Joy A.M vs The South Indian Bank Limited
2023 Latest Caselaw 3672 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. 11253 OF 2023
PETITIONER:

          JOY A.M
          AGED 50 YEARS
          S/O. MATHAI, RESIDING AT ARUMACKAL,MADAPURACHAL,
          MANATHANA P O,KANICHAR, KANICHAR, KANNUR DISTRICT,
          PIN - 670674
          BY ADVS.
          RESHMA E.
          JACKSON JOHNY



RESPONDENT:

          THE SOUTH INDIAN BANK LIMITED
          HEAD OFFICE AT THRISSUR, REP. BY AUTHORIZED OFFICER
          OFFICE AT REGIONAL OFFICE,DOOR NO.4/110-K,
          KVR TOWER,PAMPAN MADHAVAN ROAD ,
          TALAP KANNUR DISTRICT, PIN - 670002
          BY ADV SUNIL SANKAR.P.



OTHER PRESENT:

          ADV SUNIL SANKAR.P.- 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. 11253 OF 2023
                                   2

                      ZIYAD RAHMAN A.A., J.
                    ------------------------------------
                       WP(C).No.11253 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.15,02,000/- 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 instalments. WP(C) NO. 11253 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 10 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. 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. 11253 OF 2023

APPENDIX OF WP(C) 11253/2023

PETITIONER EXHIBITS

Exhibit P1 THE TRUE COPY OF THE AUTHORIZATION CERTIFICATE ISSUED BY THE AGRICULTURAL OFFICER, KRISHI BAHAVAN, KANICHAR DATED 16.03.2023 AUTHORIZING THAT THE PETITIONER IS AN AGRICULTURIST.

Exhibit P2 THE TRUE COPY OF THE PHOTOGRAPHS OF THE AGRICULTURAL LAND

Exhibit P3 THE TRUE COPY OF LAND TAX RECEIPT DATED 15.09.2021

Exhibit P4 THE TRUE COPY OF THE LEASE AGREEMENT DATED 05.11.2019 MADE BETWEEN SMT.UMA .L (LESSOR) AND THE PETITIONER (LESSEE)

Exhibit P5 A TRUE COPY OF THE DEMAND NOTICE DATED 09.11.2022

Exhibit P6 THE TRUE COPY OF THE REQUEST LETTER DATED 08.12.2022 SENT BY THE PETITIONER

Exhibit P7 THE TRUE COPY OF POSSESSION NOTICE DATED 06.03.2023 ISSUED BY THE RESPONDENT UNDER RULE 8 (1) OF THE ENFORCEMENT RULES

//True copy//PA to Judge