HAREESH.P.S v. KERALA STATE CO-OPERATIVE BANK LTD (KERALA

I have heard the learned Counsel for the petitioner and the learned Standing Counsel representing the Bank.

The specific case of the petitioner is that the petitioner has been making the repayment of the loan account initially. The default in repayment of the account occurred lately due to reasons beyond the control of the petitioner. The petitioner has provided substantial security which will safeguard the interest of the Bank.

In the facts and circumstances of the case, I am inclined to dispose of the writ petition giving a short and reasonable time to the petitioner to clear off his liability.

The writ petition is therefore disposed of with the following directions: (i) The petitioner shall remit an amount of ₹ 5 lakhs within a period of one month from today and the balance outstanding amount in subsequent consecutive 12 equal monthly W.P.(C) No.19471 of 2024 : 6 : instalments thereafter, along with accruing interest and other Bank charges, if any. (ii) If the petitioner commits single default in making payments as directed above, the respondents will be at liberty to continue with coercive proceedings against the petitioner in accordance with law. (iii) If the petitioner pays the instalments as directed above, any coercive proceedings against the petitioner shall stand deferred. Sd/- N. NAGARESH JUDGE AJ W.P.(C) No.19471 of 2024 : 7 : APPENDIX OF WP(C) 19471/2024 PETITIONER’S EXHIBITS Exhibit P1 Exhibit P2 Exhibit P3 THE TRUE COPY OF THE NOTICE ISSUED AS PER SECTION 13(2) OF SARFAESI ACT DATED 31-10-2022 THRISSUR. THE TRUE COPY OF THE NOTICE ISSUED AS PER SECTION 13(4) OF SARFAESI ACT DATED 12-02-2024 THRISSUR. THE TRUE COPY OF THE ORDER DATED 11-04-2024 IN CRL.M.P.NO.4634/2024 BEFORE THE CHIEF JUDICIAL MAGISTRATE, THRISSUR