IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE K.SURENDRA MOHAN TUESDAY, THE 8TH JUNE 2010 / 18TH JYAISTHA 1932 WP(C).No. 16062 of 2010(G) ---------------------------------------- PETITIONER(S): ------------------------- PURUSHOTHAMAN, AGED 46, S/O.CHALAKKATH RAMU, ELAVALLY P.O., ELAVALLY VILLAGE, CHAVAKKAD TALUK, THRISSUR DISTRICT. BY ADV. SRI.C.PRABIN BENNY RESPONDENT(S): --------------------------- 1. SPECIAL SALES OFFICER, COCHIN CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANK LTD.NO.329, CIVIL LANE ROAD, THRISSUR-4. 2. THE SECRETARY, COCHIN CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANK LTD.NO.329, GURUVAYOOR BRANCH, GURUVAYOOR. R1 BY GOVERNMENT PLEADER SRI. MANOJKUMAR R2 BY ADVS. SRI.V.G.ARUN, SRI.T.R.HARIKUMAR. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 08/06/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.16062/2010 G APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE PASS BOOK OF THE LOAN NO.NHL 50 OF THE PETITIONER. P2: COPY OF THE SALE NOTICE PUBLISHED IN MALAYALA MANORAMA DTD. 21/05/2010. RESPONDENT'S EXHIBITS: N I L /TRUE COPY/ P.S.TO JUDGE Kss K. SURENDRA MOHAN, J. ------------------------------------------------------------ W.P(C) NO:16062 OF 2010 ----------------------------------------------------------- Dated this the 8th June, 2010. JUDGMENT The petitioner has filed this writ petition challenging the proceedings taken by the first respondent against him for recovery of the amount availed by him as loan. On 2/8/2003 the petitioner had availed a loan of Rs.2 lakhs on the security of an extent of 6 ½ cents of land including his residential house. A mortgage deed in respect of the said property was also executed in favour of the second respondent bank. As per the terms of repayment the petitioner had to pay an amount of Rs.1,903/- each month. The petitioner has accordingly paid a total amount of Rs.1,06,422/-. 2. According to the counsel for the second respondent, the loan account of the petitioner is remaining in default and the total amount due from him for the purpose of regularising the loan amount is Rs.1,29,536/- as on 5/6/2010. If the amount is paid, it is submitted that the bank is willing to regularise his account. On such regularisation the petitioner would be able to repay the loan in monthly instalments over a period which extends up to August 2018. 3. The counsel for the petitioner submits that the petitioner is ready to pay the defaulted amount and to regularise the loan WPC 16062/2010 2 account. However, he is not in a position to raise the entire amount and to make a lump sum payment. Therefore he requests for payment of the amount of Rs.1,29,536/- in monthly instalments. The prayer of the petitioner is opposed by the counsel for the second respondent bank. 4. In view of the fact that the petitioner is ready to regularise the loan account by paying the defaulted amounts, I feel that the petitioner can be permitted to pay the amount in ten monthly instalments. It is made clear that the petitioner would also have to pay the monthly instalments payable each month as per the schedule of repayment, in addition to the payments referred to above. 5. Accordingly this writ petition is disposed of directing the petitioner to pay the amount of Rs.1,29,536/- together with interest and the expenses for the sale conducted, in ten equal monthly instalments commencing from 30/6/2010. The subsequent monthly instalments shall be paid on the 20th of every succeeding month thereafter. In case of there being any default of two consecutive monthly instalments, the bank would be free to WPC 16062/2010 3 proceed with steps to recover the entire amount in accordance with law. K. SURENDRA MOHAN Judge jj WPC 16062/2010 4