Sajith Kumar P P vs Axis Bank Ltd
2024 Latest Caselaw 33091 Ker

Kerala High Court

Sajith Kumar P P vs Axis Bank Ltd on 14 November, 2024

Author: D. K. Singh

Bench: D. K. Singh

                                                        2024:KER:85776

              IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                PRESENT

               THE HONOURABLE MR. JUSTICE D. K. SINGH

   THURSDAY, THE 14TH DAY OF NOVEMBER 2024 / 23RD KARTHIKA, 1946

                      WP(C) NO. 40247 OF 2024

PETITIONER:

          SAJITH KUMAR P P ,
          AGED 47 YEARS
          S/O VIJAYAN P.P,PALAKKAPALLIYALIL (HOUSE),
          THRIKKANAPURAM,THAVANUR (P.O),
          MALAPURAM, PIN - 679573

          BY ADV
          AJITH M. JIJI


RESPONDENT:

          AXIS BANK LTD,
          REP. BY THE AUTHORIZED OFFICER,RETAIL ASSETS
          CENTER ,5TH FLOOR,CHICAGO PLAZZA,
          RAJAJI ROAD, ERNAKULAM,KERALA,
          PIN - 682035

          BY ADV
          SRI.M. PREMCHAND-SC


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
14.11.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 40247 OF 2024          2

                                                    2024:KER:85776

                      D. K. SINGH, J.
                  --------------------------
              W.P.(C) No. 40247 of 2024
                   -------------------------
       Dated this the 14th day of November, 2024


                           JUDGMENT

The petitioner had availed a loan facility of Rs.29,46,584/-

by mortgaging a property consisting 7 cents of land in Re Survey

No.461/2/A,ID IB-3 461/2B 17 of Thavanur Village, Ponnani Taluk,

Malappuram District, Kerala. The said loan liability was to be

discharged along with the interest for a period of 20 years in equal

monthly installments.

2. It appears that the petitioner has failed to

discharge the loan liability in terms of the loan agreement and,

therefore, the respondent Bank after classifying the loan account

of the petitioner as NPA and has proceeded further against the

petitioner under the provisions of the SARFAESI Act and the Rules

made thereunder to realize its outstanding dues. At this stage, the

present writ petition has been filed with the following prayers;

i. Issue a writ of mandamus directing the Respondent to regularize the loan account by permitting the Petitioner to pay the overdue amount in installments.

ii. Pass such other orders which are incidental and proper in the interest of justice.

2024:KER:85776

3. The learned Counsel for the respondent Bank

submits that the overdue amount is Rs.2,09,706/- and if the

petitioner makes substantial upfront payment, along with regular

EMI, the balance overdue amount can be paid in few installments

to regularize the loan account of the petitioner for making further

payment in terms of the loan agreement.

4. Considering the aforesaid stand of the

respondent Bank, the present writ petition is disposed of on the

following terms;

(i) The petitioner shall pay Rs. 50,000/- along with one regular installment on or before 07.12.2024.

(ii) The remaining overdue amount along with regular installments shall be paid in eight equal monthly installments.

(iii) The first installment is to be paid on or before 07.01.2025 and the remaining seven installments on or before the seventh day of each succeeding month thereafter.

(iv) After receiving the entire overdue amount as directed above, the respondent Bank shall regularize the loan account of the petitioner to make payment in terms of the loan agreement.

(v) In case of failure to make payment Rs. 50,000/- or the first installment or any of the

2024:KER:85776

subsequent installments as directed above, the respondent Bank shall be free to proceed further against the petitioner in accordance with the law to realise its outstanding dues.

Sd/-

D. K. SINGH JUDGE MSA

2024:KER:85776

APPENDIX OF WP(C) 40247/2024

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE DEMAND NOTICE DATED 18.07.2024 ISSUED BY THE RESPONDENT

Exhibit P2 TRUE COPY OF THE TRANSACTION RECEIPT DATED 08.08.2024

Exhibit P3 TRUE COPY OF THE POSSESSION NOTICE DATED 16.10.2024 ISSUED BY THE RESPONDENT BANK TO THE PETITIONER