Kerala High Court
Hassan P vs Axis Bank on 25 April, 2024
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE ZIYAD RAHMAN A.A.
THURSDAY, THE 25TH DAY OF APRIL 2024 / 5TH VAISAKHA, 1946
WP(C) NO. 16527 OF 2024
PETITIONER/S:
HASSAN P
AGED 55 YEARS
S/O MOITHU, PATTIKKADAN HOUSE, KUNNUMPURAM, NATTUKAL
P.O, THACHANATTUKARA, MANNARKAD, PALAKKAD DISTRICT, PIN
- 678583
BY ADVS.
V.V.JOY
HEMANTH H.
RESPONDENT/S:
AXIS BANK
RAC, 2ND FLOOR, GLOBAL TOWER, NEAR V ZONE MALL,
PARAYANCHERY, MAVOOR ROAD, CALICUT DISTRICT, REP BY ITS
MANAGER, PIN - 673016
OTHER PRESENT:
SRI. POULOCHAN ANTONY - SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
25.04.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 16527 OF 2024
2
JUDGMENT
The petitioner is challenging the recovery proceedings initiated
against him under the Secularization and Reconstruction of Financial
Assets and Enforcement of Security Interest Act, 2002. The petitioner
has availed a credit facility from the respondent Bank and consequent
to the default committed by the petitioner in repaying the amount, the
said account is declared as NPA. Accordingly, recovery proceedings
have been initiated which is impugned in this writ petition.
2. Heard Sri. V.V.Joy, learned counsel for the petitioner,
Sri. Paulochan Antony, the learned counsel for the respondent.
3. The learned counsel appearing for the Bank submits that as
on date, an amount of Rs.2,81,803/- (Rupees two lakhs eighty one
thousand eight hundred and three only) is overdue in the loan. It is
submitted by the learned counsel for the Bank upon instructions that,
they are amenable for granting an opportunity to the petitioner to
regularise the loan account by paying the entire instalment overdue
along with interest in reasonable monthly instalments, provided the
petitioner makes a substantial payments to show his bonafides.
In such circumstances, this writ petition is disposed of granting
an opportunity to the petitioner to regularise the loan account by
WP(C) NO. 16527 OF 2024
paying the instalment overdue as mentioned above along with interest
due thereon in five monthly instalments commencing from
01/06/2024 onwards. The amount to be paid as the 1 st installment
shall be Rs.1,00,000/-. The remaining amount of Rs.1,81,803/-
(Rupees one lakh eighty one thousand, eight hundred and three only)
shall be paid in four instalments, which shall be payable on the 1 st day
of the subsequent months. Along with the aforesaid payments, regular
monthly instalments shall also be paid. In case of default on the part
of the petitioner in payment of any of the instalments including
regular monthly instalments, the aforesaid facility shall stand
cancelled, upon which the Bank will be at liberty to proceed with the
recovery proceedings. Subject to the above direction, the recovery
proceedings against the petitioner is directed to be kept in abeyance.
Sd/-
ZIYAD RAHMAN A.A.
JUDGE
sms
WP(C) NO. 16527 OF 2024
APPENDIX OF WP(C) 16527/2024
PETITIONER'S EXHIBITS
Exhibit P1 A TRUE COPY OF THE ABOVE NOTICE DATED
16.05.2023 ISSUED BY THE AUTHORIZED OFFICER
OF THE RESPONDENT BANK U/S 13(2) OF
SARFAESI ACT TO THE PETITIONER
Exhibit P2 A TRUE COPY OF NOTICE OF THE ADVOCATE
COMMISSIONER DATED 20.04.2024
