Rony P J vs Chief Manager/Authorised ...
2023 Latest Caselaw 3660 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. 11110 OF 2023
PETITIONER/S:

     1     RONY P J
           AGED 43 YEARS
           S/O. P.L. JOSE,
           PULIKKOTTIL HOUSE, BETHELAHEM NAGAR,
           KOLANGATTUKARA, THRISSUR, PIN - 680541

     2     SMIJA RONY
           AGED 36 YEARS
           W./O RONY PULIKKOTTIL HOUSE,
           BETHELAHEM NAGAR, KOLANGATTUKARA,
           THRISSUR-, PIN - 680541

           BY ADV SEBASTIAN JOSEPH (KURISUMMOOTTIL)


RESPONDENT/S:

     1     CHIEF MANAGER/AUTHORISED OFFICER
           BANK OF BARODA, CHAVAKKAD BRANCH,
           CITY PLAZA BUILDING, ENAMMAVU ROAD,
           CHAVAKKAD,THRISSUR DISTRICT-, PIN - 680506

     2     BANK OF BARODA
           CITY PLAZA BUILDING, ENAMMAVU ROAD,
           CHAVAKKAD,THRISSUR DISTRICT
           REP. BY ITS MANAGER., PIN - 680506

           BY ADVS.
           R.REMA
           ROJO JOSEPH

           ADV K ANAND-SC


     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. 11110 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 was declared as NPA. Accordingly, recovery

proceedings have been initiated, which is impugned in this

writ petition.

2. Sri. K. Anand, the learned Standing Counsel

appearing for the Bank, submits that, as on date, an amount

of Rs. 28,33,855/- 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

regularise the loan account by paying the entire installment

overdue along with interest in reasonable monthly

installments. It is submitted by the learned counsel that the

total amount of installment overdue comes to Rs.2,65,258/-. WP(C) NO. 11110 OF 2023

In such circumstances, this writ petition is disposed of,

granting an opportunity to the petitioner to regularise the loan

account by paying the installment overdue as mentioned

above, along with interest due thereon in twelve equal

monthly installments commencing from 30th April, 2023

onwards. The subsequent installments shall be paid by the

petitioner on 30th 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 petitioner in

payment of any of the installments, including regular monthly

installments, the aforesaid facility shall stand cancelled, upon

which the Bank will be at liberty to proceed with the recovery

proceedings from the point 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 avs WP(C) NO. 11110 OF 2023

APPENDIX OF WP(C) 11110/2023

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE DATED 20/01/2023 ISSUED BY THE LST RESPONDENT