Abdul Rafeeque A.V vs Uco Bank
2022 Latest Caselaw 4727 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
              THE HONOURABLE MR.JUSTICE ZIYAD RAHMAN A.A.
     TUESDAY, THE 26TH DAY OF APRIL 2022 / 6TH VAISAKHA, 1944
                        WP(C) NO. 14461 OF 2022
PETITIONERS:

    1     ABDUL RAFEEQUE A.V.
          AGED 50 YEARS
          S/O.KUNHALIKUTTY, AZHUVALAPPIL HOUSE,
          PONNIYAKURUSSI P.O., PERINTHALMANNA,
          MALAPPURAM DISTRICT - 679 322.

    2     AYISHA SAMEERA
          AGED 39 YEARS
          W/O.ABDUL RAFEEQUE A.V., AZHUVALAPPIL HOUSE,
          PONNIYAKURUSSI P.O., PERINTHALMANNA,
          MALAPPURAM DISTRICT - 679 322.

          BY ADV U.K.DEVIDAS


RESPONDENT:

          UCO BANK
          PERINTHALMANNA BRANCH, V.K.COMPLEX, MANNARKKAD ROAD,
          PERINTHALMANNA P.O., MALAPPURAM DISTRICT - 679 322,
          REPRESENTED BY THE AUTHORIZED OFFICER.

          BY ADV.
          SRI.H.RAMANAN - S.C.
     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
26.04.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 14461 OF 2022
                                  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

(SARFAESI Act). The petitioners have availed a credit facility from

the respondent Bank and consequent to the default committed by

the petitioners 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. The learned standing counsel appearing for the Bank

submits that as on date, an amount of Rs.22,78,000/- is in arrears. 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 18 equal monthly instalments commencing

from 30th May, 2022 onwards. The subsequent instalments shall be WP(C) NO. 14461 OF 2022

paid by the petitioners on 30th 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/-

ZIYAD RAHMAN A.A.

JUDGE

scs WP(C) NO. 14461 OF 2022

APPENDIX OF WP(C) 14461/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE DATED 21/04/2022 UNDER RULE 8(11) OF THE SARFAESI RULES ISSUED BY THE RESPONDENT.