Shibili Salu vs The Authorized Officer
2024 Latest Caselaw 11892 Ker

Kerala High Court

Shibili Salu 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. 16929 OF 2024
PETITIONER:

              SHIBILI SALU,
              AGED 48 YEARS
              W/O. SALU MATHEW, RESIDING AT THONDIPPARAMBIL HOUSE,
              KOOTTICKAL POST MUNDAKKAYAM VILLAGE, KOTTAYAM,
              PIN - 686514
              BY ADV JOSEPH T.JOHN


RESPONDENT:

              THE AUTHORIZED OFFICER,
              AXIS BANK LIMITED, 5TH FLOOR, CHICAGO PLAZA RAJAJI ROAD,
              ERNAKULMA, PIN - 682035


              SRI.P.PAULOCHAN ANTONY - 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. 16929 of 2024
                                     2


                            JUDGMENT

Dated this the 3rd day of May, 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.

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.

4. The learned counsel appearing for the Bank

submits that as on date, an amount of Rs.3,04,700/- is

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 12 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 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/-

DR. KAUSER EDAPPAGATH SK JUDGE

APPENDIX OF WP(C) 16929/2024

PETITIONER EXHIBITS :

Exhibit-P1 A TRUE COPY OF THE STATEMENT OF ACCOUNT TO THE RESPONDENT BANK FROM 22.03.2018 TO 10.03.2024 Exhibit-P2 A TRUE COPY OF THE POSSESSION NOTICE UNDER SECTION 13(4) OF SRFAESI ACT ISSUED BY RESPONDENT BANK DATED 17-2-2024