Kerala High Court
Zaidabi vs The Authorized Officer on 3 May, 2024
Author: Kauser Edappagath
Bench: Kauser Edappagath
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE DR. JUSTICE KAUSER EDAPPAGATH
FRIDAY, THE 3RD DAY OF MAY 2024 / 13TH VAISAKHA, 1946
WP(C) NO. 16827 OF 2024
PETITIONER:
ZAIDABI
AGED 53 YEARS
W/O SULAIMAN, R/AT ETHIRTHODE HOUSE, PADY, KASARAGOD,
PIN - 671541
BY ADV KODOTH SREEDHARAN
RESPONDENTS:
1 THE AUTHORIZED OFFICER
INDIAN BANK, ZONAL OFFICE, KOZHIKKODE, PIN - 673011
2 THE BRANCH MANAGER
INDIAN BANK, KASARAGOD BRANCH, KASARAGOD, PIN - 671121
SRI.BINOY VASUDEVAN - SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
03.05.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P.(C).No. 16827 of 2024
2
JUDGMENT
Dated this the 3rd day of May, 2024
The petitioner is challenging the recovery
proceedings initiated against her under the Securitization and
Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002.
2. 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.
3. Heard Sri. Kodoth Sreedharan, the learned counsel for
the petitioner and Sri. Binoy Vasudevan, the learned standing
counsel for the respondents.
4. The learned counsel appearing for the Bank submits
that as on date, an amount of Rs.1,89,200/- is overdue in the
loan. 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 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 5 equal monthly instalments
commencing from 01.06.2024 onwards. The subsequent
instalments shall be paid by the petitioner on the 5 th day of
every succeeding months. 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 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/-
DR. KAUSER EDAPPAGATH
SK
JUDGE
APPENDIX OF WP(C) 16827/2024
PETITIONER EXHIBITS :
Exhibit P1 TRUE COPY OF THE NOTICE DATED 10/01/2024
ISSUED BY THE 1ST RESPONDENT.
Exhibit P2 TRUE COPY OF THE ADVOCATE COMMISSIONER NOTICE
DATED 17/04/2024 ISSUED BY THE CHIEF JUDICIAL
MAGISTRATE COURT, KASARAGOD
Exhibit P3 TRUE COPY OF THE LEDGER EXTRACT AND THE
CERTIFICATE OF INTEREST ISSUED BY THE BANK
