High Court of KeralaWP(C)/16549/2015disposed of

Joy K.Skariyah v. The Kottayam District Co-Operative Bank Ltd.

2015-06-04Honourable Mr. Justice A.Muhamed Mustaque4 pages

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.MUHAMED MUSTAQUE THURSDAY, THE 4TH DAY OF JUNE 2015/14TH JYAISHTA, 1937 WP(C).No. 16549 of 2015 (P) ---------------------------- PETITIONERS :

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1. JOY K.SKARIYAH, AGED 56 YEARS KILIROOPARAMPIL VAYALATTU, VATTAKUNNU.P.O, KOTTAYAM.

2. ROHINI JOY, KILIROOPARAMPIL VAYALATTU, VATTAKUNNU.P.O, KOTTAYAM.

BY ADV. SRI.A.K.HARIDAS RESPONDENTS :

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1. THE KOTTAYAM DISTRICT CO-OPERATIVE BANK LTD., REPRESENTED BY ITS AUTHORIZED OFFICER, KOTTAYAM-686001.

2. JIBIN JOY SKARIYAH, KILIROOPARAMPIL VAYALATTU, VATTAKUNNU.P.O., KOTTAYAM-686001.

R1 BY ADV. SRI.SUNIL CYRIAC,SC, THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04-06-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

WP(C).No. 16549 of 2015 (P) ---------------------------- APPENDIX PETITIONER(S)' EXHIBITS ------------------------------------- EXT.P1:

TRUE COPY OF NOTICE DATED 27.5.2015 TO THE IST PETITIONER EXT.P1(A):

TRUE COPY OF NOTICE DATED 27.5.2015 TO THE 2ND PETITIONER. RESPONDENT(S)' EXHIBITS :

NIL.

//TRUE COPY// P.A. TO JUDGE bp

A.MUHAMED MUSTAQUE, J.

------------------------------------ W.P.(C) No.16549 of 2015 ----------------------------------- Dated this the 4th day of June, 2015

J U D G M E N T

The petitioners along with the 2nd respondent availed loan from the respondent Bank in the year 2011. Since default was committed in repaying the same, the Bank initiated 'SARFAESI' proceedings. The total liability of the petitioners would come around 13 lakhs and the total overdue amount is merely 5,50,000/-. The ₹ ₹ petitioners seek indulgence of this Court to regularise the loan account after clearing the overdue amount.

2. Heard the learned counsel for the petitioners and the learned Standing Counsel for the respondent Bank.

3. Considering the facts and circumstances of the case, the following directions are issued :

1. The petitioners shall remit an amount of 1,00,000/- ₹ (Rupees One lakh only) within one month from today.

2. If the petitioners remit the same within the time stipulated as above, they are permitted to pay the balance amount in ten equal monthly installments along with regular EMIs and then the loan account shall be regularised.

3. If the petitioners commit default with regard to the satisfaction of the overdue amount or if any two consecutive defaults are made with regard to the regular monthly installments, the Bank is at liberty to proceed with further steps for realisation of the entire amount in

W.P.(C) No.16549 of 2015 lump, by pursuing such steps from the stage where it stands now.

Sd/- A.MUHAMED MUSTAQUE, JUDGE.