Kerala High Court
Mr. Prashanth. R.N vs The Authorised 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. 16758 OF 2024
PETITIONERS:
1 MR. PRASHANTH. R.N.,
AGED 51 YEARS, S/O RAYAROTH NANU, RAYROTH HOUSE,
THALAMUNDA, KOODALI, POANNUR, PIN - 670592
2 MRS. JOOLY P.K,
AGED 45 YEARS, W/O PRASHANTH R.N.,CHINNAN HOUSE, ODATHIL
PEEDIKA, MAMBA, KANNUR, PIN - 670592
BY ADVS.
SHARAN SHAHIER
RAKHY BABY
TREESA SHAJI
RESPONDENT:
THE AUTHORISED OFFICER,
CANARA BANK, CHAKKARAKKAL BRANCH, GOKULAM, KALYANA
MANADAPAM, HOSPITAL ROAD, CHAKKARAKKAL, PIN - 670613
SC- SRI M.GOPIKRISHNAN NAMBIAR
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. 16758 of 2024
2
JUDGMENT
Dated this the 3rd day of May, 2024
The petitioners are challenging the recovery
proceedings initiated against him under the Securitization and
Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002.
2. The petitioners have availed a credit facility from the
respondent Bank and consequent to the default committed by
the petitioners 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.K. Muraleedharan, the learned counsel for
the petitioners and Sri. Binoy Vasudevan, the learned standing
counsel for the respondent.
4. The learned counsel appearing for the Bank submits
that as on date, an amount of Rs.8,18,000/- 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.
5. In such circumstances, this writ petition is disposed of
granting an opportunity to the petitioners to regularise the loan
account by paying the instalment overdue as mentioned above
along with interest due thereon in the following manner:
The petitioners shall remit a sum of Rs.2,00,000/- within a
period of three weeks from today. The petitioners shall remit the
balance amount in 12 equal monthly instalments commencing
from 01.07.2024 onwards. The subsequent instalments shall be
paid 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 petitioners in payment of the initial amount of Rs.2,00,000/-
or 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 petitioners is directed to be kept in abeyance.
Sd/-
DR. KAUSER EDAPPAGATH
SK
JUDGE
APPENDIX OF WP(C) 16758/2024
PETITIONER EXHIBITS :
Exhibit P1 A TRUE COPY OF THE DEMAND NOTICE DATED
15.01.2024
Exhibit P2 A TRUE COPY OF THE LOAN ACCOUNT STATEMENT AS
ON 16.03.2024
