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N. ABDUL RAZACK v. REGISTRAR OF CO-OP. SOCIETIES - WP(C) No. 16105 of 2006(P)  RD-KL 393 (3 August 2006)
IN THE HIGH COURT OF KERALA AT ERNAKULAMWP(C) No. 16105 of 2006(P)
1. N.ABDUL RAZACK, S/O. KUNJIMUHAMMED,
1. REGISTRAR OF CO-OP. SOCIETIES,
2. KONDOTTY RURAL CO-OP. HOUSING SOCIETY
3. SPECIAL ARBITRATOR/SALE OFFICER,
For Petitioner :SRI.K.P.MUJEEB
For Respondent :SRI.T.K.AJITH KUMAR
The Hon'ble MR. Justice K.THANKAPPAN
O R D E R
K.THANKAPPAN, J.W.P.(C)NO. 16105 OF 2006
Dated this the 3rd day of August, 2006
The petitioner availed of a loan of Rs.1,25,000/- from the second respondent - Society. Since the petitioner did not repay the loan amount as agreed, the Bank proceeded against the petitioner for recovery of the amount and issued Ext.P1 notice demanding to remit a sum of Rs.2,52,610/-. Aggrieved by the above, the petitioner has approached this Court.
2. When this Writ Petition came up for admission on 21.6.2006, this Court granted interim stay of the entire proceedings pursuant to Ext.P1 for six weeks on condition that the petitioner remits a sum of Rs.25,000/- within one month from the date of the order. The petitioner also filed Ext.P3 representation before the second respondent seeking the benefit of Ext.P2 Circular.
3. Learned counsel for the second respondent submits that Ext.P2 Circular is not applicable to the loan availed of by the petitioner and that the Bank is willing to give sometime to the petitioner to repay the loan amount. In the above W.P.(C)NO.16105/2006 2 circumstances, the petitioner is permitted to remit the loan amount with interest in ten equal monthly instalments commencing from 1.9.2006 provided that the petitioner remits an amount of Rs.15,000/- within 15 days from today. It is made clear that if the petitioner commits default in payment of two consecutive instalments, the bank can proceed against the petitioner. The Writ Petition is disposed of as above.
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