Ashok Kumar vs The Authorised Officer, State ...
2022 Latest Caselaw 4763 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. 14573 OF 2022


PETITIONER/S:

            ASHOK KUMAR
            AGED 51 YEARS
            MELATHIL THODIYIL VEEDU, MOOZHIYIL, MYLAKKAD,
            KOLLAM, PIN-691 571

            BY ADV M.R.SASITH



RESPONDENT/S:

            THE AUTHORISED OFFICER, STATE BANK OF INDIA
            STATE BANK OF INDIA, RACP, KOLLAM-691 001

            BY SRI.JAWAHAR JOSE, 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. 14573 OF 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

Act, 2002 (SARFAESI Act).

2. 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.

3. The learned Standin Counsel appearing for the

Bank submits that as on date, an amount of

Rs.6,90,744/- (Rupees six lakh ninety thousand

seven hundred and forty four only) is in

arrears. It is submitted by the learned

Standing Counsel for the Bank upon

instructions that they are amenable for

granting an opportunity to the petitioner to WP(C) NO. 14573 OF 2022

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repay the said amount in reasonable monthly

instalments.

In such circumstances, this writ petition is

disposed of granting an opportunity to the

petitioner to clear the entire amount along

with interest, in 12 equal monthly instalments

commencing from 15th May, 2022 onwards. The

subsequent instalments shall be paid by the

petitioner on 15th day of every month. In case

of default on the part of the petitioner 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 petitioner is directed to be kept

in abeyance.

Sd/-

ZIYAD RAHMAN A.A.

JUDGE bka/26.04.2022 WP(C) NO. 14573 OF 2022

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APPENDIX OF WP(C) 14573/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY SALE NOTICE ISSUED BY THE RESPONDENT