Vividha Baburaj vs The Authorized Officer
2023 Latest Caselaw 3679 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. 11154 OF 2023
PETITIONER:

          VIVIDHA BABURAJ
          AGED 39 YEARS
          W/O BABURAJ, VIVIDHIYAM, KOTTAYI, PALAKKAD.,
          PIN - 678572
          BY ADVS.
          RAJESH SIVARAMANKUTTY
          ARUL MURALIDHARAN



RESPONDENTS:

    1     THE AUTHORIZED OFFICER
          STATE BANK OF INDIA (AUTHORIZED OFFICER UNDER
          SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS
          AND ENFORCEMENT OF SECURITY INTEREST ACT) RETAIL ASSET
          SMALL AND MEDIUM ENTERPRISES CENTRE (RASMEC-10213), SBI
          BUILDING, ENGLISH CHURCH ROAD, PALAKKAD., PIN - 678001

    2     THE BRANCH MANAGER
          STATE BANKOF INDIA, NRI BRANCH, DOOR NO.11/919-1,
          GROUND FLOOR, ROBINSON ROAD, PALAKKAD., PIN - 678001


OTHER PRESENT:

          ADV LEKSHMI S-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. 11154 OF 2023
                                       2

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

                      WP(C).No.11154 of 2023
                  --------------------------------------
              Dated this the 29th day of March, 2023


                                JUDGMENT

The petitioner is challenging the recovery proceedings

initaited against him under the Securitisation and

Reconstruction of Financial Assests and Enforcement of

Security Interest Act, 2002. The petitioner availed two credit

facilities from the respondent Bank for Rs.20,00,000/- and

Rs.47,882/- respectively. Consequent to the default committed

by the petitioner in repaying the amount, the said accounts

were 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 28/03/2023, an amount of Rs.6,47,000/- is in arrears

towards the installment overdues. 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 WP(C) NO. 11154 OF 2023

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

account by paying the instalment overdue as mentioned above

along with interest due thereon 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. Along with the aforesaid payment, regular

monthly instalment 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 saap WP(C) NO. 11154 OF 2023

APPENDIX OF WP(C) 11154/2023

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE DATED 16-2-2023 ISSUED IN M.C. NO. 39/2023 ON THE FILES OF CHIEF JUDICIAL MAGISTRATE COURT, PALAKKAD

//True copy//PA to Judge