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.14344 OF 2022
PETITIONER:
RAMSEENA T.P.,
AGED 39 YEARS, W/O. MUHAMMED SHIHAB P.,
KOOCOTH HOUSE,
KALLU KETTU CHIRA, KOTTALI.P.O,
KAKKAT, KANNUR-670 005.
BY ADVS.C.H.ABDUL RASAC
ABDUL RAOOF PALLIPATH
K.R.AVINASH
RESPONDENT:
THE HDFC BANK LTD,
HDFC HOUSE, M.G.ROAD, COCHIN
REPRESENTED BY ITS AUTHORIZED OFFICER,
HDFC LTD, KANNUR BRANCH.
HIGHWAY ARCADE, THANA,
KANNUR, PIN-670 005.
BY ADVS.K.K.CHANDRAN PILLAI (SR.)
S.AMBILY
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.14344 OF 2022
JUDGMENT
The petitioner is challenging the recovery proceedings initiated against her under the Securitisation and Reconstruction of Financial Assests and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The petitioner has availed a credit facility from the respondent Bank and consequent to the default committed by the petitioner in repaying the amount, the said account is 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 22.04.2022, an amount of Rs.20,80,600/- is in arrears. 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 account by paying the entire instalment overdue along with interest in reasonable monthly instalments.
In such circumstances, this writ petition is disposed of granting an opportunity to the petitioner to regularise the loan account in instalments. The petitioner shall deposit an -3- W.P.(C) NO.14344 OF 2022 amount of Rs.5,00,000/- on or before 20.05.2022. If the petitioner deposits the amount as directed above, the petitioner shall be permitted to pay the balance amount in 10 equal monthly instalments commencing from 20 th June, 2022 along with regular EMI and the interest due thereon. 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.14344 OF 2022 APPENDIX PETITIONER'S EXHIBITS EXHIBIT P1 TRUE COPY OF THE DEMAND NOTICE DATED 23.01.2019 ISSUED BY THE RESPONDENT. EXHIBIT P2 TRUE COPY OF THE RECEIPT OF RS.1 LAKH DATED 09.10.2019.
EXHIBIT P3 TRUE COPY OF THE NOTICE DATED 07.04.2022 ISSUED BY THE ADVOCATE COMMISSIONER.