Ravichandran R vs Secretary Chalakudy Town Co -Operative Bank, North Junction Chalakudy, Trissur District Represented By Its Secretary., Pin 680307

Gopinath P, J

Petitioners availed an overdraft facility from the respondent bank. On default being committed, proceedings were initiated under the provisions of the Kerala Co-Operative Societies Act, 1969, leading to issuance of sale notices. This prompted the petitioners to approach this Court by filing the above writ petition.

Learned counsel appearing for the petitioners would submits that the petitioners may be permitted to clear the overdue amount in instalments.

Learned counsel appearing for the respondent bank submits that the overdue amount, as on 27.02.2023, is Rs.16,87,335/- (Rupees Sixteen lakhs eighty seven thousand three hundred and thirty five only) and the respondent bank has no objection in granting some instalments to the petitioners to clear the overdue amount. It is also submitted that the petitioners may be directed to pay some amount on or before 31.03.2023, to prove their bona fides.

Having regard to the circumstances of the case and the situation now prevailing, apart from the submissions made as recorded above, I am of the view that the petitioners can be granted an opportunity to repay the overdue amount in eighteen instalments.

Accordingly, there will be a direction to the respondent bank to accept repayment of the overdue amount of Rs.16,87,335/- (Rupees Sixteen lakhs eighty seven thousand three hundred and thirty five only) along with accrued interest and bank charges from the petitioners in the following manner:

(i) Petitioners shall pay a lump sum amount of Rs.2,00,000/-(Rupees Two lakhs only) on or before 31.03.2023;

(ii) The balance overdue amount of Rs.14,87,335/- (Rupees Fourteen lakhs eighty seven thousand three hundred and thirty five only) shall be repaid in eighteen equated monthly instalments along with any accrued interest/costs;

(iii) The first instalment shall be paid on or before 17.04.2023 and the subsequent instalments shall be paid on or before the 17th day of the succeeding months;

(iv) Petitioners shall continue to pay the regular EMI’s/instalments along with the instalments directed above;

(v) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law;

(iv) In order to enable the petitioners to repay the entire amounts as above, all coercive proceedings shall be kept in abeyance.

The writ petition is disposed of as above.