Mary Joshi vs Secretary, Thamarassery Primary Co Operative Bank, Agricultural & Rural Development Bank Ltd, No: D 3156, Thamarassery P.O , Kozhikode-, Pin 673573

Gopinath P., J

The petitioner availed a housing loan from the respondent bank. On default being committed, proceedings have been taken against the petitioner under the provisions of the Kerala State Co-operative (Agricultural and Rural Development) Banks Act, 1984.

The learned counsel for the petitioner would submit that the petitioner may be permitted to clear the overdue amount in installments. It is submitted that the term of the loan is still in the year 2032. It is submitted that the petitioner is not a recalcitrant defaulter.

The learned counsel for the respondent bank submits that as on 02-11-2022 the overdue amount in respect of the loan availed by the petitioner is Rs.10,12,820/-. It is submitted that while the bank has no objection in granting some installments to the petitioner to clear the overdue amount the number of installments may be restricted to 10.

Having heard the learned counsel for the petitioner and the learned counsel for the respondent bank, this writ petition will stand disposed of in the following manner:

(i) The overdue amount of Rs.10,12,820/- together with any accrued interest and charges shall be repaid in fifteen equated monthly instalments.

(ii) The first instalment shall be paid on or before 15-03-2023  and the subsequent instalments shall be paid on the 15th day of subsequent months.

(iii) Petitioner shall continue to pay the regular EMI’s along with the instalments directed above.

(iv) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law.

(v) In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance.

The writ petition is disposed of as above.