Vimala Susan Varghese vs Thiruvalla Urban Co-Operative Bank Ltd

A.M.Badar, J

The learned standing counsel appears for both the respondents.

Heard the learned counsel appearing for the petitioner. He submits that the husband of the petitioner availed a loan of Rs.25,00,000/- for business

purpose and he also sought for financial assistance of Rs.2.5 lakhs on cash credit facility. However, because of heavy loss in the business, he could

not repay the loan in instalments granted by the respondents. It is reported that the petitioner is a co-borrower. The learned counsel for the petitioner

submits that the husband of the petitioner expired on 4.10.2020 and now, the petitioner is required to maintain her children and she is not having any

job or income. The petitioner is therefore, seeking time to repay the entire outstanding cash in 15 instalments.

The learned counsel for the respondents submits that the petitioner may clear the entire dues in 12 instalments and if that is done, then the

respondents may keep the coercive action against the petitioner in abeyance.

I have considered the submissions made. Considering the willingness on the part of the respondents to accept the entire outstanding amount in

instalments, this petition is allowed with the following directions:

The petitioner to pay the entire outstanding amount with interest and other dues, in 15 equated successive monthly instalments commencing from

13.8.2021. If the petitioner complies with this direction, the respondents shall keep the coercive action in abeyance. No further extention of time shall

be granted to the petitioner in any circumstances. A single default in compliance with the direction shall entitle the respondents to continue with the

action against the petitioner under the SARFAESI Act.