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2022 Supreme(Online)(KER) 26408
HIGH COURT OF KERALA
T. R. Ravi, J
AMBIKAKUMARI S – Appellant
Versus
KERALA STATE CO-OPERATIVE BANK LTD KNOWN AS KERALA BANK REPRESENTED BY IT'S BRANCH MANAGER – Respondent
WP(C)/29944/2022
Court underscores the importance of compliance in payments while allowing instalment repayments for outstanding loans.
Headnote:
Writ - Loan Repayment - N/A - Court permits payment in instalments, emphasizing regularity and consequences of defaults.
Fact of the Case:
The petitioner sought permission to settle overdue loan amounts in instalments, citing financial difficulties. The amount due was Rs. 8,61,591 with a loan period until 2029.
Finding of the Court:
The court allowed the petitioner to pay in 12 monthly instalments, highlighting the need for timely payments of both overdue and regular instalments.
Issues: Whether the petitioner could be permitted to pay overdue loan amounts in instalments without further penalties.
Ratio Decidendi: The court held that facilitating repayment in instalments was reasonable given the loan duration, provided that the petitioner remained compliant with payments.
Final Decision: Writ petition disposed of; payment in instalments allowed with conditions.
JUDGMENT
Admit. Standing Counsel takes notice for the respondents.
The prayer in the writ petition is to allow the petitioner to wipe off the amounts due to the respondent in easy instalments. The Standing Counsel on instruction submits that the loan period is till 2029 and the amount overdue as on 19.08.2022 is Rs.8,61,591/- . The counsel submits that since there is sufficient period for the loan to be paid, there is no objection in granting permission for payment in instalments, provided the petitioner remits the regular instalments along with it.
In the above circumstances, the writ petition is disposed of permitting the petitioner to pay off the amounts overdue in 12 equal monthly instalments, the first instalment falling due on or before 30.10.2022 and the subsequent instalments falling due on or before the 30th of the succeeding months. The petitioner shall, along with the above said instalment, also remit the regular monthly instalments. If the petitioner makes two consecutive defaults in the payment of instalments as directed above, the respondent is at liberty to continue with coercive steps for recovery. Coercive steps for recovery shall be kept in abeyance to facilitate the petitioner to pay off the amounts in instalments as directed above.
