Sunila Shaji vs Axis Bank Limited
2022 Latest Caselaw 6291 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                 THE HONOURABLE MR. JUSTICE GOPINATH P.
      FRIDAY, THE 3RD DAY OF JUNE 2022 / 13TH JYAISHTA, 1944
                        WP(C) NO. 18008 OF 2022
PETITIONER:

          SUNILA SHAJI
          AGED 59 YEARS, W/O. SHAJI, 388, KOTTADA HOUSE,
          KALINGUPALAM, IST TURN RIGHT ROAD, NEAR TRANFORMER,
          CHENDAMANGALAM, ERNAKULAM 683 512.

          BY ADV S.MUMTAZ



RESPONDENT:

          AXIS BANK LIMITED
          REP BY THE AUTHORIZED OFFICER, RETAIL ASSET CENTRE, 5TH
          FLOOR, CHICAGO PLAZA, RAJAJAI ROAD, ERNAKULAM 682 035.


OTHER PRESENT:

          SRI. P PAULOCHAN ANTONY (SC)




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
03.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P (C) No.18008/2022                    -2-

                                 JUDGMENT

Petitioner has 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 amounts due upon a loan availed by 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.2,49,946/- as on 02-

06-2022. 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 Standing Counsel for the respondent Bank.

5. Having regard to the facts and circumstances of the case and the

situation now prevailing, apart from the submissions made as recorded above and

considering the fact that this is a housing loan and also taking into account the fact

that the petitioner has undertaken to clear off the overdue amount along with

regular EMIs, I am of the view that the petitioner can be granted an opportunity to

clear off the overdue amount in seven (7) equal instalments first of which shall be

paid on or before 15-07-2022 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.2,49,946/- 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.2,49,946/- together with any accrued interest and charges shall be repaid in seven 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 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.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE AMG

APPENDIX OF WP(C) 18008/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF POSSESSION NOTICE DATED 19/02/2021 ISSUED BY THE RESPONDENT TO THE PETITIONER.

Exhibit P2 TRUE COPY OF THE DEPOSITS SLIP DATED 01/01/2022 EVIDENCING THE PAYMENT OF RS. 2, 00,000/-

Exhibit P3 TRUE COPY OF THE DEPOSIT SLIP DATED 10/01/2022 EVIDENCING THE PAYMENT OF RS, 18105/- BY THE PETITIONER.

Exhibit P4 TRUE COPY OF THE DEPOSIT SLIP DATED 19/05/2022 EVIDENCING THE PAYMENT OF RS.1,00,000/- BY THE PETITIONER.

Exhibit P5 REQUEST LETTER DATED 25/05/2022 SUBMITTED BY THE PETITIONER TO THE RESPONDENT.