Jayasree .R vs The Manager
2022 Latest Caselaw 4743 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. 14629 OF 2022
PETITIONERS:

    1     JAYASREE. R
          AGED 50 YEARS
          W/O. KRISHNAKUMAR, 'KRISHNA SREE',
          NEAR GANDHI SQUARE,
          ERNAKULAM, POONITHURA,
          PIN - 682 038.
    2     KRISHNAKUMAR,
          AGED 54 YEARS
          S/O. RAMAN MENON,
          'KRISHNA SREE',
          NEAR GANDHI SQUARE,
          ERNAKULAM, POONITHURA,
          PIN - 682 038.

          BY ADVS.
          M.K. ABOOBACKER
          D.M. NOWFAL


RESPONDENTS:

    1     THE MANAGER
          UNION BANK OF INDIA,
          EZHUPUNNA BRANCH,
          SANJO BUILDING,
          ERAMALLOOR, CHERTHALA,
          PIN - 688 537.
    2     THE AUTHORIZED OFFICER,
          M/S. UNION BANK OF INDIA,
          EZHUPUNNA BRANCH,
          SANJO BUILDING, ERAMALLOOR,
          CHERTHALA, PIN - 688 537.

          SMT. PARVATHY K. - GP
          SRI. A.S.P KURUP - SC


     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.14629 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.4,00,000/-

is in arrears towards installments. 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

installment overdue along with interest in reasonable

monthly installments.

WP(C).No.14629 OF 2022

In such circumstances, this writ petition is disposed of

granting an opportunity to the petitioner to regularise the

loan account by paying the installment overdue as

mentioned above along with interest due thereon in ten

equal monthly installments commencing from 15th May,

2022 onwards. The subsequent installments shall be paid

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

the aforesaid payment, regular monthly installment shall

also be paid. In case of default on the part of the petitioner

in payment of any of the installments including regular

monthly installments, 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 SPR WP(C).No.14629 OF 2022

APPENDIX

PETITIONER'S EXHIBITS:-

EXHIBIT P1 A COPY OF THE DEMAND NOTICE UNDER SECTION 13(2) OF THE SARFAESI ACT DATED 22.04.2021.

EXHIBIT P2 A COPY OF THE REPLY NOTICE ISSUED BY 1ST PETITIONER DATED 09.06.2021.

EXHIBIT P3 A COPY OF THE NOTICE UNDER SECTION 13(4) OF THE SARFAESI ACT DATED 20.09.2021.

   RESPONDENTS EXHIBITS:      NIL.