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.14393 OF 2022
PETITIONER:
AJITHA N.T.,
AGED 40 YEARS, D/O. M.P.THANKAPPAN,
NAICKAPARAMBIL HOUSE,
VALLAMKULAM P.O., ERAVIPEROOR,
THIRUVALLA,PIN-689 541.
BY ADV E.V.MOLY
RESPONDENT:
UNION BANK OF INDIA,
THIRUVALLA II (THIRUVALLA EAB) BRANCH,
NAMBRAMSSERIL BUILDINGS, KACHERI JUNCTION,
MARKET ROAD, THIRUVALLA -689 101
REPRESENTED BY ITS AUTHORIZED OFFICER.
ADV.A.S.P. KURUP, STANDING COUNSEL, UNION BANK OF INDIA
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.14393 OF 2022
JUDGMENT
The petitioner is challenging the recovery proceedings initaated 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 date, an amount of Rs.3,41,000/- is in arrears towards instalments. 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 by paying the instalment overdue as mentioned above -3- W.P.(C) NO.14393 OF 2022 along with interest due thereon in 8 equal monthly instalments commencing from 15th May, 2022 onwards. The subsequent instalments shall be paid by the petitioner on 15 th 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.14393 OF 2022 APPENDIX PETITIONER'S EXHIBITS EXHIBIT P1 TRUE COPY OF POSSESSION NOTICE DATED 22.02.2022.
EXHIBIT P2 TRUE COPY OF THE SALE NOTICE DATED 19.03.2022.