Kerala High Court
Renny Joseph vs Kerala Gramin Bank on 30 April, 2024
Author: Kauser Edappagath
Bench: Kauser Edappagath
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE DR. JUSTICE KAUSER EDAPPAGATH
TUESDAY, THE 30TH DAY OF APRIL 2024 / 10TH VAISAKHA, 1946
WP(C) NO. 16680 OF 2024
PETITIONERS:
1 RENNY JOSEPH
AGED 46 YEARS
S/O.JOSEPH, KAVATTU KUNNEL, ATHUR, NEDUMPOIL POST,
KANNUR DISTRICT, PIN - 670650
2 JESI JOHN
AGED 37 YEARS
W/O.RENNY JOSEPH, ATHUR, NEDUMPOIL POST,
KANNUR DISTRICT, PIN - 670650
BY ADV V.T.MADHAVANUNNI
RESPONDENTS:
1 KERALA GRAMIN BANK
PERAVOOR BRANCH, KOTTIYOOR ROAD,
PERAVOOR POST, KANNUR DISTRICT REPRESENTED BY ITS CHIEF
MANAGER, PIN - 670673
2 AUTHORISED OFFICER,
KERALA GRAMIN BANK, THE REGIONAL OFFICE,
KANNUR, PIN - 670002
SRI. JAWAHAR JOSE- SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
30.04.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 16680 OF 2024
2
JUDGMENT
The petitioners are challenging the recovery proceedings initiated against them 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 them 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 date, an amount of Rs.9,15,368/- 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 petitioners to repay the said amount in reasonable monthly instalments.
In such circumstances, this writ petition is disposed of granting an opportunity to the petitioners to clear the entire amount along with interest, in 15 equal monthly instalments WP(C) NO. 16680 OF 2024 3 commencing from 01.06.2024 onwards. The subsequent instalments shall be paid by the petitioners on 5th day of every month. In case of default on the part of the petitioners 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 petitioners are directed to be kept in abeyance.
Sd/-
DR. KAUSER EDAPPAGATH JUDGE NP WP(C) NO. 16680 OF 2024 4 APPENDIX OF WP(C) 16680/2024 PETITIONERS' EXHIBITS Exhibit P1 A TRUE COPY OF THE SALE NOTICE IN REF.NO.KGB/ROKN2/SARFAESI/SALE/102/2024 DATED 07.03.2024 BY RESPONDENT NO.1& 2 RESPONDENTS' EXHIBITS: NIL