Kerala High Court
Pradeep M M vs Axis Bank Ltd on 22 October, 2024
Author: D. K. Singh
Bench: D. K. Singh
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WP(C)No. 37058 OF 2024
2024:KER:78823
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE D. K. SINGH
TUESDAY, THE 22ND DAY OF OCTOBER 2024 / 30TH ASWINA, 1946
WP(C) NO. 37058 OF 2024
PETITIONER:
PRADEEP M M
AGED 34 YEARS
S/O MOHANAN MULLASERIYIL H O, PAMBOLI,
VATTOMTHANAM, MALIKASERY P O, ELIKULAM,
KOTAYAM-, PIN - 686577
BY ADV AJITH M. JIJI
RESPONDENT:
AXIS BANK LTD.,
REP. BY THE AUTHORIZED OFFICER RAC,
5TH FLOOR,CHICAGO PLAZA, RAJAJI ROAD,
ERANAKULAM KERALA, INDIA-, PIN - 682035
SRI. P. PAULOCHAN ANTONY-SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 22.10.2024, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
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WP(C)No. 37058 OF 2024
2024:KER:78823
D. K. SINGH, J.
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W.P.(C) No. 37058 of 2024
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Dated this the 22nd day of October, 2024
JUDGMENT
1. The present writ petition has been filed for the following
reliefs;
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.
iii. Dispense with the filing of translation of the
vernacular documents.
2. The petitioner had availed housing loan of Rs. 25,00,000/-
from the respondent Bank in the year 2021 which is to be repaid
in equal monthly installments over a period of twenty years.
However, the petitioner had committed defaults in making
repayment of the loan advanced by the respondent Bank as per
the loan agreement and, therefore, the Bank after classifying the
loan account of the petitioner as NPA has proceeded further
against the petitioner under the provisions of the SARFAESI Act
and the Rules made thereunder to realize its outstanding dues.
WP(C)No. 37058 OF 2024
2024:KER:78823
3. The learned Counsel for the respondent Bank on
instructions submits that, as of today, the total outstanding
liability of the petitioner in respect of the loan is Rs. 27,33,956/-
and the total overdue amount is Rs. 2,73,816/- and, if the
petitioner makes substantial upfront payment along with one
regular installment, the remaining overdue amount can be paid in
few installments along with regular installments as this Court may
direct to regularize the loan account of the petitioner to make
repayment 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 is directed to pay the Rs.
50,000/- along with one regular installment on
or before 07.11.2024. The remaining overdue
amount along with regular installments in six
equal monthly installments thereafter.
(ii) The first installment as directed above
is to be paid on or before 07.12.2024 and the
remaining five installments on or before the
seventh day of each succeeding month
WP(C)No. 37058 OF 2024
2024:KER:78823
thereafter.
(iii) After receiving the entire overdue
amount as directed above, the respondent
Bank shall regularize the loan account of the
petitioner for making repayment in terms of
the loan agreement.
(iv) In case of failure to make payment of
Rs. 50,000/- or the first installment or any of
the 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
Svn
WP(C)No. 37058 OF 2024
2024:KER:78823
APPENDIX OF WP(C) 37058/2024
PETITIONER EXHIBITS
Exhibit -P1 TRUE COPY OF THE POSSESSION NOTICE
DATED 20-09-2024 ISSUED BY THE
RESPONDENT
