Zaidabi vs The Authorized Officer

Kerala High Court

Zaidabi vs The Authorized Officer on 3 May, 2024

Author: Kauser Edappagath

Bench: Kauser Edappagath

                 IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                    PRESENT
               THE HONOURABLE DR. JUSTICE KAUSER EDAPPAGATH
         FRIDAY, THE 3RD DAY OF MAY 2024 / 13TH VAISAKHA, 1946
                           WP(C) NO. 16827 OF 2024


PETITIONER:

              ZAIDABI
              AGED 53 YEARS
              W/O SULAIMAN, R/AT ETHIRTHODE HOUSE, PADY, KASARAGOD,
              PIN - 671541
              BY ADV KODOTH SREEDHARAN


RESPONDENTS:

     1        THE AUTHORIZED OFFICER
              INDIAN BANK, ZONAL OFFICE, KOZHIKKODE, PIN - 673011
     2        THE BRANCH MANAGER
              INDIAN BANK, KASARAGOD BRANCH, KASARAGOD, PIN - 671121


              SRI.BINOY VASUDEVAN - SC



     THIS     WRIT   PETITION   (CIVIL)   HAVING   COME   UP   FOR   ADMISSION   ON
03.05.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C).No. 16827 of 2024
                                     2


                            JUDGMENT

Dated this the 3rd day of May, 2024 The petitioner is challenging the recovery proceedings initiated against her under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

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. Heard Sri. Kodoth Sreedharan, the learned counsel for the petitioner and Sri. Binoy Vasudevan, the learned standing counsel for the respondents.

4. The learned counsel appearing for the Bank submits that as on date, an amount of Rs.1,89,200/- is overdue in the loan. It is submitted by the learned counsel for the Bank upon instructions that, they are amenable for granting an opportunity to the petitioner to regularise the loan account by paying the entire instalment overdue along with interest in reasonable monthly instalments.

3

In such circumstances, this writ petition is disposed of granting an opportunity to the petitioner to regularise the loan account by paying the instalment overdue as mentioned above along with interest due thereon in 5 equal monthly instalments commencing from 01.06.2024 onwards. The subsequent instalments shall be paid by the petitioner on the 5 th day of every succeeding months. Along with the aforesaid payment, regular monthly instalment shall also be paid. In case of default on the part of the petitioner in payment of any of the instalments including regular monthly 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/-

DR. KAUSER EDAPPAGATH SK JUDGE W.P.(C).No. 16827 of 2024 4 APPENDIX OF WP(C) 16827/2024 PETITIONER EXHIBITS :

Exhibit P1 TRUE COPY OF THE NOTICE DATED 10/01/2024 ISSUED BY THE 1ST RESPONDENT.

Exhibit P2 TRUE COPY OF THE ADVOCATE COMMISSIONER NOTICE DATED 17/04/2024 ISSUED BY THE CHIEF JUDICIAL MAGISTRATE COURT, KASARAGOD Exhibit P3 TRUE COPY OF THE LEDGER EXTRACT AND THE CERTIFICATE OF INTEREST ISSUED BY THE BANK