Disposed

Salim S.H v. Axis Bank

Kerala HC4 Jan 2016RP/1205/2015

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What is this about?

The High Court disposed of a review petition seeking relief from a prior order directing remittance of overdue bank dues. Acknowledging the petitioner's financial hardship and partial payment, the court directed that recovery steps be kept in abeyance if the petitioner clears the overdue amount and interest within four months while continuing regular instalments.

What did the court decide?

Recovery steps against the petitioner to be kept in abeyance if the overdue amount is paid in four months and regular instalments are continued.

Salim S.H Vs Axis Bank — Banking and Recovery | Kerala HC (2016)

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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.K.JAYASANKARAN NAMBIAR

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MONDAY, THE 4TH DAY OF JANUARY 2016/14TH POUSHA, 1937

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RP.No. 1205 of 2015 (P)

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------------------------------------AGAINST THE JUDGMENT IN WP(C).NO. 21543/2015 DATED 16-09-2015

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REVIEW PETITIONER/PETITIONER :

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SALIM S.H., AGED 51 YEARS S/O.SHAHUL HAMEED, AP X/515 A, CAPITIO BUILDING SIMI PLAZA, VETTU ROAD, KANIYAPURAM THIRUVANANTHAPURAM-695 301.

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BY ADVS.SRI.R.S.KALKURA SRI.M.S.KALESH SRI.HARISH GOPINATH SMT.R.BINDU SMT.P.ANJANA SRI.P.M.UNNI NAMBOODIRI

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RESPONDENTS/RESPONDENTS :

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1. AXIS BANK LTD., REPRESENTED BY ITS BRANCH MANAGER (RETAIL ASSET CENTRE) NIHAL COMPLEX, IIND FLOOR, NEAR KARAMANA BRIDGE KARAMANA, THIRUVANANTHAPURAM-695 002.

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2. THE AUTHORISED OFFICER AXIS BANK LTD., NIHAL COMPLEX, IIND FLOOR NEAR KARAMANA BRIDGE, KARAMANA THIRUVANANTHAPURAM-695 002.

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BY ADV. SRI.P.PAULOCHAN ANTONY

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THIS REVIEW PETITION HAVING COME UP FOR ADMISSION ON 04-01-2016, THE COURT ON THE SAME DAY PASSED THE FOLLOWING:

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A.K.JAYASANKARAN NAMBIAR, J.

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R.P.No. 1205 of 2015 in

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W.P.(C).No. 21543 of 2015

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- - - - Dated this the 4^th day of January 2016

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ORDER

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This petition is filed seeking review of the judgment dated 16.09.2015, to the extent it directs the petitioner to remit the overdue amount with accrued interest in eight equal and successive monthly instalments, commencing from 15.10.2015. It is submitted by counsel for the petitioner that, pursuant to the directions issued in the judgment dated 16.09.2015, he has remitted an amount of Rs.10,00,000/-(Rupees ten lakhs only) towards the outstanding overdue amounts. It is submitted that the petitioner is facing financial hardship and if he is permitted to discharge the present overdue amount in four months, then he will be in position to discharge the liability to the bank in respect of the overdue amount and also continue payment of the regular instalments as per the original loan schedule.

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I have heard the learned counsel for the petitioner and the learned standing counsel for the respondent bank.

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R.P.1205 of 2015 in W.P.(C)No.21543 of 2015 : 2 :

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On a consideration of the facts and circumstances of the case and the submissions made across the Bar, and taking note the plea of financial hardship urged on behalf of the petitioner, I review the judgment dated 16.09.2015 and dispose the writ petition with the following directions:-

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i) If the petitioner remits the present overdue amount(stated to be approximately Rs.46,00,000/-) together with accrued interest within four months from the date of receipt of a copy of this judgment and continues to keep up the regular installment payments as per the original loan schedule, then the recovery steps initiated against him by the respondent bank shall be kept in abeyance.

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(ii) It is made clear that if the petitioner commits a default in payment of the overdue amount within the time granted, he will lose the benefit of this judgment and the respondent bank will be free to continue the recovery proceedings against him from the stage at which they presently stand.

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Sd/-

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sm/

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A.K.JAYASANKARAN NAMBIAR JUDGE

Salim S.H v. Axis Bank

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Salim S.H v. Axis Bank

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