Binil K.Thomas vs The Kerala State Co-Operative Bank Ltd
2024 Latest Caselaw 30881 Ker

Citation : 2024 Latest Caselaw 30881 Ker
Judgement Date : 23 October, 2024

Kerala High Court

Binil K.Thomas vs The Kerala State Co-Operative Bank Ltd on 23 October, 2024

Author: D. K. Singh

Bench: D. K. Singh

                                             2024:KER:78781
         IN THE HIGH COURT OF KERALA AT ERNAKULAM

                         PRESENT

          THE HONOURABLE MR. JUSTICE D. K. SINGH

  WEDNESDAY, THE 23RD DAY OF OCTOBER 2024 / 1ST KARTHIKA,

                             1946

                 WP(C) NO. 36992 OF 2024

PETITIONERS:

    1    BINIL K.THOMAS,
         AGED 32 YEARS
         S/O THOMAS DEVASSY, KUREEKKALVEEPPATTU HOUSE,
         KIZHAKKAMBALAM, PAZHANGANAD, KIZHAKKAMBALAM,
         ERNAKULAM, REPRESENTED BY POWERE OF ATTORNEY
         HOLDER ANASWARA V.A, AGED 27, W/O.BINIL K.
         THOMAS, KUREEKKALVEEPPATTU HOUSE, KIZHAKKAMBALAM
         PAZHANGANAD, KIZHAKKAMBALAM, ERNAKULAM, PIN -
         683562

    2    THOMAS K.D,
         AGED 57 YEARS
         S/O. DEVASSY, KUREEKKALVEEPPATTU HOUSE,
         KIZHAKKAMBALAM PAZHANGANAD, KIZHAKKAMBALAM,
         ERNAKULAM, PIN - 683562

    3    GRACY THOMAS,
         AGED 52 YEARS
         W/O.THOMAS K.D, KUREEKKALVEEPPATTU HOUSE,
         KIZHAKKAMBALAM PAZHANGANAD, KIZHAKKAMBALAM,
         ERNAKULAM, PIN - 683562


         BY ADVS.
         SANU S MALAKEEL
         VISHNUPRASAD P.S.




RESPONDENTS:

    1    THE KERALA STATE CO-OPERATIVE BANK LTD,
         ERSTWHILE DISTRICT CO-OPERATIVE BANK LIMITED,
 W.P.(C).No.36992 of 2024


                                                     2024:KER:78781
                                   2

             KOLENCHERY BRANCH, M.C.P. BUILDING, KOCHI -
             DHANUSHKODI ROAD, KOLENCHERY, KOCHI, AIKARANAD
             SOUTH, KERALA, REPRESENTED BY ITS BRANCH MANAGER,
             PIN - 682311

     2       AUTHORIZED OFFICER,
             THE KERALA STATE CO-OPERATIVE BANK LTD, M.C.P.
             BUILDING, KOCHI - DHANUSHKODI ROAD, KOLENCHERY,
             KOCHI, AIKARANAD SOUTH, KERALA, PIN - 682311


             BY ADV K.AMMINIKUTTY


      THIS     WRIT    PETITION   (CIVIL)   HAVING   COME    UP    FOR
ADMISSION     ON    23.10.2024,   THE   COURT   ON   THE    SAME   DAY
DELIVERED THE FOLLOWING:
 W.P.(C).No.36992 of 2024


                                                               2024:KER:78781
                                        3

                               JUDGMENT

(Dated this the 23rd day of October, 2024)

The present writ petition has been filed seeking the

following reliefs:

"i. Issue a writ of mandamus or any other appropriate writ, order or direction directing the respondents to regularize the loan account by repaying the overdue amount in 12 equal monthly instalments, or ii. To issue a writ of mandamus or any other appropriate writ or writs or order or direction to direct respondents to grant the petitioners a reasonable time to repay the entire loan amount in reasonable instalments and close the account and to keep in abeyance all further proceedings under the SARFAESI Act. Iii. Issue such other orders as this Hon'ble Court may deem fit and proper in the circumstances of the case."

2. The petitioners have availed an ordinary loan of

Rs.10,00,000/- from the respondent Bank in the year 2022.

The tenure for making payment of the loan was ten years.

3. The petitioners had committed default in

repaying the loan amount as per the terms of the loan

agreement and therefore, the Bank, after classifying the

2024:KER:78781

petitioners loan account as NPA, has proceeded against the

petitioners under the provisions of the SARFAESI Act and

Rules made thereunder to realize its outstanding dues.

4. The learned counsel for the respondent Bank on

instructions submits that as of today, the overdue amount

is Rs.1,57,886/-. She further submits that if the petitioners

make substantial upfront payment along with one regular

instalment, and remaining overdue amount in few

instalments as this Court may fix along with the regular

instalments, the Bank shall not proceed further under the

provisions of the SARFAESI Act and Rules made thereunder.

5. Considering the aforesaid stand of the

respondent Bank, the present writ petition is disposed of on

the following terms:

i) The petitioners shall pay Rs.50,000/- along with

one regular instalment on or before 15.11.2024 and the

remaining overdue amount in eight equal monthly

instalments along with the regular instalments.

2024:KER:78781

ii) The 1st instalment is to be paid on or before

15.12.2024 and the remaining seven instalments on or

before 15th day of each succeeding month.

iii) In case of failure to make payment of

Rs.50,000/- along with one regular instalment or any other

instalments as directed above, the Bank shall be free to

proceed further against the petitioners to realize its

outstanding dues.

iv) If the petitioners make payments as directed

above, the Bank shall regularize the loan account of the

petitioners for making further payments in terms of the loan