Kerala High Court
Dinesan.T.K vs Axis Bank Ltd on 24 September, 2024
Author: Dinesh Kumar Singh
Bench: Dinesh Kumar Singh
2024:KER:71056
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE DINESH KUMAR SINGH
TUESDAY, THE 24TH DAY OF SEPTEMBER 2024 / 2ND ASWINA, 1946
WP(C) NO. 33276 OF 2024
PETITIONER/S:
DINESAN.T.K
AGED 49 YEARS
S/O. VELAYUDHAN, THALEKKARA HOUSE, CHANGARAMKULAM,
CHIYANOOR , KOKKUR P.O, MALAPPURAM, PIN - 679591
BY ADVS.
K.J.MANU RAJ
K.VINAYA
JOY V.K.
RESPONDENT/S:
1 AXIS BANK LTD
REP BY ITS BRANCH MANAGER, THRISSUR ASC BRANCH
KOVILAKOMPADAM, THRISSUR, PIN - 680020
2 THE AUTHORIZED OFFICER
AXIS BANK LTD 5TH FLOOR, CHICAGO PLAZA, RAJAJI
ROAD, ERNAKULAM, PIN - 682035
SRI. PAULOCHAN ANTONY-SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 24.09.2024, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
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WP(C) NO. 33276 OF 2024
2
JUDGMENT
The present writ petition has been filed with the
following prayers:-
"i) Issue a writ of mandamus or other appropriate writ, order
or direction directing to the respondents 1 and 2 to permit
petitioner to clear the outstanding amount by 30.11.2024 and
pay the remaining installments as per the loan agreement.
ii) Issue a writ of mandamus or other appropriate writ, order
or direction directing to the respondents 1 and 2 to keep in
abeyance the operation of Exhibits P3 to P5 notices.
iii) Issue such other appropriate writ, order or direction
which this Hon'ble Court may deem fit in the circumstances
of the case."
2.The petitioner has obtained a housing loan of
Rs.1,37,00,000/- from the respondent Bank on 27.02.2019, by
creating an equitable mortgage over his property having an
extend of 8.9 Ares comprised in Re. Sy No 4/2-7-2 situated at
Alamcode Village, Ponnani Taluk, Malappuram District. The
tenure for repayment of the loan is upto the year 2035, in
equal monthly installments.
3.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, to
realise its outstanding dues, in respect of the loan advanced to
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WP(C) NO. 33276 OF 2024
the petitioner by the Bank.
4.The learned counsel for the respondent Bank, on
instructions submits that as of today, the overdue amount is
Rs.14,94,976/- and the total outstanding amount is
Rs.1,26,29,840/-.
5.The learned counsel for the Bank submits that, if the
petitioner makes substantial upfront payment and remaining
overdue amount in few installments along with regular
installments, the Bank shall regularize the loan account of
petitioner for making payment in terms of the loan agreement.
6.Considering the aforesaid submission of the Bank,
the present writ petition is disposed of, on following terms:-
1.The petitioner shall pay Rs.5,00,000/- on or before
01.10.2024 and remaining overdue amount in eight
equal monthly installments along with regular
installments.
2.The first installment is to be paid on or before
07.11.2024 and remaining seven installments on or
before 7th day of each succeeding month thereafter.
3.If the petitioner pays Rs.5,00,000/- on or before
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WP(C) NO. 33276 OF 2024
01.10.2024, the Bank shall defer the possession of the
property.
4.In case, after making payment of Rs.5,00,000/-, the
petitioner defaults in making payment of the 1 st
installment or any of the subsequent installments as
directed above, the Bank shall be free to proceed
further against the petitioner, in accordance with the
law to realise its dues.
5.After making payment of the entire overdue amount
as directed above, the petitioner shall continue to
make the payment in terms of the loan agreement till
the entire liability is discharged by the petitioner.
Sd/-
DINESH KUMAR SINGH
JUDGE
SJ
2024:KER:71056
WP(C) NO. 33276 OF 2024
APPENDIX OF WP(C) 33276/2024
PETITIONER EXHIBITS
Exhibit P 1 A TRUE COPY OF THE PHOTOGRAPH SHOWING THE
RESIDENTIAL PROPERTY OF THE PETITIONER
Exhibit P 2 A TRUE COY OF THE CASH RECEIPT NO.
2500898 DATED 14..5..2022 ISSUED BY
ALAMCODE GRAMA PANCHAYAT
Exhibit P 3 A TRUE COPY OF THE NOTICE UNDER SECTION
13(2) UNDER SARFAESI ACT DATED 15.3.2024
ISSUED TO THE PETITIONER
Exhibit P 4 A TRUE COPY OF THE POSSESSION NOTICE
DATED 30.5.2024 ISSUED TO THE PETITIONER
BY THE 2ND RESPONDENT
Exhibit P 5 A TRUE COPY OF THE POSSESSION NOTICE
DATED 4.9.2024 ISSUED BY THE ADVOCATE
COMMISSIONER
Exhibit P 6 A TRUE COY OF THE STATEMENT OF ACCOUNT
ISSUED BY AXIS BANK DATED 28.5.2024
