Mini S Avittom Thirunal vs Axis Bank Limited

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                 THE HONOURABLE MR. JUSTICE GOPINATH P.
     WEDNESDAY, THE 29TH DAY OF JUNE 2022 / 8TH ASHADHA, 1944
                        WP(C) NO. 21141 OF 2022
PETITIONER/S:

          MINI S AVITTOM THIRUNAL, AGED 49 YEARS, W/O. JAYAN V.
          AVITTOM THIRUNAL, PICHAKASSERY, PANAYARA PO, P.O.
          VARKALA, THIRUVANANTHAPURAM 695 145
          AGED 49 YEARS
          X
          BY ADV E.V.MOLY


RESPONDENT/S:

          AXIS BANK LIMITED
          NIHAL COMPLEX, 2ND FLOOR, KARAMANA MAIN ROAD, KARAMANA,
          THIRUVANANTHAPURAM 695 002 , REPRESENTED BY ITS
          AUTHORISED OFFICER`
          SRI. MADHU RADHAKRISHNAN, SC
     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
29.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 21141 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.6,46,722/- (Rupees Six lakhs forty six thousand seven hundred and twenty two 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 respondent. WP(C) NO. 21141 OF 2022 3

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.6,46,722/- (Rupees Six lakhs forty six thousand seven hundred and twenty two 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.6,46,722/- (Rupees Six lakhs forty six thousand seven hundred and twenty two only) along with any accrued interest and charges shall be repaid in ten equated monthly instalments;

(ii)The first instalment shall be paid on or before 30.07.2022 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/instalments along with the instalments directed above;

(v) 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. 21141 OF 2022 5 APPENDIXWP(C) NO. 21141 OF 2022 EXHIBIT P1 - THE TRUE COPY OF THE POSSESSION NOTICE DATED 19.05.2022 RECEIVED BY THE PETITIONER