Shafy.M.A vs The Branch Manager
2023 Latest Caselaw 8740 Ker

          IN THE HIGH COURT OF KERALA AT ERNAKULAM

                            PRESENT

               THE HONOURABLE MR.JUSTICE C.S.DIAS

  WEDNESDAY, THE 9TH DAY OF AUGUST 2023 / 18TH SRAVANA, 1945

                     WP(C) NO. 24293 OF 2023

PETITIONER:

          SHAFY.M.A, AGED 38 YEARS
          S/O. ABUBECKAR, MANKUNNATH HOUSE, MARATAHAKODE
          P.O, CHERUMANGAD, THRISSUR DISTRICT, PIN - 680604

          BY ADV MAHESH V.MENON


RESPONDENTS:

    1     THE BRANCH MANAGER
          AXIS BANK LTD KUNNAMKULAM BRANCH, KUNNAMKULAM
          P.O, THRISSUR DISTRICT, PIN - 680503

    2     THE AUTHORISED OFFICER
          AXIS BANK LTD KUNNAMKULAM BRANCH, KUNNAMKULAM
          P.O, THRISSUR DISTRICT, PIN - 680503

          BY ADVS.P.V.SARITHA VENUGOPAL
          N.P.RUKSANA(K/329/2015)
          AMRUTHA M.V.(K/535/2017)


      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
09.08.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 24293 OF 2023
                                :: 2 ::



                          JUDGMENT

Dated this the 9th day of August 2023

The writ petition is filed to direct the respondents

to permit the petitioner to pay the overdue amount in

instalments and regularise the loan account.

2. The petitioner's case is that, he had availed

housing loan from the first respondent - Bank by

creating an equitable mortgage by deposit of title

deeds. Due to reasons beyond his control, he could not

pay the instalments on time. The Bank has now

proceeded against the secured assets under the

Securitization and Reconstruction of Financial Assets

and Enforcement of Security Interest Act (in short,

'Act'). The petitioner is willing to pay the overdue

amount in equated monthly instalments. Hence, the

writ petition.

WP(C) NO. 24293 OF 2023 :: 3 ::

3. Heard; Sri.Mahesh V. Menon, the learned

counsel appearing for the petitioner and Smt.Saritha

Venugopal, the learned counsel appearing for the

respondents.

4. Smt.Saritha Venugopal, on instructions,

submitted that the overdue amount as on today is

Rs.1,20,000/-. The tenure of the loan is 2040. The

respondents are willing to permit the petitioner to pay

the above overdue amount in ten equated monthly

instalments. The said submission is recorded.

5. The learned counsel appearing for the petitioner

submitted that the petitioner may be granted atleast 15

instalments to pay the overdue amount.

6. Having considered the pleadings and materials

on record and the submission made by the learned

counsel appearing for the parties, to provide the

petitioner one last opportunity to pay off the overdue

amount, I am inclined to exercise the powers of this WP(C) NO. 24293 OF 2023 :: 4 ::

Court under Article 226 of the Constitution of India and

dispose of the writ petition.

Resultantly, I dispose of the writ petition in the

following manner:

(i) The respondents are directed to defer further coercive proceedings pursuant to Ext.P1 to enable the petitioner to pay the overdue amount in instalments.

(ii) The petitioner is permitted to pay the overdue amount as stated above with future interest and cost to the first respondent - Bank - in 12 equated monthly instalments commencing from 9.09.2023 along with regular EMIs.

(iii) Needless to mention, if the petitioner commits default of the condition ordered above, he would lose the benefit of this judgment and the respondents would be at liberty to proceed with recovery proceedings from the stage it presently stands.

(iv)It is made clear that, no further application for modification/extension of time shall be entertained.

sd/-

C.S.DIAS JUDGE jes WP(C) NO. 24293 OF 2023 :: 5 ::

APPENDIX OF WP(C) 24293/2023

PETITIONER'S EXHIBITS:

Exhibit P1 A TRUE COPY OF THE NOTICE ISSUED BY ISSUED BY THE 2ND RESPONDENT DATED 15.06.2023