Jayaprakash V vs Axis Bank Limited
2021 Latest Caselaw 12497 Ker

       IN THE HIGH COURT OF KERALA AT ERNAKULAM

                              PRESENT

               THE HONOURABLE SMT. JUSTICE P.V.ASHA

   THURSDAY, THE 20TH DAY OF MAY 2021 / 30TH VAISAKHA, 1943

                     WP(C) NO. 11318 OF 2021

PETITIONER:

                                   JAYAPRAKASH V.
                                   S/O VASU, OZHALAPATHY
                                   VELANTHAVALAM, PALAKKAD P.O,
                                   PIN-678 557.



                                   BY ADV. MUMTAZ SHUMSUDDIN.M


RESPONDENT:

                                   AXIS BANK LIMITED
                                   REP BY THE AUTHORIZED OFFICER,
                                   RAC, 2ND FLOOR, GLOBAL TOWER,
                                   NEAR V MALL, PALAKKAD-678
                                   0016.

                                   BY STANDING COUNSEL SAJU N.A


THIS   WRIT   PETITION   (CIVIL)   HAVING   BEEN   FINALLY   HEARD   ON

20.05.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C).No.11318 of 2021-L

                                      2




                              P.V.ASHA, J.
                        ---------------------------
                      W.P.(C) No.11318 of 2021
                       -----------------------------
                  Dated this the 20th day of May, 2021

                            JUDGMENT

The petitioner is aggrieved by the proceedings for dispossession

initiated under the Securitisation and Reconstruction of Financial Assets

and Enforcement of Security Interest Act (`SARFAESI Act' for short) by

the respondent Bank by way of Ext.P1 notice issued on 25.03.2021. The

learned counsel for the petitioner submits that the loan availed by the

petitioner can be paid off in case instalment facility is given.

2. Sri Saju N.A, learned Standing Counsel for the respondent

Bank, submits that the total amount due from the petitioner as on

04.05.2021 is Rs.14,71,330/- (Rupees Fourteen Lakhs Seventy One

Thousand Three Hundred and Thirty only). In case the petitioner remits

a substantial amount immediately, instalment facility can be given. W.P.(C).No.11318 of 2021-L

Therefore the Writ Petition is disposed of permitting the petitioner

to pay a sum of Rs.4,00,000/- (Rupees Four Lakhs only) on or before

31.05.2021 and the remaining amount in five subsequent equal monthly

instalments. In that event, the proceedings initiated under the

SARFAESI Act shall be kept in abeyance. In case petitioner commits

default in any of the payment, the respondent would be free to proceed

in tune with Ext.P1.

Sd/- (P.V.ASHA, JUDGE)

rtr/ W.P.(C).No.11318 of 2021-L

APPENDIX

PETITIONER'S EXHIBITS

EXT.P1: TRUE COPY OF THE POSSESSION NOTICE ISSUED UNDER THE SARFAESI ACT DATED 25.3.2021.

EXT.P2: REQUEST LETTER DATED 2.4.2021 GIVEN BY THE PETITIONER TO THE RESPONDENT.