Chandradas T.C vs Axis Bank Ltd
2022 Latest Caselaw 1967 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
          THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
     FRIDAY, THE 18TH DAY OF FEBRUARY 2022 / 29TH MAGHA, 1943
                        WP(C) NO. 5570 OF 2022
PETITIONER:

          CHANDRADAS T.C.
          AGED 42 YEARS
          S/O. CHELLAPPAN M.K, THAMARAVELIL HOUSE, NEAR KUNJATTA
          FAST FOOD CENTRE, MONIPILLI, KOTTAYAM - 686636.

          BY ADV P.P.RAJESH


RESPONDENTS:

    1     AXIS BANK LTD,
          5TH FLOOR, CHICAGO PLAZA, RAJAJI ROAD, ERNAKULAM, KOCHI
          - 682035, REPRESENTED BY ITS AUTHORISED OFFICER.

    2     THE AUTHORISED OFFICER
          AXIS BANK LTD, 5TH FLOOR, CHICAGO PLAZA, RAJAJI ROAD,
          ERNAKULAM, KOCHI - 682035.

          ADV. PRADEESH CHACKO


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
18.02.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 5570 OF 2022

                                 2


               BECHU KURIAN THOMAS, J.
             ===========================
                 W.P.(C) No.5570 of 2022
            ============================
             Dated this the 18th day of February, 2022

                            JUDGMENT

Petitioner as borrower from the respondent bank, has

committed default in repayment. Consequently, proceedings have

been initiated by the bank for recovery of the amounts due.

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.1,33,539/-. 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 WP(C) NO. 5570 OF 2022

account.

4. I have heard Shri.P.P.Rajesh, learned counsel for the

petitioner as well as Shri.Pradeesh Chacko, learned Counsel for

the respondents.

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.1,33,539/- along with bank charges from the petitioner and

regularise the loan account of the petitioner on the following

conditions:

(a) The overdue amount of Rs.1,33,539/- shall WP(C) NO. 5570 OF 2022

be repaid in eight equated monthly instalments.

(b) The first instalment shall be paid on or before 15.03.2022.

(c) Petitioner shall continue to pay the regular EMI's along with the instalments directed above.

        (d)     In the event of default        of any one
        instalment,      the   respondent    bank   shall   be

entitled to proceed in accordance with law.

(e) 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/-

BECHU KURIAN THOMAS JUDGE ssa/ WP(C) NO. 5570 OF 2022

APPENDIX OF WP(C) 5570/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE POSSESSION NOTICE UNDER RULE 8 (1) OF SARFAESI ACT.

Exhibit P2 TRUE COPY OF ACCOUNT STATEMENT IN THE NAME OF PETITIONER ISSUED BY THE RESPONDENTS.