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
WP(C) NO. 14629 OF 2022
PETITIONERS:
1 JAYASREE. R
AGED 50 YEARS
W/O. KRISHNAKUMAR, 'KRISHNA SREE',
NEAR GANDHI SQUARE,
ERNAKULAM, POONITHURA,
PIN - 682 038.
2 KRISHNAKUMAR,
AGED 54 YEARS
S/O. RAMAN MENON,
'KRISHNA SREE',
NEAR GANDHI SQUARE,
ERNAKULAM, POONITHURA,
PIN - 682 038.
BY ADVS.
M.K. ABOOBACKER
D.M. NOWFAL
RESPONDENTS:
1 THE MANAGER
UNION BANK OF INDIA,
EZHUPUNNA BRANCH,
SANJO BUILDING,
ERAMALLOOR, CHERTHALA,
PIN - 688 537.
2 THE AUTHORIZED OFFICER,
M/S. UNION BANK OF INDIA,
EZHUPUNNA BRANCH,
SANJO BUILDING, ERAMALLOOR,
CHERTHALA, PIN - 688 537.
SMT. PARVATHY K. - GP
SRI. A.S.P KURUP - SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
26.04.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C).No.14629 OF 2022
2
JUDGMENT
The petitioners are challenging the recovery proceedings initiated against them under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The petitioners have availed a credit facility from the respondent Bank and consequent to the default committed by the petitioners 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 Standing Counsel appearing for the Bank submits that as on date, an amount of Rs.4,00,000/- is in arrears towards installments. 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 installment overdue along with interest in reasonable monthly installments.
WP(C).No.14629 OF 2022 3 In such circumstances, this writ petition is disposed of granting an opportunity to the petitioner to regularise the loan account by paying the installment overdue as mentioned above along with interest due thereon in ten equal monthly installments commencing from 15th May, 2022 onwards. The subsequent installments shall be paid by the petitioner on 15th day of every month. Along with the aforesaid payment, regular monthly installment shall also be paid. In case of default on the part of the petitioner in payment of any of the installments including regular monthly installments, 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 SPR WP(C).No.14629 OF 2022 4 APPENDIX PETITIONER'S EXHIBITS:-
EXHIBIT P1 A COPY OF THE DEMAND NOTICE UNDER SECTION 13(2) OF THE SARFAESI ACT DATED 22.04.2021.
EXHIBIT P2 A COPY OF THE REPLY NOTICE ISSUED BY 1ST PETITIONER DATED 09.06.2021.
EXHIBIT P3 A COPY OF THE NOTICE UNDER SECTION 13(4) OF THE SARFAESI ACT DATED 20.09.2021.
RESPONDENTS EXHIBITS: NIL.