Sudheesh P K vs Axis Bank
2023 Latest Caselaw 8936 Ker

Citation : 2023 Latest Caselaw 8936 Ker
Judgement Date : 14 August, 2023

Kerala High Court

Sudheesh P K vs Axis Bank on 14 August, 2023

               IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                PRESENT

                  THE HONOURABLE MR.JUSTICE C.S.DIAS

        MONDAY, THE 14TH DAY OF AUGUST 2023 / 23RD SRAVANA, 1945

                         WP(C) NO. 26833 OF 2023


PETITIONERS:

    1       SUDHEESH P K, AGED 43 YEARS, S/O KRISHNAN, PAPPANESSERI
            HOUSE, ARAMANAPADY, MUVATTUPUZHA P.O., MARADY,
            MUVATTUPUZHA, ERNAKULAM, PIN - 686661

    2
            SOUMYA T M, AGED 40 YEARS, W/O SUDHEESH P. K,
            PAPPANESSERI HOUSE, ARAMANAPADY, MUVATTUPUZHA P.O.,
            MARADY, MUVATTUPUZHA, ERNAKULAM, PIN - 686661

            BY ADVS.ARUN FRANCIS
            DEENA JOSEPH
            HARIKRISHNAN K.


RESPONDENTS:

    1       AXIS BANK, AXIS BANK MUVATTUPUZHA BRANCH REPRESENTED
            BY ITS MANAGER, ERNAKULAM DIST, MARADY, MUVATTUPUZHA,
            ERNAKULAM, PIN - 686661

    2       AUTHORIZED OFFICER, AXIS BANK, MUVATTUPUZHA BRANCH D
            NO. 16/3 A, KIZHAKKEKARA, MUVATTUPUZHA, ERNAKULAM,
            KERALA, PIN - 686661



            SRI MADHURADHAKRISHNAN


      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
14.08.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 26833 OF 2023
                            :: 2 ::



                          JUDGMENT

Dated this the 14th day of August 2023

The writ petition is filed to direct the respondents to

permit the petitioners to pay the overdue amount in

equated monthly instalments and regularise the loan

account.

2. The petitioners' case is that, they had availed

housing loan from the first respondent - Bank by

creating an equitable mortgage by deposit of title deeds.

Due to reasons beyond their control, they 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') and is threatening

to take physical possession of the same. The petitioners

are willing to pay the overdue amount in equated monthly

instalments and regularise the loan account. Hence, the

writ petition.

WP(C) NO. 26833 OF 2023 :: 3 ::

3. Heard; Sri.Arun Francis, the learned counsel

appearing for the petitioners and Sri.Madhu

Radhakrishnan, the learned counsel appearing for the

respondents.

4. Sri.Madhu Radhakrishnan, on instructions,

submitted that the overdue amount as on today is

Rs.2,13,439/-. The tenure of the loan is till 2054. The

respondents are willing to permit the petitioners to pay

the above overdue amount in six equated monthly

instalments. The said submission is recorded.

5. The learned counsel appearing for the petitioners

prayed that the petitioners may be granted atleast 12

equated monthly instalments to pay the overdue amount,

especially since the tenure of the loan is till 2054.

6. Having considered the pleadings and materials on

record and the submission made by the learned counsel

appearing for the parties, the consensus arrived at

between the parties and to provide the petitioners one

last opportunity to pay off the overdue amount, I am WP(C) NO. 26833 OF 2023 :: 4 ::

inclined to exercise the powers of this 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 petitioners to pay the overdue amount in instalments.

(ii) The petitioners are permitted to pay the overdue amount as stated above with future interest and cost to the first respondent - institution - in 12 equated monthly instalments commencing from 14.09.2023 along with regular EMIs.

(iii) Needless to mention, if the petitioners commit default of the condition ordered above, they 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.