUM SPECIAL SALE OFFICER ,
         SREEKRISHNAPURAM SERVICE CO-OPERATIVE BANK LTD,
         OFFICE OF THE ASSISTANT REGISTRAR OF CO-OPERATIVE
         SOCIETIES,(GENERAL) OTTAPALAM, PALAKKAD DISTRICT.,
         PIN - 679101.
    2    THE SECRETARY, SREEKRISHNAPURAM SERVICE CO-OPERATIVE
         BANK, LTD,SREEKRISHNAPURAM (P.O), OTTAPALAM TALUK,
         PALAKKAD DISTRICT., PIN - 679513
         BY ADVS.
         T.K.SANDEEP
         SWETHA R.(K/002236/2022)



THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
31.05.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C)No.10640/2024
                                ..2..



                DEVAN RAMACHANDRAN, J.
            =========================
                 W.P.(C)No.10640 of 2024
           ==========================
            Dated this the 31st day of May, 2024

                           JUDGMENT

When this matter was called today, Smt.Swetha R. -

learned Standing Counsel for the "Sreekrishnapuram Service

Co-operative Bank Ltd." ('Bank' for short), submitted that, even

though the interim order earlier issued has not been complied

with, her client is willing to offer a last indulgence to him, if he

pays total outstanding in the Loan Account of the petitioner,

which is Rs.12,93,397/-, as on 31.05.2024, in not more than 15

equal monthly installments, her client will not stand in the way

of this Court disposing of this writ petition on such terms.

2. Sri.K.Ravi - 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.12,93,397/- as on

31.05.2024, with all applicable charges and interest, in 15

..3..

equal monthly instalments commencing from 30.06.2024. If

this is done, the 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 Exts.P1 and P2

will stand deferred; but if he defaults payment of any two

instalments as ordered above, the 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

ACR

..4..

APPENDIX OF WP(C) 10640/2024

PETITIONER EXHIBITS Exhibit - P1 TRUE COPY OF THE AWARD PASSED IN THE ARBITRATION FILE NO. 224/20 ON THE FILE OF THE 1ST RESPONDENT, DATED 15.02.21, Exhibit -P2 TRUE COPY OF THE DEMAND NOTICE ISSUED TO THE PETITIONER IN E.P. NO. 1467/2023 IN ARC NO. 224/20, IN F.NO.6 ISSUED AT THE INSTANCE OF THE 1ST RESPONDENT, DATED 28.12.23,