Mukesh Palakkodan vs The Nilambur Co- Operative Urban ...
2023 Latest Caselaw 3617 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. 10112 OF 2023
PETITIONER:

    1     MUKESH PALAKKODAN,
          AGED 31 YEARS
          S/O. RAVEENDRAN P, PALAKKODAN HOUSE, CHERUVANNOOR,
          ELANKOOR (P.O.) MALAPPURAM DISTRICT, PIN - 676122

    2     BALAMANI PALAKKODAN,
          AGED 61 YEARS
          PALAKKODAN HOUSE CHERUVANOOR, ELANKOOR (PO)
          MALAPPURAM DISTRICT, PIN - 676122

          BY ADV RAJAN KUDUMBATHIL


RESPONDENT:

          THE NILAMBUR CO- OPERATIVE URBAN BANK LTD.,
          THRIKKALANGODU BRANCH, MALAPPURAM (DT)
          REP BY THE MANAGER/ MANAGER IN CHARGE/ AUTHORIZED
          OFFICER NILAMBUR CO- OPERATIVE URBAN BANK LTD, HEAD
          OFFICE, NILAMBUR MALAPPURAM, PIN - 679329

          BY ADV DEVAPRASANTH P.J


     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. 10112 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 22.03.2023, an amount of

Rs.5,92,753/- (Rupees five lakh ninety two thousand

seven hundred and fifty three only) is in arrears. It is

submitted by the learned counsel for the Bank upon

instructions that they are amenable for granting an

opportunity to the petitioner to repay the said amount in

reasonable monthly instalments. WP(C) NO. 10112 OF 2023

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 17th April, 2022 onwards.

The subsequent instalments shall be paid by the

petitioner on or before 17th day of every succeeding

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 scs WP(C) NO. 10112 OF 2023

APPENDIX OF WP(C) 10112/2023

PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE PETITION IN C.M.P.

3939/2022 FILED BY THE RESPONDENT BEFORE THE CHIEF JUDICIAL MAGISTRATE COURT, MANJERI. DATED:07/01/2022 Exhibit P2 A TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED:07/03/2023