IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C) No. 18914 of 2006(B)
1. JAYAKRISHNAN P.K.,
... Petitioner
Vs
1. THE KOTTAKKAL CO-OPERATIVE URBAN BANK
... Respondent
2. THE AUTHORISED OFFICER,
For Petitioner :SRI.A.KRISHNAN
For Respondent :SRI.DEVAPRASANTH.P.J.
The Hon'ble MR. Justice K.THANKAPPAN
Dated :11/09/2006
O R D E R
K.THANKAPPAN, J.
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W.P.(C)NO. 18914 OF 2006
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Dated this the 11th day of September, 2006
JUDGMENT
The petitioner borrowed an amount of Rs.2,50,000/- from the first
respondent- Kottakkal Co-operative Urban Bank for business purposes
agreeing to repay the loan amount in instalments on the agreed rate of
interest. Since the petitioner did not repay the loan in time, Ext.P1 notice
and Ext.P2 possession notice were issued to him by respondents 1 and 2
respectively. The petitioner challenged Exts.P1 and P2 before this Court
and while admitting the Writ Petition, this Court as per order dated
19.7.2006 directed the petitioner to remit a sum of Rs.50,000/- on or
before 15.8.2006. The petitioner submits that the above interim order has
been complied with.
2. Learned counsel appearing for the petitioner now submits that the
petitioner may be permitted to remit the entire loan amount with the agreed
rate of interest in 15 equal monthly instalments. Learned counsel
appearing for the first respondent prays that instalment facility sought for
W.P.(C)NO.18914/2006 2
by the petitioner may not be granted and that if at all instalment facility is
given, the petitioner should be directed to remit the entire loan amount in
10 equal monthly instalments.
3. Considering the facts and circumstances of the case and the
willingness expressed by the petitioner to repay the loan amount, there will
be a direction to the petitioner to remit the balance loan amount along with
the agreed rate of interest in 12 equal monthly instalments. The first
instalment shall be paid on or before 15.10.2006. It is made clear that if
the petitioner commits default in payment of two consecutive instalments,
the first respondent – Bank can proceed against the petitioner on the basis
of Ext.P2.
The Writ Petition is disposed of as above.
(K.THANKAPPAN, JUDGE)
sp/
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