Kerala High Court
Sinesh Sukumaran vs Authorised Officer And Chief ... on 10 August, 2022
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
WEDNESDAY, THE 10TH DAY OF AUGUST 2022 / 19TH SRAVANA, 1944
WP(C) NO. 24291 OF 2022
PETITIONER:
SINESH SUKUMARAN,
S/O.SUKUMARAN, AGED 36 YEARS
VALAVANTHARA VADAKKATHIL EREZHA NORTH,
CHETTIKULANGARA P.O, MAVELIKKARA, KANNAMANGALAM,
ALAPPUZHA, PIN - 690 106.
BY ADV K.P.SUJESH KUMAR
RESPONDENT:
AUTHORISED OFFICER AND CHIEF MANAGER,
AXIS BANK LTD., KARAMANA BRANCH,
SECOND FLOOR, NIHAL COMPLEX,
KARAMANA, THIRUVANANTHAPURAM, PIN - 695 002.
BY ADV P.PAULOCHAN ANTONY P
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
10.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 24291 OF 2022
2
JUDGMENT
The petitioner had approached this Court challenging
proceedings under the SARFAESI Act which have been initiated by
the bank 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.3,49,847/-(Rupees three lakhs forty nine thousand
eight hundred and forty seven 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.
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 on
WP(C) NO. 24291 OF 2022
condition that Rs.1,00,000/- shall be paid on or before
20.08.2022 and the balance amount shall be paid in 10 equal
monthly instalments and the first of which shall be paid on or
before 15.09.2022 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
Rs.3,49,847/-(Rupees three lakhs forty nine thousand eight
hundred and forty seven only) along with accrued interest, costs
and charges from the petitioner and regularise the loan account
of the petitioner on the following conditions:
i. The petitioner shall pay a sum of Rs.1,00,000/- (Rupees one
lakh only) on or before 20.08.2022; balance overdue
amount along with any accrued interest and charges shall
be repaid in 10 equal monthly instalments.
ii. The first instalment shall be paid on or before 15.09.2022
and the subsequent instalments shall be paid on or before the
last working day of every 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.
v. In order to enable the petitioner to repay the entire
amounts, all coercive proceedings shall be kept in
abeyance.
WP(C) NO. 24291 OF 2022
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE
DK
WP(C) NO. 24291 OF 2022
APPENDIX OF WP(C) 24291/2022
PETITIONER EXHIBITS
Exhibit P1 TRUE COPY OF THE OFFER LETTER ISSUED TO
THE PETITIONER, DATED 2/04/2018
Exhibit P2 TRUE COPY OF THE POSSESSION NOTICE
ISSUED TO THE PETITIONER BY THE
RESPONDENT, DATED 15/12/2022.
Exhibit P3 TRUE COPY OF THE NOTICE ISSUED BY THE
ADVOCATE COMMISSIONER, DATED 13/07/2022
