Chennatt Louis John Rumold vs Axis Bank Ltd
2022 Latest Caselaw 11623 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                 THE HONOURABLE MR. JUSTICE GOPINATH P.
  TUESDAY, THE 20TH DAY OF DECEMBER 2022 / 29TH AGRAHAYANA, 1944
                         WP(C) NO. 8079 OF 2022
PETITIONER/S:

          CHENNATT LOUIS JOHN RUMOLD
          AGED 69 YEARS
          CHENNATT LOUIS JOHN RUMOLD AGED 69 YEARS
          S/O.C.S.LOUIS
          MIG- 17, FORT NAGAR,
          KOCHI - 682001
          , PIN - 682001
          BY ADV S.K.SAJU


RESPONDENT/S:

          AXIS BANK LTD
          AXIS BANK LIMITED, RETAIL ASSET CENTRE,
          5TH FLOOR, CHICAGO PLAZZA, RAJAJI ROAD,
          ERANKULAM- 682 035
          REP. BY ITS SENIOR MANGER/AUTHORIZED OFFICER
          , PIN - 682035
          BY ADVS.
          P.V.SARITHA VENUGOPAL
          BASIL MATHEW


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
20.12.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 8079 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. Learned counsel appearing for the petitioner

submits that petitioner along with his son availed a housing

loan from the respondent bank, but they could not repay the

loan because of financial crisis. Learned counsel appearing

for the petitioner submits that the petitioner remitted an

amount of Rs.5,00,000/- towards the loan liability on

09.12.2022. It is submitted that the balance overdue

amount along with regular EMIs may be permitted to be

cleared in instalments.

3. It was submitted on behalf of the respondent bank

that the petitioner along with his son availed a housing loan

from the respondent bank and committed default in

repayment. Learned counsel appearing for the respondent

bank submits that the amount of Rs.5,00,000/- remitted by

the petitioner on 09.12.2022 has been adjusted against the

overdue amount and the present overdue amount is

Rs.15,34,080/-(Rupees Fifteen lakhs thirty four thousand and

eighty only). It is also submitted that while the bank has no

objection in accepting the overdue amount in instalments

and to regularise the loan account and that the number of

instalments may be restricted to five.

4. Learned counsel appearing for the petitioner

submits that the petitioner may be permitted to clear the

overdue amount in eight equal monthly instalments.

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 eight 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.15,34,080/-(Rupees Fifteen lakhs thirty four

thousand and eighty only) along with bank charges from the

petitioner and regularise the loan account of the petitioners

in the following manner:-

(i) The overdue amount of Rs.15,34,080/-(Rupees Fifteen lakhs thirty four thousand and eighty only) along with any accrued interest and charges shall be repaid in eight equated monthly instalments;

(ii)The first instalment shall be paid on or before 16.01.2023 and the subsequent instalments shall be paid on or before 16th day of each succeeding month;

(iii)Petitioner shall continue to pay the regular EMI's/instalments 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.

The writ petition is disposed of as above.

sd/-

GOPINATH P.

JUDGE ajt

APPENDIX OF WP(C) 8079/2022

PETITIONER EXHIBITS Exhibit1 TRUE COPY OF THE POWER OF ATTORNEY DATED 21.02.2016 Exhibit P2 TRUE COPY OF THE ACCOUNT STATEMENT ExhibitP3 TRUE COPY OF THE NOTICE DATED 20.04.2021 ISSUED BY THE RESPONDENT TO THE PETITIONER ExhibitP4 TRUE COPY OF THE POSSESSION NOTICE DATED 01.02.2022 ISSUED UNDER RULE 8(1) OF THE SARFAESI ACT