Kerala High Court
Sathessh P K vs The Axis Bank on 8 November, 2024
Author: D. K. Singh
Bench: D. K. Singh
2024:KER:83387
WP(C) NO. 39615 OF 2024
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE D. K. SINGH
FRIDAY, THE 8TH DAY OF NOVEMBER 2024 / 17TH KARTHIKA, 1946
WP(C) NO. 39615 OF 2024
PETITIONER/S:
SATHESSH P K
AGED 55 YEARS
PLAVINGALAPARAMBIL HOUSE, CANAL BASE, IRINJALAKUDA P O,
THRISSUR DISTRICT, PIN - 680121
BY ADVS.
JITHIN BABU A
CLETUS THOTTAPILLY
ARUN SAMUEL
ANOOD JALAL K.J.
RESPONDENT/S:
THE AXIS BANK
REPRESENTED BY ITS AUTHORIZED OFFICER, 5TH FLOOR, CHICAGO
PLAZA, RAJAJI ROAD, COCHIN, PIN - 682035
OTHER PRESENT:
SRI.M. PREMCHAND-SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
08.11.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
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JUDGMENT
The present writ petition has been filed with the following
prayers:-
"i) Issue a writ of Mandamus or any other appropriate writ, order or
direction to set aside Exhibit P1 and P2 and commanding the
respondents to permit regularization of the loan account of the
petitioners and to permit the petitioners to discharge the defaulted
amount and to pay the balance amounts as originally scheduled in
the loan account, in the interest of justice;
ii) Issue a writ of Mandamus or any other appropriate writ, order or
direction commanding the respondents, to permit the petitioners to
liquidate the liability in easy installments and till such time to stall all
further proceedings pursuant to Exhibit P1 and P2, in the interest of
justice.; AND
iii) To pass any such or further orders as the petitioners may seek and
this Hon'ble Court deem fit to grant.
iv) To dispense with filing of the translation of vernacular
documents."
2.The petitioner had availed a housing loan from the
respondent Bank for Rs.7,50,000/- in the year 2019 to be repaid
in 144 months in equal monthly instalments. As per the learned
counsel for the respondent Bank, the monthly instalment was of
Rs.10,000/-. The petitioner has committed serious defaults in
repaying the loan amount, and therefore, the Bank, after
classifying the loan account as NPA, has proceeded under the
provisions of the SARFAESI Act and rules made thereunder. The
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WP(C) NO. 39615 OF 2024
petitioner has filed this writ petition impugning the SARFAESI
proceedings taken by the Bank to realise its dues outstanding
dues.
3.The learned counsel for the respondent Bank on
instructions submitted that as of today the total outstanding
amount is Rs.10,36,687/- and the overdue amount is
Rs.3,02,193/-. He further submits that the Bank has recalled the
loan and, therefore, the regularization of the loan account is not
possible. Considering the meagre amount of the loan, and the
overdue amount of Rs.3,02,193/-, this court deems it appropriate
to grant relief to the petitioner for making payment of the
overdue amount in few instalments.
4. Considering the aforesaid submissions made on behalf of
the Bank, the present writ petition is disposed of on following
terms:-
1.The petitioner shall pay Rs.50,000/- with one regular
instalment on or before 25.11.2024 and the balance
overdue amount in ten equal monthly installments along
the regular instalments.
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2.The first instalment is to be paid on or before
25.12.2024 and the remaining nine instalments on or
before the 25th day of each succeeding month.
3.In case the petitioner makes the overdue amount as
directed along with the regular instalments, the Bank
shall regularize the loan account of the petitioner for
making payment in terms of the loan agreement.
4.In case of failure to make the payment of Rs.50,000/-
along with one regular instalments on or before
25.11.2024 or any of the instalments as directed above,
the Bank shall be free to proceed further under the
provisions of the SARFEASI Act and rules made
thereunder to realise its outstanding dues from the
petitioners.
With the aforesaid directions, the present writ petition is
disposed of.
Sd/-
D. K. SINGH
JUDGE
SJ
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WP(C) NO. 39615 OF 2024
APPENDIX OF WP(C) 39615/2024
PETITIONER EXHIBITS
Exhibit P1 A TRUE COPY OF THE NOTICE DATED 17/06/2023
ISSUED TO THE PETITIONER/APPLICANT UNDER
SECTION 13 (4) OF THE ACT READ WITH RULE 8 OF
THE RULES.
Exhibit P2 A TRUE COPY OF THE NOTICE ISSUED BY THE
ADVOCATE COMMISSIONER DEMANDING TO SURRENDER
THE SECURED ASSET DATED 02-11-2024.
