Kerala High Court
Sajeevan.B vs Pangodu Service Co-Operative Bank on 30 October, 2024
Author: N.Nagaresh
Bench: N.Nagaresh
2024:KER:81356
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE N.NAGARESH
WEDNESDAY, THE 30TH DAY OF OCTOBER 2024 / 8TH KARTHIKA, 1946
WP(C) NO. 30706 OF 2024
PETITIONER:
SAJEEVAN.B
AGED 66 YEARS, S/O.BALAKRISHNA PILLAI,
CHITHRALAYAM, THRIKKOVILVATTOMKARA,
PANGODU VILLAGE, NEDUMANGAD TALUK,
THIRUVANANTHAPURAM, PIN - 695541.
BY ADVS.
K.SIJU
ANJANA KANNATH
MARIYA JOSE
RESPONDENTS:
1 PANGODU SERVICE CO-OPERATIVE BANK
PANGODU, THIRUVANANTHAPURAM - PIN - 695609
REPRESENTED BY ITS SECRETARY.
2 THE SECRETARY
PANGODU SERVICE CO-OPERATIVE BANK,
PANGODU, THIRUVANANTHAPURAM, PIN - 695609.
3 ARBITRATOR/SALE OFFICER
PULLAMPARA SCB GROUP, PANGODU SERVICE CO-OPERATIVE
BANK, PANGODU, THIRUVANANTHAPURAM, PIN - 695609.
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
30.10.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P.(C)No.30706 of 2024
:2:
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JUDGMENT
Dated this the 30th day of October, 2024
The petitioner availed Ordinary Loan from the 1 st
respondent-Pangodu Service Co-operative Bank for an amount
of ₹4 lakhs in the year 2019. The loan was availed for improving
his farming activities.
2. The petitioner states that he could not repay
the loan promptly. The Bank thereupon initiated arbitration
proceedings. An Award was passed by the Arbitrator. Ext.P1 is
the Award.
3. The petitioner challenged the Award filing
Appeal No.331 of 2023. The appeal was considered by the
Kerala Co-operative Tribunal, Thiruvananthapuram. The
Tribunal dismissed the appeal subject to the modification in the
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rate of interest which was reduced to 10% per annum from the
date of initiation of ARC proceedings till realisation.
4. The petitioner seeks to command the
respondents to grant 24 equal monthly instalments to clear the
loan liabilities.
5. The petitioner states that the petitioner is
ready and willing to clear the liabilities. However, respondents 1
to 3 are insisting on lumpsum payment to avoid further recovery
steps. The petitioner is unable to raise huge amount to clear the
liabilities in lumpsum.
6. I have heard the learned Counsel for the
petitioner. Though notice is served on respondents 1 to 3, there
is no appearance for the respondents.
7. The outstanding liability of the petitioner
appears to be ₹6,79,236/- as on 23.08.2024, which is evident
from Ext.P4. Taking into consideration the readiness expressed
by the petitioner to pay the outstanding amount in instalments,
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I am of the view that the petitioner can be granted a breathing
time to pay off the outstanding amounts in instalments.
The writ petition is therefore disposed of directing that if
the petitioner remits the outstanding amount payable to the 1 st
respondent-Bank, along with accruing interest and other Bank
charges, if any, in 15 instalments, coercive proceedings against
the petitioner shall stand deferred. The first of such instalments
shall be paid on or before 29.11.2024. It is made clear that if the
petitioner commits any default in repayment of the amount as
directed above, the respondents will be free to proceed against
the petitioner in accordance with law.
Sd/-
N.NAGARESH
JUDGE
ams
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APPENDIX OF WP(C) 30706/2024
PETITIONER EXHIBITS
Exhibit P1 THE COPY OF PLAINT FILED BY THE 2ND
RESPONDENT BEFORE THE 3RD RESPONDENT
Exhibit P2 THE COPY OF APPEAL MEMORANDUM IN APPEAL
NO.331/2023 BEFORE THE KERALA
CO-OPERATIVE TRIBUNAL,
THIRUVANANTHAPURAM DATED 5.9.2023
Exhibit P3 THE COPY OF JUDGMENT IN APPEAL
NO.331/2023 DATED 26.3.2024 OF KERALA
CO-OPERATIVE TRIBUNAL,
THIRUVANANTHAPURAM
Exhibit P4 THE COPY OF DEMAND NOTICE DATED
23.8.2024 ISSUED BY THE 3RD RESPONDENT
TO THE PETITIONER
