Prasad T.S vs State Bank Of India
2024 Latest Caselaw 11887 Ker

Kerala High Court

Prasad T.S vs State Bank Of India 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. 16874 OF 2024
PETITIONER:

          PRASAD T.S.,
          AGED 52 YEARS
          S/O. T. SURENDRAN, THRIKARIYOORKARAN HOUSE, AMBUNAD,
          MALYIDAMTHURUTH P.O, KUNNATHUNADU, ERNAKULAM DISTRICT,
          PIN - 683561
          BY ADVS.
          P.MOHAMED SABAH
          LIBIN STANLEY
          SAIPOOJA
          SADIK ISMAYIL
          M.MAHIN HAMZA
          RAYEES P.
          ALWIN JOSEPH
          BENSON AMBROSE


RESPONDENT:

          STATE BANK OF INDIA,
          METRO STATION ALUVA BRANCH, RASMEC ALUVA, SECOND FLOOR,
          ALUVA METRO STATION BUILDING, PD LEVEL 1(LHS), ALUVA
          P.O, ERNAKULAM DISTRICT, REPRESENTED BY ITS BRANCH
          MANAGER, PIN - 683101
          BY ADVS.
          G.G.MANOJ
          S.SARATH PRASAD


     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. 16874 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.P.Mohamed Sabah, learned counsel for the

petitioner and Sri.G.G.Manoj, the learned counsel for the respondent.

4. The learned counsel appearing for the Bank submits that

as on date, an amount of Rs.2,50,688/- 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 4 equal monthly instalments commencing

from 01.06.2024 onwards. The subsequent instalments shall be paid WP(C) NO. 16874 OF 2024

by the petitioner on the 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 Nsd WP(C) NO. 16874 OF 2024

APPENDIX OF WP(C) 16874/2024

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE DATED 16.04.2024 ISSUED BY THE AUTHORIZED OFFICER OF THE RESPONDENT BANK TO THE PETITIONER