Jaydas S vs The Axis Bank Ltd

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                 THE HONOURABLE MR. JUSTICE GOPINATH P.
     TUESDAY, THE 14TH DAY OF JUNE 2022 / 24TH JYAISHTA, 1944
                        WP(C) NO. 19224 OF 2022
PETITIONER/S:

          JAYDAS S, S/O. SAMUEL, RAJESH COTTAGE, OOROOTTUKALA,
          NEYYATTINKARA, THIRUVANANTHAPURAM DISTRICT, PIN 695 121
          AGED 69 YEARS
          X
          BY ADVS.
          P.T.SHEEJISH
          A.ABDUL RAHMAN (A-1917)
          T.VARNIBHA


RESPONDENT/S:

1         THE AXIS BANK LTD., REPRESENTED BY ITS BRANCH MANAGER,
          BRANCH OFFICE AT SECOND FLOOR, NIHAL COMPLEX, KARAMANA,
          THIRUVANANTHAPURAM DISTRICT , PIN - 695 002
2         AUTHORISED OFFICER, MR. RAHUL MATHEW, THE AXIS BANK
          LTD, HAVING REGISTERED OFFICE AT TRISHUL, OPPOSITE
          SAMRUTHESWAR TEMPLE, NEAR LAW GARDEN, ELLISBRIDGE,
          AHMEDABAD AND BRANCH OFFICE AT SECOND FLOOR, NIHAL
          COMPLEX, KARAMANA, THIRUVANANTHAPURAM DISTRICT , PIN -
          695 002
3         RESERVE BANK OF INDIA, REPRESENTED BY ITS MANAGER,
          NO.6, SANSAD MARG, SANSAD MARG AREA, NEW DELHI, DELHI
          110001
          ADV. PRADEESH CHACKO - SC
     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
14.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 19224 OF 2022                      2



                                  JUDGMENT

Petitioner has approached this Court challenging proceedings initiated by the respondent Bank under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 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.3,24,486/- (Rupees three lakhs twenty four thousand four hundred and eighty six only). Learned Standing counsel submits that the petitioner may be directed to pay some amount in lump-sum on or before 30.06.2022. 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 respondent bank.

5. Having regard to the circumstances of the case and 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 ten 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.3,24,486/- (Rupees three lakhs twenty four thousand four hundred and eighty six only) along with bank charges from the petitioner and regularise the loan account of the petitioner on the following conditions:

(i) The petitioner shall pay a lump-sum amount of Rs.50,000/-

(Rupees fifty thousand only) on or before 30.06.2022.

(ii) The balance overdue amount of Rs.2,74,486/- (Rupees two lakhs seventy four thousand four hundred and eighty six only) along with any accrued interest and charges shall be repaid in ten equated monthly instalments;

(iii)The first instalment shall be paid on or before 15.07.2022 and the subsequent instalments shall be paid on or before the 20th day of each 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;

(vi) In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance.

The writ petition is disposed of as above.

sd/-

GOPINATH P.

JUDGE ajt WP(C) NO. 19224 OF 2022 5 APPENDIX OF WP(C ) NO.19224 OF 2022 EXHIBIT P1 - THE TRUE COPY OF ORDER DATED 02.04.2022 PASSED BY CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM.