The court allows repayment in instalments under the Co-operative Societies Act, balancing creditor's rights with debtor's circumstances.

JUDGMENT

Petitioner availed credit facilities from the

3^rd respondent bank. On default being committed proceedings have been initiated against the petitioner under the provisions of the Kerala Co-operative Societies Act , 1969, and awards were obtained determining the liability of the petitioner.

2. During the course of hearing, petitioner has confined the relief to an opportunity for repaying the outstanding amount in instalments.

3. The learned counsel appearing for the

3^rd respondent bank submits that the total outstanding amount in respect of the five awards obtained is Rs.65,18,041/-. It is submitted that, though the mortgaged property belongs to the petitioner, the loans were actually availed by different individuals, and only one loan was availed by the petitioner. It is further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent bank is willing to accept repayment of the outstanding amount in limited instalments.

4. The learned counsel appearing for the petitioner submits that, though four loans out of the five loans referred to above were not availed by the petitioner, since the repayment of those loans is also secured by the mortgage of the property belonging to the petitioner, the petitioner may be permitted to clear the liability in respect of all the five loans in instalments.

5. The learned counsel appearing for the

3^rd respondent bank has no objection to the above suggestion.

6. Having regard to the circumstances of the case and the submissions made as recorded above, I am of the view that the petitioner can be granted an opportunity to repay the outstanding amount in 20 instalments.

7. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.65,18,041/- along with any accrued interest, costs and bank charges from the petitioner in the following manner:

i. The petitioner shall pay the outstanding amount of Rs.65,18,041/- together with any accrued interest, costs and bank charges in

20 equated monthly instalments;

ii. The first instalment shall be paid on or before 28-02-2026. The subsequent instalments shall be paid on or before the last working day of the succeeding months;

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

iv.In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance.

The writ petition is disposed of as above.

Sd/-