W.P.C.No.14522/2022 1
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. 14522 OF 2022
PETITIONER:
RAJESH KARAPPILLY THANKAPPAN,
AGED 48 YEARS,
S/O.THANKAPPAN, KARAPPILLY HOUSE, PUTHIYA ROAD,
EROOR, ERNAKULAM-682 306.
BY ADV E.V.MOLY
RESPONDENT:
FEDERAL BANK,
LCRD ERNAKULAM DIVISION, GROUND FLOOR,
FEDERAL TOWERS, MARINE DRIVE, COCHIN-682031,
REP.BY ITS AUTHORIZED OFFICER.
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 26.04.2022, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
W.P.C.No.14522/2022 2
JUDGMENT
The petitioner is challenging the recovery proceedings initiated against him under the Secularization and Reconstruction of Financial Assets and Enforcement of Security Interest [SARFAESI] Act, 2002. 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.3,73,000/- (Rupees three lakhs seventy three thousand only) 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 regularize the loan account by paying the entire installment overdue along with interest in reasonable monthly installments. W.P.C.No.14522/2022 3
In such circumstances, this writ petition is disposed of granting an opportunity to the petitioner to regularize the loan account by paying the installment overdue as mentioned above along with interest due thereon in eight equal monthly installments commencing from 15 th 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 installments 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 DG/26.4.22 W.P.C.No.14522/2022 4 APPENDIX OF WP(C) 14522/2022 PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE POSSESSION NOTICE DATED 25.3.2022 ISSUED BY THE RESPONDENT BANK.