Kerala High Court
Rajan.K vs The Authorized Officer on 25 April, 2024
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE ZIYAD RAHMAN A.A.
THURSDAY, THE 25TH DAY OF APRIL 2024 / 5TH VAISAKHA, 1946
WP(C) NO. 16521 OF 2024
PETITIONER/S:
RAJAN.K
AGED 61 YEARS
S/O RAMANKUTTY NAIR, RESIDING AT SREEVALSAM-KONDAYIL
HOUSE, KARAKKAD, KAVALAPPARA, VANIYAMKULAM .P.O
PALAKKAD, PIN - 679523
BY ADVS.
K.R.AVINASH (KUNNATH)
ABDUL RAOOF PALLIPATHn
PRAJIT RATNAKARAN
RESPONDENT/S:
1 THE AUTHORIZED OFFICER
KERALA STATE CO-OPERATIVE BANK LIMITED REGIONAL
OFFICE , HEAD POST OFFICE ROAD, SULTANPET PALAKKAD P.O,
PALAKKAD DISTRICT, PIN - 678001
2 THE BRANCH MANAGER,
KERALA STATE CO-OPERATIVE BANK LIMITED. (KERALA BANK) -
SHORNUR BRANCH. SANTHOSH ARCADE,SHORNUR.P.O,PALAKKAD,
PIN - 679121
OTHER PRESENT:
SRI. M. SASINDRAN - SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
25.04.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 16521 OF 2024
2
JUDGMENT
Dated this the 25th day of April, 2024 The petitioner is challenging the recovery proceedings initiated against him under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest 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. Heard.
3. The learned counsel appearing for the Bank submits that as on 31.03.2024, an amount of Rs.43,70,125/- is in outstanding. 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 reasonable monthly installments.
WP(C) NO. 16521 OF 2024 3 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 01.06.2024 onwards. The subsequent instalments shall be paid by the petitioner on 1st 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 SM WP(C) NO. 16521 OF 2024 4 APPENDIX OF WP(C) 16521/2024 PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE SALE NOTICE DATED 03.02.2024 ISSUED BY THE 1ST RESPONDENT