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. 13901 OF 2022
PETITIONERS:
1 RAMAKRISHNAN
AGED 71 YEARS
S/O. THEYYAN, RESIDING AT KOLATHUR HOUSE,
KARIYANNUR DESOM, KARIYANNOOR VILLAGE, KUNNAMKULAM
TALUK, ERUMAPETTY POST, TRISSUR DISTRICT.
2 SUBHASHINI,
AGED 64 YEARS
W/O. RAMAKRISHNAN, RESIDING AT KOLATHUR HOUSE,
KARIYANNUR DESOM, KARIYANNOOR VILLAGE, KUNNAMKULAM
TALUK, ERUMAPETTY POST, TRISSUR DISTRICT.
BY ADV T.N.MANOJ
RESPONDENTS:
1 THE BRANCH MANAGER
TRISSUR DISTRICT CO-OPERATIVE BANK,
CO-OPERATIVE CENTENARY BUILDINGS, KOVILAKATHUPADAM,
THIRUVANMBADY P.O., TRISSUR, PIN-680022.
2 THE AUTHORIZED OFFICER,
TRISSUR DISTRICT CO-OPERATIVE BANK,
CO-OPERATIVE CENTENARY BUILDINGS, KOVILAKATHUPADAM,
THIRUVANMBADY P.O., TRISSUR, PIN-680022.
BY ADV.
SRI.P.C.SASIDHARAN - S.C.
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. 13901 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 counsel appearing for the Bank submits that as on date, an amount of Rs.10,36,181/- is in arrears. It is submitted by the learned standing counsel for the Bank upon instructions that they are amenable for granting an opportunity to the petitioners to repay the said amount in reasonable monthly instalments.
In such circumstances, this writ petition is disposed of granting an opportunity to the petitioners to clear the entire amount along with interest, by paying 50% of the amount of arrears on or before 26.06.2022 and the balance in 10 equal monthly instalments WP(C) NO. 13901 OF 2022 3 commencing from 26.07.2022 onwards. The subsequent instalments shall be paid by the petitioners on 26th day of every month. In case of default on the part of the petitioners in payment of any of the 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 petitioners are directed to be kept in abeyance.
Sd/-
ZIYAD RAHMAN A.A.
JUDGE scs WP(C) NO. 13901 OF 2022 4 APPENDIX OF WP(C) 13901/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE DATED 13.4.17 ISSUED BY THE 2ND RESPONDENT ON THE PETITIONERS, UNDER SECTION 13(2) OF THE SECURITIZATION AND RE CONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT 2002.
Exhibit P2 TRUE COPY OF THE NOTICE DATED 11.3.2020 SERVED ON THE PETITIONERS, BY THE 2ND RESPONDENT RESORTING TO THE PROVISIONS OF SECTION 13(4) OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT 2002, R/W RULE 9 OF THE RULES.
Exhibit P3 TRUE COPY OF THE RECEIPT DATED 17.3.2020 EVIDENCING PAYMENT OF AN AMOUNT OF RUPEES 3,00,000/- WITH THE 1ST RESPONDENT.
Exhibit P4 TRUE COPY OF THE RECEIPT DATED 17.3.2020 EVIDENCING PAYMENT OF AN AMOUNT OF RUPEES 3,50,000/- WITH THE 1ST RESPONDENT.
Exhibit P5 TRUE COPY OF THE RECEIPT DATED 31.12.2020 EVIDENCING PAYMENT OF AN AMOUNT OF RUPEES 6,00,000/- WITH THE 1ST RESPONDENT.