Rajan.K vs The Authorized Officer
2024 Latest Caselaw 11715 Ker

Kerala High Court

Rajan.K vs The Authorized Officer on 25 April, 2024

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
           THE HONOURABLE MR.JUSTICE ZIYAD RAHMAN A.A.
     THURSDAY, THE 25TH DAY OF APRIL 2024 / 5TH VAISAKHA, 1946
                        WP(C) NO. 16521 OF 2024
PETITIONER/S:

          RAJAN.K
          AGED 61 YEARS
          S/O RAMANKUTTY NAIR, RESIDING AT SREEVALSAM-KONDAYIL
          HOUSE, KARAKKAD, KAVALAPPARA, VANIYAMKULAM .P.O
          PALAKKAD, PIN - 679523
          BY ADVS.
          K.R.AVINASH (KUNNATH)
          ABDUL RAOOF PALLIPATHn
          PRAJIT RATNAKARAN


RESPONDENT/S:

    1     THE AUTHORIZED OFFICER
          KERALA STATE CO-OPERATIVE BANK LIMITED REGIONAL
          OFFICE , HEAD POST OFFICE ROAD, SULTANPET PALAKKAD P.O,
          PALAKKAD DISTRICT, PIN - 678001
    2     THE BRANCH MANAGER,
          KERALA STATE CO-OPERATIVE BANK LIMITED. (KERALA BANK) -
          SHORNUR BRANCH. SANTHOSH ARCADE,SHORNUR.P.O,PALAKKAD,
          PIN - 679121
OTHER PRESENT:

          SRI. M. SASINDRAN - SC


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
25.04.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 16521 OF 2024
                                                  2



                                        JUDGMENT

Dated this the 25th day of April, 2024

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 is declared as NPA. Accordingly, recovery

proceedings have been initiated which is impugned in

this writ petition.

2. Heard.

3. The learned counsel appearing for the Bank

submits that as on 31.03.2024, an amount of

Rs.43,70,125/- is in outstanding. 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 in reasonable

monthly installments.

WP(C) NO. 16521 OF 2024

In such circumstances, this writ petition is

disposed of granting an opportunity to the petitioner to

clear the entire amount along with interest, in 12 equal

monthly instalments commencing from 01.06.2024 onwards.

The subsequent instalments shall be paid by the

petitioner on 1st 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 is directed to be kept in abeyance.

Sd/-

ZIYAD RAHMAN A.A. JUDGE SM WP(C) NO. 16521 OF 2024

APPENDIX OF WP(C) 16521/2024

PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE SALE NOTICE DATED 03.02.2024 ISSUED BY THE 1ST RESPONDENT