Dismissed

Usman K.K. v. Axis Bank Limited

Kerala HC16 Jun 2023WP(C)/8155/2022

Case brief

AI extract

What is this about?

This writ petition sought direction to permit payment of overdue loan amounts in instalments and regularisation of an account with Axis Bank. The court, relying on Supreme Court precedent regarding the SARFAESI Act, found no extraordinary circumstances to interfere and dismissed the petition without prejudice to statutory remedies.

What did the court decide?

The writ petition is dismissed without prejudice to the right of the petitioners to work out their statutory remedies in accordance with law.

Usman K.K. Vs Axis Bank Limited — Contract and Commercial Disputes | Kerala HC (2023)

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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 C.S.DIAS

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FRIDAY, THE 16TH DAY OF JUNE 2023 / 26TH JYAISHTA, 1945
WP(C) NO. 8155 OF 2022

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PETITIONER/S:

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1USMAN K.K.
AGED 46 YEARS
S/O.BEEVI KUNJALAVI, KUNIYAPATTA HOUSE, MANAKKAD,
PATHIRIPADAM, MALAPPURAM DISTRICT, PIN - 679 334.
2BEEVI KUJALAVI
AGED 64 YEARS
KUNIYAPATTA HOUSE, MANAKKAD, PATHIRIPADAM, MALAPPURAM
DISTRICT, PIN - 679 334.
BY ADVS.
P.SAMSUDIN
SHYAM NAIR
LIRA A.B.

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RESPONDENT/S:

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1AXIS BANK LIMITED
REPRESENTED BY ITS AUTHORISED OFFICER, RETAIL ASSET
CENTER, 5TH FLOOR, CHICKAGO PLAZA, RAJAJI ROAD,
ERNAKULAM - 682 035.

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2THE AUTHORISED OFFICER
AXIS BANK LTD., RETAIL ASSET CENTER, 5TH FLOOR,
CHICKAGO PLAZA, RAJAJI ROAD, ERNAKULAM - 682 035.
BY ADVS.
C.VIVEK
SREEKALA KRISHNADAS

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
16.06.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WPC No. 8155 of 2022

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C.S.DIAS, J.

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

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W.P.(C.) No. 8155 of 2022

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

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Dated this the 16^th day of June, 2023

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JUDGMENT

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The writ petition is filed to direct the respondents to permit the petitioners to pay the overdue amount in equated monthly instalments and regularise the loan account.

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The petitioners case is that, they had availed financial assistance from the respondent – Bank – by creating an equitable mortgage. Due to unforeseen circumstances, the petitioners could not pay the instalments on time. The respondents have initiated proceedings against the secured asset under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (in short, ‘Act’). The petitioners are ready to pay the overdue amount in equated monthly instalments. Hence, the writ petition.

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WPC No. 8155 of 2022

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Heard; Sri. P. Samsudin, the learned counsel appearing for the petitioners and Sri. C. Vivek, the learned counsel appearing for the respondents.

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Sri. C. Vivek, on instructions, submitted that as on today the overdue amount is Rs.1,63,23,332.02/-. The petitioners are chronic defaulters. The respondents are not willing to permit the petitioners to pay off the overdue amount in instalments and the writ petition may be dismissed. The said submission is recorded.

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The Hon’ble Supreme Court in South Indian Bank Ltd vs. Naveen Mathew Philip (2023 LiveLaw (SC) 320) , after adverting to a myriad of earlier judicial pronouncements rendered under the Act, has categorically declared that the High Courts shall not, unless in extra ordinary circumstances, interfere with proceedings initiated under the Act, in writ proceedings under Article 226 of the Constitution of India.

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WPC No. 8155 of 2022

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Having considered the pleadings and materials on record and taking into account the stand adopted by the respondents, I do not find any extraordinary circumstances to entertain the writ petition by exercising the plenary powers of this Court under Article 226 of the Constitution of India. Nonetheless, it will be upto the petitioners to work out their statutory remedies.

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Resultantly, the writ petition is dismissed without prejudice to the right of the petitioners to work out their statutory remedies in accordance with law.

Sd/-

C. S. DIAS JUDGE

WPC No. 8155 of 2022

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APPENDIX OF WP(C) 8155/2022

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PETITIONER EXHIBITS
Exhibit P1

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TRUE COPY OF THE NOTICE DATED 08/03/2022
ISSUED BY THE ADVOCATE COMMISSIONER.

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RESPONDENTS' EXHIBITS:NIL

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TRUE COPY

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P.A.TO JUDGE

Usman K.K. v. Axis Bank Limited

Case brief

What is this about?

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Usman K.K. v. Axis Bank Limited

Case brief

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