IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 37866 of 2009(C)
1. ZEENATH,W/O.AZEEZ,KHADEEJA MANZL,
... Petitioner
2. A.K.ABDUL AZEEZ, S/O. AHAMED HAJI,
Vs
1. THE KERALA STATE CO-OPERATIVE BANK LTD.,
... Respondent
2. THE KERALA STATE CO-OPERATIVE BANK LTD.,
For Petitioner :SRI.A.MOHAMED MUSTAQUE
For Respondent :SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK
The Hon'ble MR. Justice P.R.RAMACHANDRA MENON
Dated :06/01/2010
O R D E R
P.R.RAMACHANDRA MENON, J
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W.P(C) No.37866 of 2009 -C
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Dated this the 6th day of January, 2010.
J U D G M E N T
Coercive steps taken by the respondent bank for
realisation of the outstanding amount under the loan transaction
with the petitioner are sought to be intercepted in this writ petition.
2. The learned counsel for the respondent bank, on
instructions, submits that the petitioner was not at all eager to
satisfy the due instalments on time, despite the assurance and
undertaking given in this regard and in the said circumstances,
there was no other alternative for the bank, but to proceed with the
steps as stated above. The learned counsel further submits that the
arrears towards defaulted instalments exceed Rs.6,15,000/-, while
the total amount outstanding under the loan transaction will be
around Rs.13,64,000/-.
3. The learned counsel for the petitioner submits that the
entire outstanding amount towards the defaulted instalments
together with interest and cost will be cleared before 31.3.2010 and
that the petitioner may be permitted to continue to effect the
instalments after regularizing the loan. The learned counsel for the
W.P(C) No.37866 of 2009 -C 2
respondent bank submits that the petitioner will have to prove his
bonafides, to consider the said request.
Considering the facts and circumstances, the petitioner is
directed to deposit the sum of Rs.2,00,000/- within two weeks from
today, another Rs.2,00,000/- on or before 25th of February 2010
and the entire outstanding arrears towards the defaulted
instalments including interest and cost on or before 31.3.2010.
This will be in addition to the liability of the petitioner to satisfy the
regular monthly instalemnts. Subject to the above, the recovery
proceedings being pursued against the petitioner shall be kept in
abeyance. On satisfying the amount as above, the loan will stand
regularized and the petitioner will be bound to continue to effect
the regular instalments as scheduled. If any default is committed by
the petitioner in clearing the outstanding amount towards the
defaulted arrears as above, or if any two consecutive defaults are
made in paying the regular EMIs, the bank will be at liberty to
proceed against the petitioner for realisation of the entire amount in
a lump sum, from the stage where it stands now.
The Writ Petition is disposed of accordingly.
Sd/-
ab P.R.RAMACHANDRA MENON, JUDGE
//True Copy//
PA to Judge