BY AD v. G.RANJU MOHAN

SRI T R HARIKUMAR, SC FOR VARKALA CO-OPERATIVE AGRICULTURAL & RURAL DEVELOPMENT BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27.02.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.C. No. 9811 of 2023 3 JUDGMENT The petitioners herein state that they have availed three separate loans from the additional fourth respondent Bank. Towards collateral, immovable property owned by the petitioners was furnished as security. According to the petitioners, due to adverse financial circumstances, they could not make the remittances on time. They have now been served with Ext.P1 notice threatening the initiation of coercive proceedings. This has led the petitioner to approach this Court seeking directions.

#2. The learned Standing Counsel appearing for the additional 4th respondent Bank submits that the total outstanding as of 16.02.2024 is about Rs.13,02,063/- and the overdue amount is Rs. 12,25,976/-. It is submitted that the bank is not averse to granting the petitioners an opportunity to clear the overdue amount. However, he submits that not more than eight installments be granted.

#3. Upon careful consideration of the submissions made by both parties, it is evident that the total overdue amount from the petitioners owes in excess of Rs.12.25 lakhs to the additional 4th respondent Bank. The respondents fairly, have agreed to permit the petitioners to settle these debts through a limited number of installments. As a measure of last resort, W.P.C. No. 9811 of 2023 4 I am inclined to issue directions to facilitate the petitioners in discharging their financial obligations to the 4th respondent. This approach is deemed necessary to provide a structured pathway for the petitioner to clear off their monetary liabilities in a manageable manner.

#4. Resultantly, this writ petition is ordered, and the following directions are issued: (i) The petitioners shall approach the additional 4th respondent Bank with a request to inform them of the details of the overdue amount together with interest and other charges due from them 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, the additional 4th respondent respondent shall forthwith issue a statement in writing detailing the amounts. (ii) On receipt of such a statement, petitioners shall pay the amounts shown therein twelve (12) equal monthly installments commencing from 15.04.2024 and continue to pay the same on every successive month thereafter until the entire loan is wiped off. In addition, the petitioners shall continue to pay the regular installments as and when W.P.C. No. 9811 of 2023 5 the amounts become due. (iii) If the amounts are diligently paid in terms of the directions above, coercive proceedings initiated against them by the respondents for the realization of the amount shall be kept in abeyance. (iv) It is made clear that if the petitioners commit default of any two installments, they will lose the benefit of this judgment, and the concerned respondents will be free to continue the recovery proceedings against them from the stage at which they presently stand 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. DCS sd/- RAJA VIJAYARAGHAVAN V JUDGE W.P.C. No. 9811 of 2023 6 APPENDIX OF WP(C) 9811/2023 PETITIONER EXHIBITS ExhibitP1 TRUE COPY OF THE ABOVE NOTICE DATED 06.02.2023