Sujith Kumar. T. S vs The Kerala State Co-Operative ...
2023 Latest Caselaw 3621 Ker

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W.P.C No. 10786 of 2023


              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. 10786 OF 2023
PETITIONER/S:

              SUJITH KUMAR. T. S
              AGED 31 YEARS
              S/O. SIVAN, THANNIKKATTIL HOUSE, AVOLI P.O.,
              MUVATTUPUZHA, ERNAKULAM, PIN - 686667
              BY ADVS.
              SHAKTHI PRAKASH
              ARYA UNNIKRISHNAN


RESPONDENT/S:

     1        THE KERALA STATE CO-OPERATIVE BANK LTD
              REPRESENTED BY ITS AUTHORIZED OFFICER, PAMPAKUDA
              BRANCH, PAMPAKUDA, ERNAKULAM, PIN - 686667
     2        THE AUTHORIZED OFFICER
              THE KERALA STATE CO-OPERATIVE BANK LTD,
              PERUMBAVOOR MAIN BRANCH, YATHRI NIVAS SHOPPING
              COMPLEX, PERUMBAVOOR, ERNAKULAM, PIN - 683542
              BY ADV M.SASINDRAN


OTHER PRESENT:

              ADV M.SASINDRAN- SC


       THIS    WRIT       PETITION    (CIVIL)     HAVING    COME    UP    FOR
ADMISSION      ON    29.03.2023,       THE     COURT   ON   THE    SAME   DAY
DELIVERED THE FOLLOWING:
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W.P.C No. 10786 of 2023




                           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 availed a credit facility from the respondent

Bank and consequent to the default committed by the petitioner in

repaying the amount, the said account was 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.10,81,918/- is in arrears

towards the overdue instalments. 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 loan

W.P.C No. 10786 of 2023

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 30 th day of every

month. Along with the aforesaid payment, regular monthly

instalments 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 shall be at liberty to proceed with the

recovery proceedings from the stage at which it was stopped.

Subject to the above direction, the recovery proceedings against

the petitioner is directed to be kept in abeyance.

Sd/-

ZIYAD RAHMAN A.A JUDGE rpk

W.P.C No. 10786 of 2023

APPENDIX OF WP(C) 10786/2023

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE DATED 13.03.2023 ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER