Sreelal P vs The Kottakkal Co-Operative Urban ...
2023 Latest Caselaw 3665 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. 11220 OF 2023
AGAINST THE ORDER/JUDGMENTMC 320/2019 OF CHIEF JUDICIAL MAGISTRATE
                               ,MANJERI
PETITIONER:

          SREELAL P
          AGED 25 YEARS
          SON OF SRI. KUTTIKRISHNAN, PARAMPATTIL HOUSE,
          KAREKKAD P.O, MELMURI, MALAPPURAM, KERALA,
          PIN - 676553
          BY ADVS.
          LUKE J CHIRAYIL
          AMAL JOSE
          ELSA MARY THOMAS
          JASNI JALAL



RESPONDENTS:

    1     THE KOTTAKKAL CO-OPERATIVE URBAN BANK LTD.
          VENNIYOUR, MALAPPURAM, KERALA
          REPRESENTED BY ITS AUTHORISED OFFICER,
          PIN - 676508
    2     THE CHIEF MANAGER
          THE KOTTAKKAL CO-OPERATIVE URBAN BANK LTD. VENNIYOUR,
          MALAPPURAM, KERALA, PIN - 676508

          BY ADV Devaprasanth P.J



OTHER PRESENT:

          ADV Devaprasanth P.J-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. 11220 OF 2023
                                   2



                     ZIYAD RAHMAN A.A., J.
                   ------------------------------------

                     WP(C).No.11220 of 2023
                 --------------------------------------
             Dated this the 29th day of March, 2023



                          JUDGMENT

The petitioner is challenging the recovery proceedings

initiated against him under the Securitisation and

Reconstruction of Financial Assests 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 date, an amount of Rs.5,00,355/- 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 along

with future interest and other charges in reasonable monthly WP(C) NO. 11220 OF 2023

instalments.

In such circumstances, this writ petition is disposed of

granting an opportunity to the petitioner shall deposit

Rs.25,000/- on or before 31.03.2023 the remaining amount

shall be paid in 10 equal monthly instalments the first of it

commencing from 30th April, 2023 onwards. The subsequent

instalments shall be paid by the petitioner on 30 th day of

every 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 are

directed to be kept in abeyance.

Sd/-

ZIYAD RAHMAN A.A.

JUDGE saap WP(C) NO. 11220 OF 2023

APPENDIX OF WP(C) 11220/2023

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE DEATH CERTIFICATE ISSUED BY THE MARAKKARA GRAMA PANCHAYAT EVIDENCING THE DEATH OF SRI.

KUTTIKRISHNAN, HAVING REGISTRATION NUMBER 46/2023 DATED 13.03.2023.

Exhibit P2 THE TRUE COPY OF THE POSSESSION NOTICE DATED 20.03.2023 ISSUED BY THE SAID COMMISSIONER IN PURSUANT TO M.C NO: 320/2019 INDICATING TO TAKE POSSESSION ON 30.03.2023, ON THE FILES OF THE HONORABLE MAGISTRATE COURT MANJERRY

Exhibit P2(a) THE TRUE TYPED COPY OF EXT.P2

Exhibit P3 THE TRUE COPY OF THE CASE STATUS IN M.C NO: 320/2019 ON THE FILES OF THE HONORABLE MAGISTRATE COURT MANJERRY

//True copy//PA to Judge