Kerala High Court
Sreelatha vs The Alappuzha District Co-Operative ... on 10 October, 2024
WP(C) NO. 7859 OF 2018
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE BASANT BALAJI
THURSDAY, THE 10TH DAY OF OCTOBER 2024 / 18TH ASWINA, 1946
WP(C) NO. 7859 OF 2018
PETITIONER:
SREELATHA,
AGED 43 YEARS
W/O. SABU, GREESHMAGIRI, MUTHUKULAM SOUTH
P.O,ALAPPUZHA DISTRICT
BY ADVS.
B.RENJITHKUMAR
K.T.SEBASTIAN
RESPONDENTS:
1 THE ALAPPUZHA DISTRICT CO-OPERATIVE BANK LTD.,
REPRESENTED BY ITS MANAGING DIRECTOR, ALAPPUZHA 688
001
2 THE BRANCH MANAGER,
THE ALAPPUZHA DISTRICT CO-OPERATIVE BANKMUTHUKULAM
BRANCH, MUTHUKULAM SOUTH P.O, PIN 690 506
3 THE AUTHORISED OFFICERSARFAESI
THE ALAPPUZHA DISTRICT CO--OPERATIVE BANK
LTD,ALAPPUZHA 688 001
OTHER PRESENT:
SC SRI. P.C SASIDHARAN
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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 10.10.2024, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
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JUDGMENT
(Dated this the 10th day of October, 2024)
The learned counsel for the petitioner submits that the
sale is to be conducted on 14.10.2024. The learned standing
counsel for the respondents, on instructions, submits that the
sale is scheduled on that day. She further submits that the
tenure of the loan is till 2034 and the overdue amount as on
today is Rs.16,61,612/- and the outstanding is Rs.25,33,727/-.
The petitioner has requested for reschedule of the monthly
instalments by giving a reasonable opportunity to pay the
amounts in instalments.
2. Having heard the learned counsel for the petitioner as
well as the respondents, I deem it appropriate to dispose of
this Writ Petition as follows:
i) The petitioner shall pay a lumpsum amount of
Rs.5,00,000/- on or before 10.11.2024.
(ii) After making the payment of Rs.5,00,000/- as
directed above, the petitioner shall pay the
remaining overdue amount in ten equal monthly
instalments along with regular installments.
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(iii) The first installment is to be paid on or before
15.12.2024, and the remaining nine installments
on or before the 15th day of each succeeding
month, along with regular installments.
(iv) After making payment of the entire overdue
amount along with regular installments, the
petitioner shall continue to pay the regular
installments till the entire loan liability is
discharged.
(v) In case of failure to make payment of the
lumpsum amount of Rs.5,00,000/- or any
installments as directed above, the Bank shall be
free to take possession of the secured assets. The
Bank shall proceed against the petitioner in
accordance with the law to realize its dues.
(vi) Till such time, all coercive proceedings against
the secured assets shall be deferred.
(vii)The petitioner is also given liberty to approach
the bank for one time settlement scheme.
Sd/-
BASANT BALAJI,
JUDGE
Saap
WP(C) NO. 7859 OF 2018
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APPENDIX OF WP(C) 7859/2018
PETITIONER EXHIBITS
EXHIBIT P1 TRUE COPY OF THE NOTICE DATED 23-2-2018
ISSUED BY THE 3RD RESPONDENT TO THE
PETITIONER
