FRANCIS T J v. THE BRANCH MANAGER

SMT. C S SHEEJA, SR. GP SRI. PC SASIDHARAN, FOR KERALA STATE CO-OPERATIVE BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON

04.01.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C) No. 199 of 2024 2 JUDGMENT The petitioner, a farmer, reportedly obtained a cash credit facility from the 2nd respondent. To secure the loan, he mortgaged his immovable property with the bank. Due to unforeseen adversities, the petitioner was unable to pay the installments as agreed. Ext.P1 notice has now been issued, demanding the immediate repayment of Rs.14,10,134/-. However, during an adalat, a settlement was reached mandating the petitioner to pay Rs.12,57,424/- by 30.12.2023 to settle the loan account. Despite sincere efforts, the petitioner was unable to mobilize the required funds. It is in the above backdrop that this writ petition is filed, seeking directives for the respondents to restructure the loan account and allow the petitioner to repay the outstanding amount in twenty (20) monthly installments.

Sri. Ebin Mathew, the learned counsel appearing for the petitioner, submitted that the limited request of the petitioner at this stage is for the issuance of directions to the respondents to permit the petitioner to clear off the arrears in 20 equal monthly installments. W.P.(C) No. 199 of 2024 3

The learned Standing Counsel appearing for respondents 1 and 2 opposed the request for a grant of 20 installments. However, he fairly submitted that he has instructions to submit that the respondents have no reservations in providing an opportunity to settle the dues. Nonetheless, he asserted that the option to pay in installments should be strictly limited to not more than 12 installments under any circumstances.

I have considered the submissions and have carefully gone through the records.

From the submissions made by both sides, it appears that the total amount due from the petitioner in respect of the loan is about Rs.14 lakhs. As the respondents have not objected to granting an installment facility to the petitioner to clear off the dues, I am of the view that necessary directions can be issued as a last-ditch effort to enable the petitioner to clear the amounts due to respondents 1 and

Resultantly, this writ petition is ordered, and the following directions are issued: W.P.(C) No. 199 of 2024 4 (i) The petitioner shall approach respondents 1 and 2 with a request to inform him of the details of the actual amount together with interest and other charges due from him in respect of the loan account. If such a request is made within two weeks from the date of receipt of a copy of this judgment, respondents 1 and 2 shall forthwith issue a statement in writing detailing the total amount due to close the loans. (ii) On receipt of such a statement, the petitioner shall pay the amount shown therein in twelve (12) equal monthly installments commencing from

1.2.2024 and continue to pay the same on every successive month thereafter until the entire loan is wiped off. (iii) If the amounts are diligently paid in terms of the directions above, coercive proceedings initiated against him by the respondents for the realization of the amount shall be kept in abeyance. (iv) It is made clear that if the petitioner commits default in respect of two successive installments, he will lose the benefit of this judgment, and the W.P.(C) No. 199 of 2024 5 concerned respondents will be free to continue the recovery proceedings against him from the stage at which he presently stands and recover the entire amount along with interest and other charges. (v) It is further made clear that no application for an extension of time will be entertained. NS Sd/- RAJA VIJAYARAGHAVAN V, JUDGE W.P.(C) No. 199 of 2024 6 APPENDIX OF WP(C) 199/2024 PETITIONER EXHIBITS Exhibit P 1 Exhibit P2 A TRUE COPY OF THE NOTICE SENT BY THE 3RD RESPONDENT TO THE PETITIONER DATED 30/11/2023 A TRUE COPY OF THE SETTLEMENT DATED 13/12/2023 IN THE ADALATH