CourtKutchehry.com
High CourtsSingle Bench

Velayudhan C vs Kerala State Co Operative Bank

High Court Of Kerala · Decided on 18 April 2023 · Citation: (2023) 04 KL CK 0130

HON’BLE JUDGES
Viju Abraham, J
RESULT
Disposed Of
CASE NUMBER
Writ Petition (C) No. 14220 Of 2023
Ask AI about this case

AI Structured Summary

Not yet generated for this judgment

No AI summary yet

Generate an eight-section analysis of this judgment — facts, issues, reasoning, ratio and a plain-language gist.

Judgment

12 paragraphs · 332 words

Viju Abraham, J

1.

The petitioner, as borrower from the respondent-Bank, has committed default in repayment. Consequently, proceedings have been initiated by the Bank for recovery of the amounts due.

2.

During the course of the hearing, petitioner has confined the relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation of the loan account.

3.

It was submitted on behalf of the respondent-Bank that the petitioner committed default in repayment and the overdue amount as on today is Rs.14,75,476/-. It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent Bank is willing to accept repayment of the overdue amount in limited instalments and regularise the loan account.

4.

I have heard the learned counsel for the petitioner as well as the learned Standing Counsel for the respondent.

5.

Having regard to the circumstances of the case and the situation now prevailing, apart from the submissions made as recorded above, I am of the view that the petitioner can be granted an opportunity to repay the overdue amount in '15' instalments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised.

6.

Accordingly, there will be a direction to the respondent-Bank to accept repayment of the entire overdue amount of Rs.14,75,476/- along with bank charges from the petitioner and to regularise the loan account of the petitioner on the following conditions:

(i) The overdue amount of Rs.14,75,476/- shall be repaid in 15 equated monthly instalments commencing from 20.05.2023.

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

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

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

The writ petition is disposed of as above.