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C.M. KUMARAN v. MATTANCHERY MAHAJANIK CO-OP. URBAN BANK - WP(C) No. 26426 of 2006(U)  RD-KL 1106 (13 October 2006)
IN THE HIGH COURT OF KERALA AT ERNAKULAMWP(C) No. 26426 of 2006(U)
1. C.M.KUMARAN, S/O.MADHAVAN,
1. MATTANCHERY MAHAJANIK CO-OP. URBAN BANK
2. ASSISTANT REGISTRAR OF CO-OPERATIVE
For Petitioner :SRI.G.KRISHNAKUMAR
For Respondent : No Appearance
The Hon'ble MR. Justice K.THANKAPPAN
O R D E R
K.THANKAPPAN, J.W.P.(C) NO. 26426 OF 2006
Dated this the 13 th day of October, 2006
The petitioner availed of a loan from the first respondent - Bank agreeing to repay the same in instalments. Since the petitioner did not repay the loan amount as agreed, the first respondent initiated steps to recover the loan amount and issued Ext.P2 notice to sell the property mortgaged with the Bank under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Aggrieved by the above, the petitioner has approached this Court.
2. The petitioner submits that he could not repay the loan amount due to financial difficulty and that he is now ready and willing to repay the same. The petitioner seeks the benefits of One Time Settlement Scheme on the basis of the Circulars issued by the Registrar of Co-operative Societies. The petitioner also submits that he had already remitted an amount of Rs.1,35,000/- towards the loan amount and the amount now W.P.(C)NO.26426/2006 2 outstanding is Rs.2,35.000/-.
3. Heard counsel on either side. Learned counsel appearing for the Bank submits that if the petitioner remits 10% of the outstanding amount and files an application for the benefits of one time settlement, the Bank shall consider the same.
4. Taking into account the fact that the petitioner had already remitted Rs.1,35,000/-, this Court is of the view that the claim of the petitioner for the benefits of one time settlement can be considered by the first respondent - Bank if the petitioner files an application for the said purpose within 30 days from today and remits a further sum of Rs.25,000/- within the said period. If the petitioner remits the amount and files the application as aforesaid, the first respondent shall consider the claim of the petitioner and take a decision in the matter as early as possible, at any rate within 15 days from the date of receipt of the application. The Writ Petition is disposed of as above.
(K.THANKAPPAN, JUDGE)W.P.(C)NO.26426/2006 3 sp/
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