High Court of KeralaWP(C)/20759/2015disposed of

John Chandy v. The Kottayam Co-Operative Urban Bank Ltd.No.421

2015-07-09Honourable Mr. Justice A.Muhamed Mustaque4 pages

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.MUHAMED MUSTAQUE THURSDAY, THE 9TH DAY OF JULY 2015/18TH ASHADHA, 1937 WP(C).No. 20759 of 2015 (T) ---------------------------- PETITIONER :

--------------------- JOHN CHANDY AGED 44 YEARS, S/O. CHANDY JOHN, VATTAKKUNNEL, PULLICKAL MUTTAMBALOM, KOTTAYAM.

BY ADV. SRI.M.J.THOMAS RESPONDENT(S) :

----------------------------

1. THE KOTTAYAM CO-OPERATIVE URBAN BANK LTD.NO.421 KOTTAYAM, REPRESENTED BY ITS GENERAL MANAGER.

2. THE BRANCH MANAGER, KOTTAYAM CO-OPERATIVE URBAN BANK LTD. NO. 421 HEAD OFFICE BRANCH, KOTTAYAM.

3. THE AUTHORIZED OFFICER, KOTTAYAM CO-OPERATIVE UBRAN BANK LIMITED NO. 421, KOTTAYAM.

R1 TO R3 BY ADV. SRI.SURIN GEORGE IYPE, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09-07-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

Mn ...2/-

WP(C).No. 20759 of 2015 (T) --------------------------------------- APPENDIX PETITIONERS' EXHIBITS :

------------------------------------- EXHIBIT-P1TRUE COPY OF THE IST PAGE OF THE PASS BOOK ISSUED TO PETITIONER.

EXHIBIT-P2TRUE COPY OF THE RECEIPT DATED 18/12/2013. EXHIBIT-P3TRUE COPY OF THE RECEIPT DATED 21/07/2014. EXHIBIT-P4TRUE COPY OF THE NOTICE DATED 07/05/2015 PUBLISHED IN DESHABHIMANI DAILY DATED 08/05/2015.

RESPONDENT(S)' EXHIBITS : NIL -------------------------------------------------------- //TRUE COPY// P.A. TO JUDGE Mn

A.MUHAMED MUSTAQUE, J.

------------------------------------ W.P.(C) No.20759 of 2015 ----------------------------------- Dated this the 9th day of July, 2015

J U D G M E N T

The petitioner availed a loan from the respondent Bank in the year 2013. Due to default in repaying the installments, the Bank initiated 'SARFAESI' proceedings. The same is under challenge in this writ petition.

2. The petitioner submits that, the Bank may be directed to restructure the loan account to enable the petitioner to pay the entire amount in equal monthly installments.

3. The learned Standing Counsel for the Bank opposes the prayer of the petitioner and submits that, the total liability is around 4,50,000/- and the overdue amount is around 1,68,000/-. ₹ ₹

4. Considering the facts and circumstances of the case, I am of the view that, the petitioner shall make a request before the Bank for restructuring the loan. This shall be done within two weeks from the date of receipt of a copy of this judgment. However, the petitioner shall remit an amount of 50,000/- (Rupees Fifty thousand ₹ only) within one month from today. Thereafter, the Bank shall consider the request made by the petitioner. If it is possible with the norms, the Bank shall take a lenient view in this matter. Such a decision shall be taken within a period of one month from the date of receipt of such request. If the petitioner has not paid the amount

W.P.(C) No.20759 of 2015 as stipulated above, the Bank need not consider the request and also the Bank is free to proceed against the petitioner. This writ petition is disposed of as above.

Sd/- A.MUHAMED MUSTAQUE, JUDGE.