Unnikrishnan.M.R vs Kerala State Co-Operative Bank ...
2022 Latest Caselaw 4731 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
                       W.P.(C) NO.14423 OF 2022
PETITIONER:

          UNNIKRISHNAN.M.R.,
          AGED 47 YEARS, S/O. RADHAKRISHNAN,
          MELEZHATH HOUSE,
          KARIPAYI LANE, OPP. SMHS, CHERAI P.O.,
          ERNAKULAM-683 514.

          BY ADVS.N.KRISHNA RAJA MAULI
                  N.S.REHNA


RESPONDENT:

          KERALA STATE CO-OPERATIVE BANK LTD.
          REPRESENTED BY ITS MANAGER,
          MUNAMBAM BRANCH, ERNAKULAM-683 515.

          ADV. N. REGHURAJ, STANDING COUNSEL,
          KERALA STATE CO-OPERATIVE BANK LTD.

     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
26.04.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
                                     -2-
W.P.(C) NO.14423 OF 2022


                                 JUDGMENT

The petitioner is challenging the recovery proceedings

initaated against him under the Securitisation and

Reconstruction of Financial Assests and Enforcement of

Security Interest Act, 2002 (SARFAESI Act). The petitioner

has availed two loans from the 1 st respondent Bank and

consequent to the default committed by the petitioner in

repaying the amount, the said accounts were 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, Rs.2,82,683/- and Rs.17,712/- are in

arrears towards the instalments in respect of the aforesaid

credit facilities. 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

accounts by paying the entire instalment overdue along with

interest in reasonable monthly instalments.

In such circumstances, this writ petition is disposed of

W.P.(C) NO.14423 OF 2022

granting an opportunity to the petitioner to regularise the

loan accounts 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

petitioner on 15th day of every month. Along with the

aforesaid payment, regular monthly instalments 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/-

ZIYAD RAHMAN A.A.

JUDGE bpr

W.P.(C) NO.14423 OF 2022

APPENDIX

PETITIONER'S EXHIBITS

EXHIBIT P1 TRUE COPY OF THE NOTICE ISSUED BY THE RESPONDENT BANK DATED 19.03.2022.