VASU.V.M, v. THE KERALA STATE CO-OPERATIVE BANK LTD.,
Court: High Court of Kerala
Bench: HONOURABLE MR. JUSTICE D. K. SINGH
Judgment date:
Case summary
High Court of Kerala judgment dated 2024-07-26. VASU.V.M, v. THE KERALA STATE CO-OPERATIVE BANK LTD.,. Read the judgment and case details on LawSphereX.
Judgment text
IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE DINESH KUMAR SINGH TH FRIDAY, THE 26 DAY OF JULY 2024 / 4TH SRAVANA, 1946 WP(C) NO. 26918 OF 2024 PETITIONER: VASU. V. M, AGED 60 YEARS S/O. MARAN, CHOLANA HOUSE, VAVAD. P. O. , THAMARASSERY TALUK, KOZHIKODE DISTRICT, PIN - 673572 BY ADVS. M. PROMODH KUMAR MAYA CHANDRAN RESPONDENTS: 1 THE KERALA STATE CO-OPERATIVE BANK LTD. , REP: BY ITS BRANCH MANAGER, MAKKADA. P. O, THAMARASSERY TALUK, KOZHIKODE DISTRICT, PIN - 673611 2 THE AUTHORIZED OFFICER, KERALA STATE CO-OPERATIVE BANK LTD. P. B. NO. 503, KALLAYI ROAD, CHALAPPURAM, KOZHIKKODE DISTRICT, PIN - 673002 SRI. P. C. SASIDHARAN-SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 26. 07. 2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: JUDGMENT The petitioner has availed housing loan from the respondent Bank for an amount of Rs. 5,00,000/- in the year 2017. The loan account was to be serviced in 15 years in equal monthly installments.
The petitioner had failed to service the loan account, and therefore, the Bank after classifying the loan account of the petitioner as NPA, has proceeded against the petitioner under the SARFAESI Act. 2. The learned counsel for the Bank submits that if the petitioner pays the overdue amount in few installments as this Court may fix, the Bank shall regularize the loan account of the petitioner for repayment of the outstanding amount in terms of the loan agreement. 3. Learned counsel for the petitioner submits that the petitioner will pay the overdue amount alongwith the regular EMI in 10 installments. 4. Considering the concession granted by the Bank and the submission of the learned counsel for the petitioner, the the present writ petition is disposed of on the following terms. (i) The petitioner shall pay the overdue amount of Rs. 2,78,000/- in 10 equal monthly installments along with regular installments. The first installment is directed to be paid on or before 20. 08.
2024 and remaining 9 installments, alongwith th regular installments, on or before the 15 day of each succeeding month. (ii) After making payment of the total overdue amount alongwith the regular installments, the petitioner shall continue to pay the regular installments in terms of the loan agreement till he discharges the entire loan liability. (iii) If the petitioner fails to make payment of st the 1 installment or any subsequent installments as directed above, the Bank shall be free to proceed against the petitioner in accordance with the law to realise its dues from the petitioner. With the aforesaid direction, the present Writ Petition is disposed of. sd/- DINESH KUMAR SINGH JUDGE Nsd APPENDIX OF WP(C) 26918/2024 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE MEDICAL CERTIFICATE ISSUED BY THE DR. K. ABBAS DATED 16-07-2024 Exhibit P2 THE TRUE COPY OF THE NOTICE DATED 10-07-2024 ISSUED BY THE ADV: COMMESSIONER
Source: High Court of Kerala. Dataset: Dattam Labs. CC BY 4.0. Text extracted automatically; compare with the source PDF for layout and accuracy.