Muneer Arikkadan vs The Kerala State Co-Op Bank Ltd

Kerala High Court

Muneer Arikkadan vs The Kerala State Co-Op Bank Ltd 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. 16879 OF 2024
PETITIONER:

            MUNEER ARIKKADAN, AGED 40 YEARS, S/O MUHAMMED ,
            KOTTANCHAL HOUSE ,PUKAYUR POTTANIKKAL , P.O
            .OLAKKARA MALAPPURAM DT., PIN - 676 306

            BY ADVS.
            M.R.REENA
            P.S.SUJETH



RESPONDENT:

            THE KERALA STATE CO-OP BANK LTD., CHAMMAD BR ,
            MALAPPURAM DT REP BY ITS AUTHORIZED OFFICER ,
            RECOVERY SECTION , P.B.NO 8 , MANJERY ROAD ,
            UPHILL , MALAPPURAM DT., PIN - 676 505



            SRI. GILBERT GEORGE CORREYA




     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.16879 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. 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 Smt. M.R. Reena, the learned counsel for the petitioner, and Sri. Gilbert George Correya, the learned Standing Counsel for the respondent.

3. The learned counsel appearing for the Bank submits that as on date, an amount of Rs.11,61,578/- 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 W.P.(C)No.16879 of 2024 ..3..

with interest in reasonable monthly instalments.

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 10 equal monthly instalments commencing from 01.06.2024 onwards. The subsequent instalments shall be paid by the petitioner on 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 JUDGE PR W.P.(C)No.16879 of 2024 ..4..

APPENDIX OF WP(C) 16879/2024 PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE POSSESSION NOTICE DATED 03-11-2023 ISSUED BY THE RESPONDENT Exhibit P2 A TRUE COPY OF THE REPRESENTATION DATED 10-01-2024 SENT BY THE PETITIONER