ANIVRUTHAN K.R v. THE PEOPLES URBAN CO OPERATIVE BANK LTD. NO. 51
Court: High Court of Kerala
Bench: HONOURABLE MR. JUSTICE D. K. SINGH
Judgment date:
Case summary
High Court of Kerala judgment dated 2024-07-22. ANIVRUTHAN K.R v. THE PEOPLES URBAN CO OPERATIVE BANK LTD. NO. 51. Read the judgment and case details on...
Judgment text
IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE DINESH KUMAR SINGH ND MONDAY, THE 22 DAY OF JULY 2024 / 31ST ASHADHA, 1946 WP(C) NO. 26072 OF 2024 PETITIONERS: 1 ANIVRUTHAN K. R AGED 52 YEARS SATHYANIVAS HOUSE. NEAR CHERUPUSHPAM STUDIO UDAYAMPEROOR ERNAKULAM DISTRICT, PIN - 682301 2 SINDHU AGED 48 YEARS SATHYANIVAS HOUSE. NEAR CHERUPUSHPAM STUDIO UDAYAMPEROOR ERNAKULAM DISTRICT, PIN - 682301 BY ADV R. RAJASREE (CHUTTIMATTATHIL) RESPONDENTS: 1 THE PEOPLES URBAN CO OPERATIVE BANK LTD. NO. 51 HEAD OFFICE THRIPUNITHARA ERNAKULAM DISTRICT REPRESENTED BY ITS GENERAL MANAGER, PIN - 682301 2 THE GENERAL MANAGER THE PEOPLES URBAN CO OPERATIVE BANK LTD. 51 HEAD OFFICE THRIPUNITHURA ERNAKULAM DISTRICT, PIN - 682301 BY ADVS. Devaprasanth P. J SMINI JOSE(K/262/2015) SRI. NAVANEETH D. PAI - SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22. 07. 2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W. P. (C. ) No.
26072 of 2024 JUDGMENT nd Dated this the 22 day of July, 2024 The present Writ Petition has been filed seeking the following prayers: (i) To issue a Writ of mandamus or any other appropriate writ or order or direction directing the Respondents to permit the Petitioner to clear the due amount by way of monthly installments which is fixed by this honourbale court. (ii) To issue a writ of mandamus or any other appropriate writ or order or direction directing the Respondents not to take any further action in pursuance of Exhibit P1&P2. & (iii) To grant such other and further reliefs as are just, proper and necessary in the facts and circumstances of the case. 2. The petitioners had availed two business loans from the respondent bank for Rs. 50,00,000/- and Rs. 15,00,000/-. The petitioners had failed to service the loan accounts and therefore, the bank classified the said loan accounts as NPA.
The bank has proceeded with SARFAESI proceedings to realise the outstanding loan amount from the petitioners. As on today, the total W. P. (C. ) No. 26072 of 2024 outstanding is Rs. 72,88,051/-. 3. The learned counsel for the bank submits that if the petitioners pay upfront substantial payment towards the discharge of loan liability and agrees to pay the remaining amount in instalments, the bank do not proceed with the SARFAESI proceedings. 4. Considering the concession granted by the bank, the present writ petition is disposed of in the following terms: i. The petitioners shall make upfront payment of Rs. 5,00,000/- to the bank, within a period of fifteen days from today ie, on or before 07. 08. 2024. ii. The petitioners shall make the upfront payment of Rs. 5,00,000/- as directed above, the petitioners shall permitted to pay the remaining outstanding loan amount in fifteen st equal monthly instalments. The 1 instalment is to be paid on or before 07. 09.
2024 and th remaining fourteen instalments on or before 7 W. P. (C. ) No. 26072 of 2024 day of each succeeding months. iii. In case of failure to make upfront payment of Rs. 5,00,000/- or default in making payment of any instalments as directed above, the bank shall be free to proceed with SARFAESI proceedings against the petitioners for realizing the outstanding loan amount. With the aforesaid directions, the present writ petition stands finally disposed of. Sd/- DINESH KUMAR SINGH JUDGE AP W. P. (C. ) No. 26072 of 2024 APPENDIX OF WP(C) 26072/2024 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE DATED 9. 1. 2024 ISSUED BY THE RESPONDENT BANK DATED 9. 1. 2024 Exhibit P1a TRUE ENGLISH TRANSLATION OF THE NOTICE DATED 9. 1. 2024 ISSUED BY THE RESPONDENT BANK DATED 9. 1. 2024. Exhibit P2 TRUE COPY OF THE ADVOCATE COMMISSIONER'S NOTICE DATED 6. 07. 2024
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