W.P.C.No.14563/22 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. 14563 OF 2022
PETITIONER:
JOSEPH DAS,
AGED 50 YEARS,
S/O.SEBASTIAN JOSEPH, EDAMUKKIL HOUSE, POLLETHAI P.O.,
KALAVOOR VILLAGE, AMBALAPUZHA TALUK, ALAPPUZHA -688
522.
BY ADVS.GEORGE MATHEW
PRAVEEN S.
SUNIL KUMAR A.G
DIPU JAMES
MATHEW K.T.
GEORGE K.V.
STEPHY K REGI
RESPONDENTS
1 KERALA STATE CO-OPERATIVE BANK LTD. (KERALA BANK),
REP.BY ITS MANAGING DIRECTOR & CHIEF EXECUTIVE
OFFICER,
COBANK TOWERS, PALAYAM, THIRUVANANTHAPURAM - 695 033.
2 THE AUTHORIZED OFFICER & REGIONAL MANAGER, THE KERALA
STATE CO-OPERATIVE BANK LTD., (KERALA BANK), REGIONAL
OFFICE,
P.B.NO.104, OPP.MUNICIPAL TOWN HALL, ALAPPUZHA-688
001.
3 THE KERALA STATE CO-OPERATIVE BANK LTD., (KERALA
BANK),
KALAVOOR BRANCH, KALAVOOR P.O, AMBALAPPUZHA TALUK,
ALAPPUZHA DISTRICT - 688 522, REP.BY ITS MANAGER.
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.14563/22 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 [SARFEASI] 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.7,39,485/- [Rupees seven lakhs thirty nine thousand four hundred and eighty five only] is in arrears. It is submitted by the learned counsel for the Bank upon instructions that they are amenable for granting an opportunity to the petitioner to repay the said amount in W.P.C.No.14563/22 3 reasonable monthly installments.
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 installments commencing from 15th May, 2022 onwards. The subsequent installments 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 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.14563/22 4 APPENDIX OF WP(C) 14563/2022 PETITIONER EXHIBITS EXT.P1 THE TRUE COPY OF NOTICE DATED 28.09.2021 ISSUED BY 3RD RESPONDENT TO PETITIONER. EXT.P2 TRUE COPY OF NOTICE DATED 12.04.2022 ISSUED BY ADVOCATE COMMISSIONER TO PETITIONER.