The petitioner seeks consideration of the petitioner's case under Exhibit P2 Circular, issued in the year 2010. 2. On a reading of Exhibit P2 Circular, it is seen that the same has been brought out by the 2nd respondent only to see that the loans pending in arrears in the Co-operative Societies are settled in a reasonable manner, providing for certain waiver. In fact, the Circular does not as such grant any right to the borrowers. The measure adopted by the 2nd respondent is to enable the Co-operative Societies to settle the arrears, considering the financial situation of the Society, as also viability for recovery in the loans, which are remaining due for long.
3. An entire reading of the Circular would indicate that the discretion is conferred solely with the Society and none can claim it as of right. The said Circular, issued by the Registrar under Section 66A of the Kerala Co-operative Societies Act, 1969, is only to enable the Societies to settle loans which are remaining due, WP(C).No.11268 of 2011 - 2 -
even by deviating from the terms of specific agreements. Any deviation without such general guidelines would be contrary to the provisions of the Act. On the above reasoning, the writ petition is found to be devoid of merit.
4. However, there was an interim stay granted in the above writ petition, in the year 2011, which is still in force. The learned counsel appearing for the respondent also submits that, if the petitioner makes an application within three weeks from today, the respondent-Bank would consider settlement of dues in an amicable manner. In such circumstance, the petitioner shall settle the dues as directed by the respondents. If no One Time Settlement could be arrived at, the respondent-Bank shall grant at least ten equal monthly instalments for settlement of the dues. If instalments are granted, two consecutive defaults would enable the respondent-Bank to revive the recovery proceedings.
The writ petition is dismissed, with the above observation.
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Sd/- K.Vinod Chandran Judge ( true copy )