Kerala High Court
Hassan P vs Axis Bank on 25 April, 2024
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE ZIYAD RAHMAN A.A.
THURSDAY, THE 25TH DAY OF APRIL 2024 / 5TH VAISAKHA, 1946
WP(C) NO. 16527 OF 2024
PETITIONER/S:
HASSAN P
AGED 55 YEARS
S/O MOITHU, PATTIKKADAN HOUSE, KUNNUMPURAM, NATTUKAL
P.O, THACHANATTUKARA, MANNARKAD, PALAKKAD DISTRICT, PIN
- 678583
BY ADVS.
V.V.JOY
HEMANTH H.
RESPONDENT/S:
AXIS BANK
RAC, 2ND FLOOR, GLOBAL TOWER, NEAR V ZONE MALL,
PARAYANCHERY, MAVOOR ROAD, CALICUT DISTRICT, REP BY ITS
MANAGER, PIN - 673016
OTHER PRESENT:
SRI. POULOCHAN ANTONY - SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
25.04.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 16527 OF 2024
2
JUDGMENT
The petitioner is challenging the recovery proceedings initiated against him under the Secularization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The petitioner has availed a credit facility from the respondent Bank and consequent to the default committed by the petitioner in repaying the amount, the said account is declared as NPA. Accordingly, recovery proceedings have been initiated which is impugned in this writ petition.
2. Heard Sri. V.V.Joy, learned counsel for the petitioner, Sri. Paulochan Antony, the learned counsel for the respondent.
3. The learned counsel appearing for the Bank submits that as on date, an amount of Rs.2,81,803/- (Rupees two lakhs eighty one thousand eight hundred and three only) is overdue in the loan. It is submitted by the learned counsel for the Bank upon instructions that, they are amenable for granting an opportunity to the petitioner to regularise the loan account by paying the entire instalment overdue along with interest in reasonable monthly instalments, provided the petitioner makes a substantial payments to show his bonafides.
In such circumstances, this writ petition is disposed of granting an opportunity to the petitioner to regularise the loan account by WP(C) NO. 16527 OF 2024 3 paying the instalment overdue as mentioned above along with interest due thereon in five monthly instalments commencing from 01/06/2024 onwards. The amount to be paid as the 1 st installment shall be Rs.1,00,000/-. The remaining amount of Rs.1,81,803/- (Rupees one lakh eighty one thousand, eight hundred and three only) shall be paid in four instalments, which shall be payable on the 1 st day of the subsequent months. Along with the aforesaid payments, regular monthly instalments shall also be paid. In case of default on the part of the petitioner in payment of any of the instalments including regular monthly 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 petitioner is directed to be kept in abeyance.
Sd/-
ZIYAD RAHMAN A.A. JUDGE sms WP(C) NO. 16527 OF 2024 4 APPENDIX OF WP(C) 16527/2024 PETITIONER'S EXHIBITS Exhibit P1 A TRUE COPY OF THE ABOVE NOTICE DATED 16.05.2023 ISSUED BY THE AUTHORIZED OFFICER OF THE RESPONDENT BANK U/S 13(2) OF SARFAESI ACT TO THE PETITIONER Exhibit P2 A TRUE COPY OF NOTICE OF THE ADVOCATE COMMISSIONER DATED 20.04.2024