Biju R T vs Axis Bank Kochi
2022 Latest Caselaw 9069 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                THE HONOURABLE MR. JUSTICE GOPINATH P.
     WEDNESDAY, THE 27TH DAY OF JULY 2022 / 5TH SRAVANA, 1944
                       WP(C) NO. 24226 OF 2022
PETITIONER:

          BIJU R.T,
          AGED 48 YEARS,
          S/O.THANKAPPAN, RANDUTHENGUMTHARA, CHANDIROOR,
          NEAR KUMARAOURAM TEMPLE, ALAPPUZHA, KERALA - 686 534.

          BY ADVS.
          GOVIND CHANDRABHANU
          MANU HARSHAKUMAR
          ADARSH S.



RESPONDENTS:

    1     THE AXIS BANK,
          3RD FLOOR, CHICAGO PLAZA, RAJAJI ROAD,
          ERNAKULAM, KERALA - 682 035.

    2     THE AXIS BANK,
          3RD FLOOR, CHICAGO PLAZA, RAJAJI ROAD, ERNAKULAM,
          KERALA - 682035, REPRESENTED BY ITS BRANCH MANAGER.

          BY ADV P.PAULOCHAN ANTONY




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
27.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 24226 OF 2022

                               2




                          JUDGMENT

The petitioner has 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.4,29,739/-(Rupees four lakhs twenty

nine thousand seven hundred and thirty nine 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 respondents.

5. Having regard to the circumstances of the case and WP(C) NO. 24226 OF 2022

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 15 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.4,29,739/-(Rupees four lakhs twenty nine

thousand seven hundred and thirty nine only) along with bank

charges from the petitioner and regularise the loan account of

the petitioner on the following conditions:

i. The overdue amount of Rs.4,29,739/-(Rupees four lakhs twenty nine thousand seven hundred and thirty nine only) along with any accrued interest and charges shall be repaid in 15 equated monthly instalments.

ii. The first instalment shall be paid on or before 15.07.2022 and the subsequent instalments shall be paid on the 15th 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. 24226 OF 2022

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE DK WP(C) NO. 24226 OF 2022

APPENDIX OF WP(C) 24226/2022

PETITIONER EXHIBITS

Exhibit1 TRUE COPY OF THE LOAN STATEMENT.

Exhibit P2 TRUE COPY OF THE CHILD'S TREATMENT RECORDS.

Exhibit P3 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER