Joyrose Technical Services Pvt ... vs The Authorised Officer/Manager
2022 Latest Caselaw 9607 Ker

W.P(C) .25947/22                       1



                   IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                   PRESENT
                    THE HONOURABLE MR. JUSTICE GOPINATH P.
       THURSDAY, THE 25TH DAY OF AUGUST 2022 / 3RD BHADRA, 1944
                           WP(C) NO. 25947 OF 2022
PETITIONER/S:

      1       JOYROSE TECHNICAL SERVICES PVT LTD
              DOOR NO.III/287/E, 2ND FLOOR, MARIA PLAZA,
              RAJAGIRI ROAD , KALAMASSERY, ERNAKULAM.
              REPRESENTED BY ITS MANAGING DIRECTOR,
              ARUN KUMAR JOY, AGED 53, S/O JOY, PIN - 683104
      2       ARUN KUMAR JOY
              AGED 53 YEARS
              S/O JOY
              URUMPATH,ST JOSEPH CHURCH ROAD, CHUNGAMVELY
              ERUMATHALA P.O, ALUVA, ERNAKULAM, PIN - 683112
      3       DIASY ROY
              AGED 80 YEARS
              /O JOY, URUMPATH,
              ST JOSEPH CHURCH ROAD, CHUNGAMVELY,
              ERUMATHALA P.O, ALUVA, ERNAKULAM-, PIN - 683112
              BY ADVS.
              M.ABDUL RASHEED
              RAHUL R.PAI


RESPONDENT/S:

      1       THE AUTHORISED OFFICER/MANAGER
              AXIS BANK LTD, CHICAGO PLAZA,
              RAJAJI ROAD, ERNAKULAM, PIN - 682035
      2       AXIS BANK LTD
              CHICAGO PLAZA,
              RAJAJI ROAD, ERNAKULAM, REPRESENTED BY ITS MANAGER, PIN
              - 682035
OTHER PRESENT:

              0
              ADV. P. PAULOCHAN ANTONY (SC)


      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
25.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P(C) .25947/22                             2


                                    JUDGMENT

Petitioners have 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

Securitisation Act) for recovery of the amount due upon a cash credit facility

availed by the petitioners from the respondent bank.

2. During the course of hearing, petitioners have confined the relief to an

opportunity for repaying the outstanding amount in instalments.

3. It was submitted on behalf of the respondent bank that the

petitioners committed default in repayment and the outstanding amount is

Rs.53,87,868/-. 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 outstanding amount in limited instalments.

4. I have heard the learned counsel for the petitioners as well as the

learned Standing Counsel for the respondent Bank.

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 petitioners can be granted an opportunity to repay the

outstanding amount in fifteen (15) instalments.

6. Accordingly, there will be a direction to the respondent bank to

accept repayment of the entire outstanding amount mentioned above along

with bank charges from the petitioners on the following conditions:

(i) Petitioners shall discharge the liabilities to the respondent bank by

paying the entire outstanding amount mentioned above together with any accrued interest/costs in fifteen (15) equated monthly instalments commencing from 16.9. 2022.

(ii) Petitioners shall pay the subsequent instalments on or before the last working day of every succeeding month.

(iii) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law.

(iv) In order to enable the petitioners 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 okb/ //True copy// P.S. to Judge

APPENDIX OF WP(C) 25947/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE DATED 9/12/2020 U/S 13(2) OF SARFAESI ACT ISSUED BY RESPONDENT BANK Exhibit P2 TRUE COPY OF LETTER DATED 25/01/2021 SENT BY PETITIONERS TO THE RESPONDENT BANK Exhibit P3 TRUE COPY OF NOTICE DATED 6/07/2022 ISSUED BY THE ADVOCATE COMMISSIONER