Shiraz.P.A vs Mattancherry Mahajanik Co-Operative ...
2024 Latest Caselaw 11718 Ker

Kerala High Court

Shiraz.P.A vs Mattancherry Mahajanik Co-Operative ... 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. 16551 OF 2024
PETITIONER:

          SHIRAZ.P.A
          AGED 59 YEARS
          S/O.ABOOBACKER, AGED 59 YEARS, 1/708A, PADIYATH HOUSE,
          VADATHAZHA LANE, FORT KOCHI, FORT KOCHI (P.O),
          KOCHI TALUK, ERNAKULAM DISTRICT, PIN - 682001
          BY ADVS.
          C.AJITH KUMAR
          RAJEEVU L.G.
          VARSHA S.S.


RESPONDENT:

          MATTANCHERRY MAHAJANIK CO-OPERATIVE URBAN BANK LTD.
          NO.-665, PALLIYARAKKAVU ROAD, KOCHI, REPRESENTED BY ITS
          AUTHORIZED OFFICER, PIN - 682002


          SMT. NISHA GEORGE - SC


       THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
  25.04.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C) . No. 16551 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 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. Heard.

3. The learned counsel appearing for the Bank submits

that as on date, an amount of Rs.13,11,691/- is in

arrears/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 instalments.

In such circumstances, this writ petition is disposed of

granting an opportunity to the petitioner to clear the entire

amount along with interest, in 15 (fifteen) 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 AP

APPENDIX OF WP(C) 16551/2024

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE POSSESSION NOTICE DATED 27/06/2023 ISSUED BY THE RESPONDENT Exhibit P2 TRUE COPY OF THE NOTICE DATED 22/03/2024 ISSUED BY THE ADVOCATE COMMISSIONER IN M.C 878/2023 OF ACJM (MP/MLA) COURT, ERNAKULAM