Akhil Ponnappan vs The Kerala State Co-Operative ...
2023 Latest Caselaw 3615 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
              THE HONOURABLE MR.JUSTICE ZIYAD RAHMAN A.A.
    WEDNESDAY, THE 29TH DAY OF MARCH 2023 / 8TH CHAITHRA, 1945
                        WP(C) NO. 11091 OF 2023
PETITIONER:

          AKHIL PONNAPPAN
          AGED 32 YEARS
          S/O PONNAPPAN, ILLICKANIRAPPEL HOUSE,
          ILLIKUNNU, PALAKUZHA, PIN - 686662

          BY ADV AMEER SALIM


RESPONDENT:

          THE KERALA STATE CO-OPERATIVE BANK LTD
          PERUMBAVOOR MAIN BRANCH, BUILDING NO. XXI/797,
          YATHRI NIVAS SHOPPING COMPLEX, AM ROAD, PERUMBAVOOR,
          ERNAKULAM, PIN - 683542
          REPRESENTED BY ITS AUTHORIZED OFFICER,

          BY ADV N.RAGHURAJ


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
29.03.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 11091 OF 2023
                                      2

                                JUDGMENT

The petitioner is challenging the recovery proceedings

initiated against him under the Securitisation and

Reconstruction of Financial Assets and Enforcement of

Security Interest 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 21.03.2023, an amount of Rs.2,17,861/-

(Rupees two lakh seventeen thousand eight hundred and

sixty one only) is in arrears towards the installment overdues.

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 instalment overdue along with interest in

reasonable monthly instalments.

In such circumstances, this writ petition is disposed of

granting an opportunity to the petitioner to regularise the WP(C) NO. 11091 OF 2023

loan account by paying the instalment overdue as mentioned

above along with interest due thereon in 12 equal monthly

instalments commencing from 30th April, 2023 onwards. The

subsequent instalments shall be paid by the petitioner on or

before 30th day of every succeeding months. Along with the

aforesaid payment, regular monthly instalment 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 scs WP(C) NO. 11091 OF 2023

APPENDIX OF WP(C) 11091/2023

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE NO.768/229 DATED 19.05.2022 Exhibit P2 TRUE COPY OF THE NOTICE NO.

009768000000229 DATED 14.07.2022 ISSUED BY THE RESPONDENT TO THE PETITIONER