IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE ZIYAD RAHMAN A.A.
TUESDAY, THE 17TH DAY OF MAY 2022 / 27TH VAISAKHA, 1944
WP(C) NO. 16034 OF 2022
PETITIONER/S:
1 RENJITHKUMAR A
AGED 41 YEARS
S/O ACHUTHAN PILLAI;
RESIDING AT: RENJITH BHAVAN,
MYLAKKADU P.O., KOLLAM., PIN - 691571
2 SAJITHA V S
AGED 33 YEARS
W/O RENJITHKUMAR,
RESIDING AT: RENJITH BHAVAN,
MYLAKKADU P.O., KOLLAM., PIN - 691571
BY ADVS.
M.KIRANLAL
V.M.VISHNU MOHAN
GEETHU KRISHNAN
HARSHA SUSAN SAM
SABIKH MOHAMMED V.S
MANU RAMACHANDRAN
R.RAJESH (VARKALA)
T.S.SARATH
SAMEER M NAIR
RESPONDENT/S:
AUTHORISED OFFICER, INDIAN BANK KOTTIYAM;
OFFICE AT: AR COMPLEX, FIRST FLOOR,
KOTTIYAM, KOLLAM, KERALA., PIN - 691571
BY ADV S.EASWARAN
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
17.05.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 16034 OF 2022
2
JUDGMENT
The petitioners are challenging the recovery proceedings initiated against him under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. 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. 2,54,269/- is in arrears towards the installments. It is submitted by the learned counsel for the Bank upon instructions that they are amenable for granting an opportunity to the petitioners to regularise the loan account by paying the entire installment overdue along with interest in reasonable monthly installments.
In such circumstances, this writ petition is disposed WP(C) NO. 16034 OF 2022 3 of granting an opportunity to the petitioners to regularise the loan account by paying the installment overdue as mentioned above along with interest due thereon in 8 equal monthly installments commencing from 15th June, 2022 onwards. The subsequent installments shall be paid by the petitioners 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 petitioners in payment of any of the installments including regular monthly installments, the aforesaid facility shall stand cancelled, upon which the Bank shall 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 LU WP(C) NO. 16034 OF 2022 4 APPENDIX OF WP(C) 16034/2022 PETITIONER EXHIBITS EXHIBIT P1 A TRUE COPY OF THE PASSBOOK OF PETITIONER'S LOAN ACCOUNT ISSUED BY RESPONDENT BANK EXHIBIT P2 A TRUE COPY OF THE SALE NOTICE DATED 02.09.2021 ISSUED BY RESPONDENT EXHIBIT P3 A TRUE COPY OF THE 1ST PETITIONER'S DISCHARGE MEMO ISSUED FROM MEDICAL COLLEGE THIRUVANATHAPURAM EXHIBIT P4 A TRUE COPY OF THE DEPOSIT SLIP DATED 25.04.2022 PAYED INTO RESPONDENT BANK // True Copy // PA To Judge