Manoj Bhaskaran S vs State Bank Of India Represented By Its ...

Kerala High Court

Manoj Bhaskaran S vs State Bank Of India Represented By Its ... 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. 16801 OF 2024
PETITIONER:

         MANOJ BHASKARAN S
         AGED 51 YEARS
         BHASKARA VILAS, TC 13/765, VADAYAKKADU JUNCTION,
         THIRUVANANTHAPURAM, PIN - 695034
         BY ADVS.
         S.GOKUL BABU
         KESHAVRAJ NAIR
         PARVATHY NAIR
         GAADHA SURESH
         ARUN M.V.
         VISWANATH JAYAN


RESPONDENT:

         STATE BANK OF INDIA REPRESENTED BY
         ITS AUTHORISED OFFICER
         RETAIL ASSETS CENTRAL PROCESSING CENTRE,
         LMS COMPOUND, THIRUVANANTHAPURAM, PIN - 695034

OTHER PRESENT:

         SC SRI. TOM.K. THOMAS



THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
03.05.2024,     THE   COURT   ON   THE   SAME   DAY   DELIVERED   THE
FOLLOWING:
 WP(C) NO. 16801 OF 2024

                                  - : 2 :-




                          JUDGMENT

The petitioner is challenging the recovery proceedings initiated against him 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.S.Gokul Babu, learned counsel for the petitioner and Sri.Tom.K. Thomas, the learned counsel for the respondent.

4. The learned counsel appearing for the Bank submits that as on date, an amount of Rs.30,72,201/- 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. The learned WP(C) NO. 16801 OF 2024

- : 3 :-

counsel further submitted that Rs.20,26,000/- is required for regularization of the account.

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 6 equal monthly instalments commencing from 01.06.2024 onwards. The subsequent instalments shall be paid by the petitioner on 5th 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, JUDGE AS WP(C) NO. 16801 OF 2024

- : 4 :-

APPENDIX OF WP(C) 16801/2024 PETITIONER EXHIBITS EXHIBIT P1 TRUE COPY OF THE NOTICE ISSUED BY THE RESPONDENT BANK U/S 13(2) OF THE SARFESI ACT DATED 29-02-2024.

EXHIBIT P2 TRUE COPY OF THE DISCHARGE SUMMARY OF PETITIONER'S WIFE FROM AL SHARQ HOSPITAL DATED 8-02-2024.