ANEESH KUMAR v. THE PARAVUR SNV REGIONAL CO-OPERATIVE BANK LTD

Upon careful consideration of the submissions made by both parties, it is evident that the petitioner owes in excess of Rs.19 lakhs to the respondent Bank. The respondents, fairly, have agreed to permit the petitioner to settle these debts through a limited number of installments. As WP(C) NO. 6703 OF 2024 3 a measure of last resort, I am inclined to issue directions to facilitate the petitioner in discharging his financial obligations to the respondent. This approach is deemed necessary to provide a structured pathway for the petitioner to clear off his monetary liabilities in a manageable manner.

Resultantly, this writ petition is ordered, and the following directions are issued: (i) The petitioner shall approach the respondent bank with a request to inform him of the details of the outstanding 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, the respondent shall forthwith issue a statement in writing detailing the amounts. (ii) On receipt of such a statement, the petitioner shall pay the amounts shown therein in fifteen (15) equal monthly installments commencing from 1.4.2024 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 respondent for the realization of the amount shall be kept in abeyance. (iv) It is made clear that if the petitioner commits default of any two installments, he will lose the benefit of this judgment, and the respondent will be free to continue the recovery proceedings against him from the stage at which WP(C) NO. 6703 OF 2024 4 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. Sru Sd/- RAJA VIJAYARAGHAVAN V JUDGE WP(C) NO. 6703 OF 2024 5 APPENDIX OF WP(C) 6703/2024 PETITIONER’S EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE DATED 15.02.2024 ISSUED BY THE SPECIAL SALE OFFICER OF THE RESPONDENT CO-OPERATIVE BANK.