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.14179 OF 2022
PETITIONER:
HARIKUMAR,
AGED 50 YEARS, S/O. LATE KARTHIKEYAN,
CHANGAYIL VADAKKATHIL,
MUTHUKULAM, 690 506.
BY ADVS.R.SUNIL KUMAR
A.SALINI LAL
RESPONDENTS:
1 THE BRANCH MANAGER,
HARIPPAD BRANCH,
DHANLAXMI BANK LIMITED,
MADHAVA JUNCTION, HARIPPAD-690 514.
2 THE AUTHORISED OFFICER,
DHANLAXMI BANK LIMITED,
MADHAVA JUNCTION, HARIPPAD-690 514.
ADV. C.K. KARUNAKARAN, STANDING COUNSEL, DHANLAXMI BANK
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.14179 OF 2022
JUDGMENT
The petitioner is challenging the recovery proceedings initiated against him 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.3,00,000/- 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 -3- W.P.(C) NO.14179 OF 2022 loan account by paying the instalment overdue as mentioned above along with interest due and bank charges thereon in 8 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 instalment 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 shall 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.14179 OF 2022 APPENDIX PETITIONER'S EXHIBITS EXHIBIT P1 COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER.
EXHIBIT P2 COPY OF THE ACCOUNT STATEMENT OF PETITIONER.