Disposed

Abdul Razak v. the Axis Bank

Kerala HC10 Jul 2015WP(C)/2333/2015

Case brief

AI extract

What is this about?

In a writ petition challenging SARFAESI proceedings for default on a housing loan, the Kerala High Court directed the petitioner to remit ₹3 lakhs within a month and pay the balance in ten installments to regularize the loan account failure.

What did the court decide?

Petitioner directed to remit ₹3 lakhs within 20 days and discharge balance overdue in ten monthly installments; account to be regularized if conditions met.

Abdul Razak Vs the Axis Bank — Insurance | Kerala HC (2015)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT:

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THE HONOURABLE MR. JUSTICE A.MUHAMED MUSTAQUE

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FRIDAY, THE 10TH DAY OF JULY 2015/19TH ASHADHA, 1937

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WP(C).No. 2333 of 2015 (N)

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PETITIONER :

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ABDUL RAZAK S/O.MOIDEEN, AGED 37 YEARS RESIDING AT THANNITHURAKKAL HOUSE VELIYANKODE P.O., PONNANI TALUK, MALAPPURAM DISTRICT PIN – 679 539.

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BY ADVS.SRI. P.S. SUJETH SMT. M.R. REENA

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RESPONDENT :

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*THE AXIS BANK CALICUT BRANCH, REP. BY ITS BRANCH MANAGER, REC P.O., CALICUT DISTRICT, PIN 673 601. (CORRECTED)

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*CORRECTED AS

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--------------------------

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THE BRANCH MANAGER AXIS BANK, AL-NAS ARCADE CENTRAL JUNCTION, RING ROAD TIRUR P.O., MALAPPURAM DISTRICT PIN – 676 101.

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*CORRECTED AS PER ORDER DT. 25.2.2015 IN IA NO. 2389/15.

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BY ADVS. SRI.T.K.RAJESHKUMAR SMT.RESHMA RATNALAL KUM.APARNA SOMARAJAN

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10-07-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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...2/-

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WP(C).No. 2333 of 2015 (N)

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APPENDIX

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PETITIONERS' EXHIBITS :

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EXHIBIT-P1: TRUE COPY OF NOTICE SENT BY THE BANK AUTHORITY.

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EXHIBIT-P2: TRUE COPY OF REPRESENTATION GIVEN TO THE BRANCH MANAGER.

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EXHIBIT-P3 : COPY OF DEMAND NOTICE U/S. 13(2) DATED 11/2/2015 SENT TO THE PETITIONER.

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RESPONDENT(S)' EXHIBITS : NIL

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//TRUE COPY//

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P.A. TO JUDGE Mn

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A.MUHAMED MUSTAQUE, J.

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W.P.(C) No.2333 of 2015

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Dated this the 10^th day of July, 2015

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J U D G M E N T

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The petitioner availed a housing loan from the respondent Bank in the year 2013. On account of default in repaying the installments, the Bank initiated 'SARFAESI' proceedings. The same is under challenge in this writ petition.

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The only prayer of the petitioner before this Court is that, the petitioner may be permitted to clear the overdue amount and the Bank may be directed to regularise the loan account.

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The learned Standing Counsel for the Bank submits that, the overdue amount is 10,28,278/- and the total liability is around₹ ₹71 lakhs.

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Considering the facts and circumstances, this writ petition is

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disposed of with the following directions :

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The petitioner shall remit an amount of 3 lakhs₹ (Rupees Three lakhs only) on or before 29.07.2015.

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Thereafter, the petitioner shall discharge the balance overdue amount in ten equal monthly installments along with regular EMIs from the succeeding month onwards.

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If the petitioner clears the overdue amount as stipulated above, the Bank shall regularise the account.

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W.P.(C) No.2333 of 2015

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If the petitioner fails to honour any one of the above conditions, the Bank is free to proceed against the petitioner, in accordance with law.

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Sd/-

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A.MUHAMED MUSTAQUE, JUDGE.

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Abdul Razak v. the Axis Bank

Case brief

What is this about?

What did the court decide?

Abdul Razak v. the Axis Bank

Case brief

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What did the court decide?

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