Muhsina N.K vs The Authorized Officer
2024 Latest Caselaw 11723 Ker

Kerala High Court

Muhsina N.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. 16149 OF 2024


PETITIONER:

             MUHSINA N.K
             AGED 23 YEARS
             D/O ABDUL SALEEM N.K., LAILA MANZIL,
             NORTH KARASSERY, MUKKOM,
             KOZHIKODE DISTRICT, PIN - 673602
             BY ADVS.
             JEFRIN JOSE
             ARCHANA K.S.
             S.SURESH BABU


RESPONDENTS:

      1      THE AUTHORIZED OFFICER
             STRESSED ASSETS RECOVERY BRANCH II,
             STATE BANK OF INDIA, R.S. BUILDING,
             M.G. ROAD, ERNAKULAM,
             PIN - 682011
      2      STATE BANK OF INDIA
             SMEC KOZHIKODE, 1ST FLOOR,
             SBI CALICUT BRANCH, BANK ROAD,
             MANANCHIRA, KOZHIKODE DISTRICT
             REPRESENTED BY BRANCH MANAGER,
             PIN - 673001
             SMT. S. LAKSHMI - 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.16149 OF 2024
                                  2



                             JUDGMENT

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 date, an amount of Rs. 32,62,777/- 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 WP(C) NO.16149 OF 2024

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

sms WP(C) NO.16149 OF 2024

APPENDIX OF WP(C) 16149/2024

PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE NOTICE DATED 3/1/2024 ISSUED BY THE RESPONDENT BANK TO THE PETITIONER Exhibit P2 A TRUE COPY OF THE REPLY NOTICE DATED 22/1/2024 ISSUED BY THE COUNSEL OF THE PETITIONER TO THE 2ND RESPONDENT Exhibit P3 A TRUE COPY OF THE NOTICE DATED 8/2/2024 ISSUED BY THE 1ST RESPONDENT BANK TO THE PETITIONER Exhibit P4 A TRUE COPY OF THE BANK STATEMENT OF THE PETITIONER'S LOAN ACCOUNT DATED 5/4/2024 EVIDENCING THE LOAN AVAILED BY THE PETITIONER UNDER STAND UP INDIA SCHEME