IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE ZIYAD RAHMAN A.A.
TUESDAY, THE 26TH DAY OF APRIL 2022 / 6TH VAISAKHA, 1944
W.P.(C) NO.14423 OF 2022
PETITIONER:
UNNIKRISHNAN.M.R.,
AGED 47 YEARS, S/O. RADHAKRISHNAN,
MELEZHATH HOUSE,
KARIPAYI LANE, OPP. SMHS, CHERAI P.O.,
ERNAKULAM-683 514.
BY ADVS.N.KRISHNA RAJA MAULI
N.S.REHNA
RESPONDENT:
KERALA STATE CO-OPERATIVE BANK LTD.
REPRESENTED BY ITS MANAGER,
MUNAMBAM BRANCH, ERNAKULAM-683 515.
ADV. N. REGHURAJ, STANDING COUNSEL,
KERALA STATE CO-OPERATIVE BANK LTD.
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
26.04.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
-2-
W.P.(C) NO.14423 OF 2022
JUDGMENT
The petitioner is challenging the recovery proceedings initaated against him under the Securitisation and Reconstruction of Financial Assests and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The petitioner has availed two loans from the 1 st respondent Bank and consequent to the default committed by the petitioner in repaying the amount, the said accounts were declared as NPA. Accordingly, recovery proceedings have been initiated which is impugned in this writ petition.
2. The learned counsel appearing for the Bank submits that as on date, Rs.2,82,683/- and Rs.17,712/- are in arrears towards the instalments in respect of the aforesaid credit facilities. It is submitted by the learned counsel for the Bank upon instructions that they are amenable for granting an opportunity to the petitioner to regularise the loan accounts by paying the entire instalment overdue along with interest in reasonable monthly instalments.
In such circumstances, this writ petition is disposed of -3- W.P.(C) NO.14423 OF 2022 granting an opportunity to the petitioner to regularise the loan accounts by paying the instalment overdue as mentioned above along with interest due thereon in 10 equal monthly instalments commencing from 15th May, 2022 onwards. The subsequent instalments shall be paid by the petitioner on 15th day of every month. Along with the aforesaid payment, regular monthly instalments shall also be paid. In case of default on the part of the petitioner in payment of any of the instalments including regular monthly instalments, the aforesaid facility shall stand cancelled, upon which the Bank will be at liberty to proceed with the recovery proceedings. Subject to the above direction, the recovery proceedings against the petitioner is directed to be kept in abeyance.
Sd/-
ZIYAD RAHMAN A.A.
JUDGE bpr -4- W.P.(C) NO.14423 OF 2022 APPENDIX PETITIONER'S EXHIBITS EXHIBIT P1 TRUE COPY OF THE NOTICE ISSUED BY THE RESPONDENT BANK DATED 19.03.2022.