Subin K.S vs Axis Bank Ltd,Represented By Its ...
2022 Latest Caselaw 10145 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                 THE HONOURABLE MR. JUSTICE GOPINATH P.
   THURSDAY, THE 15TH DAY OF SEPTEMBER 2022 / 24TH BHADRA, 1944
                        WP(C) NO. 27560 OF 2022
PETITIONER/S:

          SUBIN K.S
          AGED 37 YEARS
          S/O SURENDRAN K.K, KONIKOLIL HOUSE, ARUNOOTTIMANGALAM
          P.O, KADUTHURUTHY, KOTTAYAM, PIN - 686604
          BY ADVS.
          M.A.SULFIA
          ABDUL JALEEL.A


RESPONDENT/S:

          AXIS BANK LTD,REPRESENTED BY ITS AUTHORIZED OFFICER.
          RAJAJI ROAD BRANCH, RETAIL ASSET CENTRE, 5TH FLOOR,
          CHICAGO PLAZA, RAJAJI ROAD, ERNAKULAM, PIN - 682035
          BY ADV MADHU RADHAKRISHNAN


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
15.09.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 27560 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. 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 along with his wife availed four different

loans (a housing loan and three top up loans) from the

respondent bank and committed default in repayment and

the overdue amount is Rs.3,60,508/- (Rupees three lakhs

sixty thousand five hundred and eight 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 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 petitioner

can be granted an opportunity to repay the overdue amount

in six 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.3,60,508/- (Rupees three lakhs sixty thousand

five hundred and eight only) along with bank charges from

the petitioner and regularise the loan account of the

petitioner in the following manner:-

(i) The overdue amount of Rs.3,60,508/- (Rupees three lakhs sixty thousand five hundred and eight only) along with any accrued interest and charges shall be repaid in six equated monthly instalments;

(ii)The first instalment shall be paid on or before 10.10.2022 and the subsequent instalments shall be paid on or before the 10th 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) 27560/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE U/S 13 (4) OF SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 ISSUED BY RESPONDENT BANK DATED 2/06/2022