IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
WEDNESDAY, THE 27TH DAY OF JULY 2022 / 5TH SRAVANA, 1944
WP(C) NO. 24226 OF 2022
PETITIONER:
BIJU R.T,
AGED 48 YEARS,
S/O.THANKAPPAN, RANDUTHENGUMTHARA, CHANDIROOR,
NEAR KUMARAOURAM TEMPLE, ALAPPUZHA, KERALA - 686 534.
BY ADVS.
GOVIND CHANDRABHANU
MANU HARSHAKUMAR
ADARSH S.
RESPONDENTS:
1 THE AXIS BANK,
3RD FLOOR, CHICAGO PLAZA, RAJAJI ROAD,
ERNAKULAM, KERALA - 682 035.
2 THE AXIS BANK,
3RD FLOOR, CHICAGO PLAZA, RAJAJI ROAD, ERNAKULAM,
KERALA - 682035, REPRESENTED BY ITS BRANCH MANAGER.
BY ADV P.PAULOCHAN ANTONY
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
27.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 24226 OF 2022
2
JUDGMENT
The petitioner has approached this Court challenging proceedings under the SARFAESI Act which have been initiated by the bank for recovery of the amounts due from the petitioner.
2. During the course of hearing, petitioner has confined the relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation of the loan account.
3. It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the overdue amount is Rs.4,29,739/-(Rupees four lakhs twenty nine thousand seven hundred and thirty nine only). It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent bank is willing to accept repayment of the overdue amount in limited instalments and regularise the loan account.
4. I have heard the learned counsel for the petitioner as well as the learned counsel for the respondents.
5. Having regard to the circumstances of the case and WP(C) NO. 24226 OF 2022 3 the situation now prevailing, apart from the submissions made as recorded above, I am of the view that the petitioner can be granted an opportunity to repay the overdue amount in 15 instalments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.4,29,739/-(Rupees four lakhs twenty nine thousand seven hundred and thirty nine only) along with bank charges from the petitioner and regularise the loan account of the petitioner on the following conditions: i. The overdue amount of Rs.4,29,739/-(Rupees four lakhs twenty nine thousand seven hundred and thirty nine only) along with any accrued interest and charges shall be repaid in 15 equated monthly instalments. ii. The first instalment shall be paid on or before 15.07.2022 and the subsequent instalments shall be paid on the 15th day of every succeeding month. iii. Petitioner shall continue to pay the regular EMI's along with the instalments directed above. iv. In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law.
v. In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance.
WP(C) NO. 24226 OF 2022 4 The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE DK WP(C) NO. 24226 OF 2022 5 APPENDIX OF WP(C) 24226/2022 PETITIONER EXHIBITS Exhibit1 TRUE COPY OF THE LOAN STATEMENT. Exhibit P2 TRUE COPY OF THE CHILD'S TREATMENT RECORDS.
Exhibit P3 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER