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. 14573 OF 2022
PETITIONER/S:
ASHOK KUMAR
AGED 51 YEARS
MELATHIL THODIYIL VEEDU, MOOZHIYIL, MYLAKKAD,
KOLLAM, PIN-691 571
BY ADV M.R.SASITH
RESPONDENT/S:
THE AUTHORISED OFFICER, STATE BANK OF INDIA
STATE BANK OF INDIA, RACP, KOLLAM-691 001
BY SRI.JAWAHAR JOSE, 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. 14573 OF 2022
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JUDGMENT
The petitioner is challenging the recovery proceedings initiated against him under the Secularization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).
2. 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.
3. The learned Standin Counsel appearing for the Bank submits that as on date, an amount of Rs.6,90,744/- (Rupees six lakh ninety thousand seven hundred and forty four only) 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 petitioner to WP(C) NO. 14573 OF 2022 ..3..
repay the said amount in reasonable monthly instalments.
In such circumstances, this writ petition is disposed of granting an opportunity to the petitioner to clear the entire amount along with interest, in 12 equal monthly instalments commencing from 15th May, 2022 onwards. The subsequent instalments shall be paid by the petitioner on 15th day of every month. In case of default on the part of the petitioner 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 petitioner is directed to be kept in abeyance.
Sd/-
ZIYAD RAHMAN A.A.
JUDGE bka/26.04.2022 WP(C) NO. 14573 OF 2022 ..4..
APPENDIX OF WP(C) 14573/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY SALE NOTICE ISSUED BY THE RESPONDENT