Allowed

Alikunju P S v. Authorised Officer

Kerala HC20 Jun 2022WP(C)/2304/2022

Case brief

AI extract

What is this about?

Disposes of writ petition challenging recovery proceedings under SARBAA. Directs bank to accept instalment repayment of overdue amount and regularise the loan account with abeyance of coercive measures on default.

What did the court decide?

Relief granted: Petitioner to repay overdue amount in 15 instalments (first by 15.07.2022); loan account to be regularised after repayment; coercive proceedings to remain in abeyance.

Alikunju P S Vs Authorised Officer — Banking and Recovery | Kerala HC (2022)

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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 GOPINATH P.

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MONDAY, THE 20TH DAY OF JUNE 2022 / 30TH JYAISHTA, 1944
WP(C) NO. 2304 OF 2022

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PETITIONER/S:

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ALIKUNJU P S
AGED 53 YEARS
S/O SAIDHU, PARUTHIKKAL HOUSE, KANGARAPPADY,
THRIKKAKARA NORTH, VADACODE, ERNAKULAM DISTRICT
BY ADVS.
K.N.ABHILASH
SUNIL NAIR PALAKKAT
M.A.AHAMMAD SAHEER
P.B.MUHAMMED AJEESH
RITHIK S.ANAND

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RESPONDENT/S:

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1 AUTHORISED OFFICER,

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AXIS BANK LTD, RAC 5TH FLOOR, CHICAGO PLAZA, RAJAJI
ROAD, ERNAKULAM-682 035.

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2 THE BRANCH MANAGER, AXIS BANK LTD, RAC, 5TH FLOOR, CHICAGO PLAZA, RAJAJI ROAD, ERNAKULAM-682 035.

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BY ADV PREMCHAND M.

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ADV. M. PREMCHAND

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
20.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C) NO. 2304 OF 2022 2

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JUDGMENT

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Petitioner has approached this Court challenging proceedings initiated by the respondent Bank under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, for recovery of the amounts due from the petitioner.

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During the course of hearing, petitioner has confined the relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation of the loan account.

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It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the overdue amount is Rs.5,06,893/- (Rupees five lakhs six thousand eight hundred and ninety three only). It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent bank is willing to accept repayment of the overdue amount in limited instalments and regularise the loan account.

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I have heard the learned counsel for the petitioner as well as the learned counsel for the respondent bank.

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Having regard to the circumstances of the case and

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WP(C) NO. 2304 OF 2022 3

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the situation now prevailing, apart from the submissions made as recorded above, I am of the view that the petitioner can be granted an opportunity to repay the overdue amount in fifteen instalments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised.

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Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.5,06,893/- (Rupees five lakhs six thousand eight hundred and ninety three only) along with bank charges from the petitioner and regularise the loan account of the petitioner on the following conditions:

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(i) The overdue amount of Rs.5,06,893/- (Rupees five lakhs six thousand eight hundred and ninety three only) along with any accrued interest and charges shall be repaid in fifteen equated monthly instalments;

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(ii)The first instalment shall be paid on or before 15.07.2022 and the subsequent instalments shall be paid on or before the 20^th day of each succeeding month;

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(iii)Petitioner shall continue to pay the regular EMI’s/instalments along with the instalments directed above;

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(v) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law;

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(vi) In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance.

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WP(C) NO. 2304 OF 2022 4

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The writ petition is disposed of as above.

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sd/-

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GOPINATH P.

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JUDGE

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ajt

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WP(C) NO. 2304 OF 2022 5

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APPENDIX OF WP(C) 2304/2022

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PETITIONER EXHIBITS
Exhibit P1TRUE COPY OF THE NOTICE UNDER SECTION 1392)
DATED 20.4.2021 ISSUED BY THE 1ST RESPONDENT
TO THE PETITIONER
Exhibit P2THE TRUE COPY OF THE NOTICE DATED 19.1.2022
ISSUED BY THE 1ST RESPONDENT

Alikunju P S v. Authorised Officer

Case brief

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Alikunju P S v. Authorised Officer

Case brief

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