Ashokan M A vs The Branch Manager
2024 Latest Caselaw 30721 Ker

Kerala High Court

Ashokan M A vs The Branch Manager on 30 October, 2024

WP(C) NO. 37892 OF 2024



                                        1
                                                       2024:KER:80737
                IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                    PRESENT

                THE HONOURABLE MR.JUSTICE BASANT BALAJI

   WEDNESDAY, THE 30TH DAY OF OCTOBER 2024 / 8TH KARTHIKA, 1946

                          WP(C) NO. 37892 OF 2024

PETITIONER:

            ASHOKAN M A,
            AGED 50 YEARS
            NANDANAM HOUSE,MAMBRA. P.O, WEST KORATTY, THRISSUR
            DISTRICT, PIN - 680308


            BY ADVS.
            K.RAJESWARY
            ANIL PRABHA.K
            ALEENA ANABELLY A.




RESPONDENTS:

    1       THE BRANCH MANAGER,
            AXIS BANK LIMITED,RAC 5TH FLOOR, CHICAGO PLAZA,RAJAJI
            ROAD, ERNAKULAM, KERALA, PIN - 682035

    2       THE AUTHORIZED OFFICER,
            AXIS BANK LIMITED,RAC 5TH FLOOR, CHICAGO PLAZA,RAJAJI
            ROAD, ERNAKULAM, KERALA, PIN - 682035

        Sri.Madhu Radhakrishnan, S.C.
     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
30.10.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 37892 OF 2024



                             2

                       JUDGMENT

(Dated this the 30th day of October 2024)

The petitioner has availed two loans of Rs.15,19,665/-

and Rs.27,19,225/- respectively from the Axis Bank on

14.09.2015 and 31.08.2017. The tenure of the 1 st loan is till

2035 and the 2nd loan is till 2032 and the instalment amount of

the 1st loan is Rs.14,867/- and Rs.28,395/- for the 2 nd loan.

Ext.P1 notice is issued under Section 13(2) of SARFAESI Act.

2. The learned Standing Counsel appearing for the

respondents, on instructions, submits that as of today, the total

overdue amount comes Rs.3,13,401/-.

3. The counsel for the petitioner seeks indulgence of this

court to grant 12 installments to wipe off the overdue amount.

4. Having heard the counsel appearing for the petitioner

as well as Standing counsel appearing for the respondents, I

deem it appropriate to dispose of the writ petition as follows:

(i) The petitioner shall pay a lump sum of Rs.50,000/- on or before 29.11.2024.

(ii)The petitioner shall pay the overdue amount in 10 WP(C) NO. 37892 OF 2024

equal monthly installments along with regular installments.

(iii) The first installment is to be paid on or before

05.01.2025, and the remaining 9 installments on or before the 5th day of each succeeding months, along with regular instalments.

(iv) After making payment of the lumpsum amount and the entire overdue amount along with regular installments, the petitioner shall continue to pay the regular installments till the entire loan liability is discharged.

(v) In case of failure to make payment of the lumpsum amount of Rs.50,000/- or any one of the installments as directed above, the Bank shall be free to take possession of the secured assets. The Bank shall proceed against the petitioner in accordance with law to realize its dues.

(vi) Till such time, all coercive proceedings against the secured assets shall be deferred.

Sd/-

BASANT BALAJI JUDGE

Saap WP(C) NO. 37892 OF 2024

APPENDIX OF WP(C) 37892/2024

PETITIONER EXHIBITS

Exhibit -P1 TRUE COPY OF THE LETTER SENT BY THE 2ND RESPONDENT TO THE PETITIONER DATED ON 22/08/2024