Kerala High Court
Manoj Bhaskaran S vs State Bank Of India Represented By Its ... 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. 16801 OF 2024
PETITIONER:
MANOJ BHASKARAN S
AGED 51 YEARS
BHASKARA VILAS, TC 13/765, VADAYAKKADU JUNCTION,
THIRUVANANTHAPURAM, PIN - 695034
BY ADVS.
S.GOKUL BABU
KESHAVRAJ NAIR
PARVATHY NAIR
GAADHA SURESH
ARUN M.V.
VISWANATH JAYAN
RESPONDENT:
STATE BANK OF INDIA REPRESENTED BY
ITS AUTHORISED OFFICER
RETAIL ASSETS CENTRAL PROCESSING CENTRE,
LMS COMPOUND, THIRUVANANTHAPURAM, PIN - 695034
OTHER PRESENT:
SC SRI. TOM.K. THOMAS
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
03.05.2024, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
WP(C) NO. 16801 OF 2024
- : 2 :-
JUDGMENT
The petitioner is challenging the recovery proceedings initiated
against him 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.S.Gokul Babu, learned counsel for the
petitioner and Sri.Tom.K. Thomas, the learned counsel for the
respondent.
4. The learned counsel appearing for the Bank submits that
as on date, an amount of Rs.30,72,201/- 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. The learned
WP(C) NO. 16801 OF 2024
- : 3 :-
counsel further submitted that Rs.20,26,000/- is required for
regularization of the account.
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 6 equal monthly instalments commencing
from 01.06.2024 onwards. The subsequent instalments shall be paid
by the petitioner on 5th 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, JUDGE
AS
WP(C) NO. 16801 OF 2024
- : 4 :-
APPENDIX OF WP(C) 16801/2024
PETITIONER EXHIBITS
EXHIBIT P1 TRUE COPY OF THE NOTICE ISSUED BY THE
RESPONDENT BANK U/S 13(2) OF THE SARFESI
ACT DATED 29-02-2024.
EXHIBIT P2 TRUE COPY OF THE DISCHARGE SUMMARY OF
PETITIONER'S WIFE FROM AL SHARQ HOSPITAL
DATED 8-02-2024.
