IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
TUESDAY, THE 28TH DAY OF JUNE 2022/7TH ASHADHA, 1944
WP(C) NO. 21032 OF 2022
PETITIONER:
BINU V., S/O.VISWAMBARA,
DEVAKI BHAVAN, MANAPALLY P.O.,
VADAKKUMURI, KIZHAKKEKARA,
THAZHAVA, KOLLAM - 690 574.
BY ADVS.
S.MUMTAZ
AJITH M. JIJI
ALISHA ASLAM
RESPONDENT:
AXIS BANK LTD., REP. BY
THE AUTHORIZED OFFICER,
RETAIL ASSET CENTRE, 5TH FLOOR,
CHICAGO PLAZA, RAJAJI ROAD,
ERNAKULAM - 682 035.
SRI. P PAULOCHAN ANTONY (SC)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 28.06.2022, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
WP(C) No.21032/2022
:2 :
JUDGMENT
Dated this the 28th day of June, 2022 Petitioner has approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as the SARFAESI Act) for recovery of the amounts due on a housing loan availed by 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 `4,29,032/-. It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent bank is willing to WP(C) No.21032/2022 :3 : 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 Standing Counsel for the respondent Bank.
5. Having regard to the facts and circumstances of the case and the situation now prevailing, apart from the submissions made as recorded above and considering the fact that this is a housing loan and also taking into account the fact that the petitioner has undertaken to clear off the overdue amount along with regular EMIs, I am of the view that the petitioner can be granted an opportunity to clear off the overdue amount in ten (10) equal instalments first of which shall be paid on or before 15.07.2022 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 `4,29,032/- along with bank charges from the petitioner and regularise the loan account of the petitioner WP(C) No.21032/2022 :4 : on the following conditions:
(i) The overdue amount of `4,29,032/- together with any accrued interest and charges shall be repaid in ten (10) 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 last working day of every succeeding month.
(iii) Petitioner shall continue to pay the regular EMI's along with the instalments as 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 amount, all coercive proceedings shall be kept in abeyance.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE ncd/28.06.22 WP(C) No.21032/2022 :5 : APPENDIX OF WP(C) 21032/2022 PETITIONER'S EXHIBITS Exhibit P1 TRUE COPY OF NO TICE OF DEMAND DATED 19.04.2021 ISSUED BY THE RESPONDENT BANK Exhibit P2 REQUEST LETTER DATED 21/06/2022 SUBMITTED BY THE PETITIONER TO THE RESPONDENT