Rajesh Karappilly Thankappan vs Federal Bank
2022 Latest Caselaw 4762 Ker

W.P.C.No.14522/2022                         1

             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. 14522 OF 2022
PETITIONER:

             RAJESH KARAPPILLY THANKAPPAN,
             AGED 48 YEARS,
             S/O.THANKAPPAN, KARAPPILLY HOUSE, PUTHIYA ROAD,
             EROOR, ERNAKULAM-682 306.

             BY ADV E.V.MOLY



RESPONDENT:

             FEDERAL BANK,
             LCRD ERNAKULAM DIVISION, GROUND FLOOR,
             FEDERAL TOWERS, MARINE DRIVE, COCHIN-682031,
             REP.BY ITS AUTHORIZED OFFICER.


      THIS    WRIT      PETITION     (CIVIL)       HAVING    COME    UP    FOR
ADMISSION     ON      26.04.2022,     THE       COURT   ON   THE    SAME   DAY
DELIVERED THE FOLLOWING:
 W.P.C.No.14522/2022                   2



                             JUDGMENT

The petitioner is challenging the recovery proceedings

initiated against him under the Secularization and

Reconstruction of Financial Assets and Enforcement of

Security Interest [SARFAESI] Act, 2002. The 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. The learned counsel appearing for the Bank

submits that as on date, an amount of Rs.3,73,000/- (Rupees

three lakhs seventy three thousand only) 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 regularize the

loan account by paying the entire installment overdue along

with interest in reasonable monthly installments.

In such circumstances, this writ petition is disposed of

granting an opportunity to the petitioner to regularize the

loan account by paying the installment overdue as

mentioned above along with interest due thereon in eight

equal monthly installments commencing from 15 th 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 installments 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 DG/26.4.22

APPENDIX OF WP(C) 14522/2022

PETITIONER EXHIBITS

Exhibit P1 THE TRUE COPY OF THE POSSESSION NOTICE DATED 25.3.2022 ISSUED BY THE RESPONDENT BANK.