Renjithkumar A vs Authorised Officer, Indian Bank ...
2022 Latest Caselaw 5282 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                  PRESENT
             THE HONOURABLE MR.JUSTICE ZIYAD RAHMAN A.A.
        TUESDAY, THE 17TH DAY OF MAY 2022 / 27TH VAISAKHA, 1944
                        WP(C) NO. 16034 OF 2022
PETITIONER/S:

    1       RENJITHKUMAR A
            AGED 41 YEARS
            S/O ACHUTHAN PILLAI;
            RESIDING AT: RENJITH BHAVAN,
            MYLAKKADU P.O., KOLLAM., PIN - 691571

    2       SAJITHA V S
            AGED 33 YEARS
            W/O RENJITHKUMAR,
            RESIDING AT: RENJITH BHAVAN,
            MYLAKKADU P.O., KOLLAM., PIN - 691571

            BY ADVS.
            M.KIRANLAL
            V.M.VISHNU MOHAN
            GEETHU KRISHNAN
            HARSHA SUSAN SAM
            SABIKH MOHAMMED V.S
            MANU RAMACHANDRAN
            R.RAJESH (VARKALA)
            T.S.SARATH
            SAMEER M NAIR


RESPONDENT/S:

            AUTHORISED OFFICER, INDIAN BANK KOTTIYAM;
            OFFICE AT: AR COMPLEX, FIRST FLOOR,
            KOTTIYAM, KOLLAM, KERALA., PIN - 691571

            BY ADV S.EASWARAN


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
17.05.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 16034 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. 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 counsel appearing for the Bank

submits that as on date, an amount of Rs. 2,54,269/- is

in arrears towards the installments. 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 installment overdue along with interest in

reasonable monthly installments.

In such circumstances, this writ petition is disposed WP(C) NO. 16034 OF 2022

of granting an opportunity to the petitioners to

regularise the loan account by paying the installment

overdue as mentioned above along with interest due

thereon in 8 equal monthly installments commencing

from 15th June, 2022 onwards. The subsequent

installments shall be paid by the petitioners 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 petitioners in payment of

any of the installments including regular monthly

installments, the aforesaid facility shall stand cancelled,

upon which the Bank shall be at liberty to proceed with

the recovery proceedings. Subject to the above

direction, the recovery proceedings against the

petitioners are directed to be kept in abeyance.

Sd/-

ZIYAD RAHMAN A.A., JUDGE LU WP(C) NO. 16034 OF 2022

APPENDIX OF WP(C) 16034/2022

PETITIONER EXHIBITS

EXHIBIT P1 A TRUE COPY OF THE PASSBOOK OF PETITIONER'S LOAN ACCOUNT ISSUED BY RESPONDENT BANK EXHIBIT P2 A TRUE COPY OF THE SALE NOTICE DATED 02.09.2021 ISSUED BY RESPONDENT EXHIBIT P3 A TRUE COPY OF THE 1ST PETITIONER'S DISCHARGE MEMO ISSUED FROM MEDICAL COLLEGE THIRUVANATHAPURAM EXHIBIT P4 A TRUE COPY OF THE DEPOSIT SLIP DATED 25.04.2022 PAYED INTO RESPONDENT BANK

// True Copy // PA To Judge