Jayan K.N vs Kerala State Co-Operative Bank ...
2022 Latest Caselaw 4728 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. 14451 OF 2022
PETITIONERS:

    1     JAYAN K.N
          AGED 51 YEARS
          S/O. NEELAKANDANCAHARY, KORAVATTEKKUTTE,
          VELIYANNOOR P.O, THAMARAKKADU, KOTTAYAM DISTRICT
          PIN 686 634

    2     VISHAKH MANI
          AGED 26 YEARS
          MEPRAMADATHIL, VELIYANNOOR P.O,
          THAMARAKKADU, KOTTAYAM DISTRICT PIN 686 634

          BY ADVS.

          K.S.ARUN KUMAR
          RAJEE P MATHEWS
          AMRUTHA K P
          AMRUTHA P S
          SRUTHY UNNIKRISHNAN
          ANANDALAKSHMI SANKARARAMAN


RESPONDENTS:

    1     KERALA STATE CO-OPERATIVE BANK
          KOTTAYAM REGIONAL OFFICE, P.B NO 140 CENTRAL JUNCTION,
          KOTTAYAM PIN 686 001 REPRESENTED BY MANAGER

    2     THE AUTHORIZED OFFICER
          KERALA STATE CO-OPERATIVE BANK ,
          KOTTAYAM REGIONAL OFFICE, P.B NO. 140
          CENTRAL JUNCTION, KOTTAYAM PIN 686 001

          BY ADV ATHUL SHAJI


     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. 14451 OF 2022
                                     2

                             JUDGMENT

The petitioners are challenging the recovery proceedings

initiated against him under the Securitisation and Reconstruction of

Financial Assets and Enforcement of Security Interest Act, 2002

(SARFAESI Act). The 2nd petitioner has availed a credit facility

from the respondent Bank on security of the property of the 1 st

petitioner, and consequent to the default committed by the 2nd

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. The learned counsel appearing for the Bank submits that

as on date, an amount of Rs.2,14,980/- 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 regularise

the loan account by paying the entire instalment overdue along with

interest in reasonable monthly instalments.

In such circumstances, this writ petition is disposed of

granting an opportunity to the petitioners to regularise the loan WP(C) NO. 14451 OF 2022

account by paying the instalment overdue as mentioned above along

with interest due thereon in 10 equal monthly instalments

commencing from 15th May, 2022 onwards. The subsequent

instalments shall be paid by the petitioners on 15th day of every

month. Along with the aforesaid payment, regular monthly

instalment shall also be paid. In case of default on the part of the

petitioners 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 petitioners is directed to be kept in

abeyance.

Sd/-

ZIYAD RAHMAN A.A.

JUDGE scs WP(C) NO. 14451 OF 2022

APPENDIX OF WP(C) 14451/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE ISSUED BY THE 1ST RESPONDENT DATED 03-10-2021 Exhibit P2 TRUE COPY OF THE NOTICE SENT BY THE 2ND RESPONDENT TO THE PETITIONERS DATED 30-11-2021 Exhibit P3 THE TRUE COPY OF THE NOTICE FOR TAKING POSSESSION DATED 23-03-2022