Sathi Devi Anil vs State Bank Of India

Dr. Kauser Edappagath, J

The petitioners are challenging the recovery proceedings initiated against them under the Securitisation and Reconstruction of Financial Assests and Enforcement of Security Interest Act, 2002. 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.

Heard.

The learned counsel appearing for the Bank submits that as on date, an amount of Rs.53,14,073/- is outstanding. It is submitted by the learned counsel for the Bank upon instructions that they are amenable for granting an opportunity to the petitioners to repay the said amount in reasonable monthly instalments.

In such circumstances, this writ petition is disposed of granting an opportunity to the petitioners 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 petitioners on 5th day of every month. In case of default on the part of the petitioners 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 petitioners are directed to be kept in abeyance.