Disposed

Pugalenthi G v. M/s. Axis Bank Ltd.

Madras HC1 Feb 2023WP(MD)/1453/2023

Case brief

AI extract

What is this about?

In a writ petition challenging a possession notice under the SARFAESI Act, the Madurai Bench of the Madras High Court disposed of the matter by directing the petitioner to pay Rs.10,00,000/- in two installments and seek a One Time Settlement. The Court directed the Bank to consider the proposal per RBI guidelines and close the connected cases.

What did the court decide?

Directed petitioner to pay Rs.10,00,000/- in two installments and submit a One Time Settlement proposal for the Bank to consider as per RBI guidelines.

Pugalenthi G Vs M/s. Axis Bank Ltd. — Banking and Recovery | Madras HC (2023)

¶1

W.P.(MD) No.1453 of 2023

¶2

BEFORE THE MADURAI BENCH OF MADRAS HIGH COURT

¶3

DATED : 01.02.2023

¶4

CORAM:

¶5

THE HONOURABLE MR.JUSTICE D.KRISHNAKUMAR AND

¶6

THE HONOURABLE MR.JUSTICE R.VIJAYAKUMAR

¶7

W.P.(MD)No.1453 of 2023 and

¶8

W.M.P.(MD)Nos.1334 & 1336 of 2023

G.Pugalenthi

... Petitioner

-Vs-

1.M/s.Axis Bank Ltd.,

¶13

Rep by Authorized Signatory, 2^nd Floor, Door No.31, Old No.14,

¶14

South Mada Street, Mylapore,

¶15

Chennai-600 004.

¶16

2.The Authorized Officer,

¶17

Axis Bank Ltd., Rep by Authorized Signatory,

¶18

Thallakulam Branch, Madurai.

¶19

Page 1 of 6

¶20

https://www.mhc.tn.gov.in/judis

¶21

W.P.(MD) No.1453 of 2023

¶22

3.The Authorized Officer,

¶23

Axis Bank Ltd., Rep by Authorized Signatory, Karaikudi, Sivagangai District. ... Respondents

¶24

PRAYER: Petition filed under Article 226 of the Constitution of India, to issue a Writ of Certiorarified Mandamus, to call for the records relating to the impugned possession notice of the 1^st respondent dated 13.05.2022 and consequent information notice dated 07.01.2023 of the 2^nd respondent and to quash all the proceedings purported to be initiated under the provisions of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2012, including the impugned notices and consequently, direct the respondents to provide sufficient opportunity for settlement with regard to the loan A/c.No. 916030032994583 pending before the 3^rd respondent by waiving the interest.

¶25

For Petitioner : Ms.A.Rajini For Respondents : Mr.P.Pethu Rajesh, Standing Counsel

¶26

ORDER

¶27

[Order of the Court was made by D.KRISHNAKUMAR, J.]

¶28

Challenging the possession notice dated 13.05.2022 issued by the 1 st respondent and consequent information notice dated 07.01.2023 issued by the

¶29

Page 2 of 6

¶30

https://www.mhc.tn.gov.in/judis

¶31

W.P.(MD) No.1453 of 2023

¶32

2ndnd

¶33

2ndnd respondent, this Writ Petition is filed with a consequential direction to the respondents to provide sufficient opportunity for settlement with regard to the loan A/c.No.916030032994583 pending before the 3 rd respondent by waiving the interest.

¶34

2.During the course of argument, the learned counsel appearing for the petitioner has given an undertaking that the petitioner will pay a sum of Rs.6,00,000/- (Rupees Six Lakhs Only) on or before 16.02.2023 to the respondent Bank and on payment of the said amount, the petitioner may be permitted to submit a proposal for One Time Settlement to the respondent Bank and the same may be directed to be considered by the respondent Bank.

¶35

3.In reply, the learned Standing Counsel appearing for the respondent Bank submitted that the request of the petitioner for settling the entire outstanding amount under the scheme of One Time Settlement will be considered as per the guidelines issued by RBI, if he is eligible.

¶36

Page 3 of 6

¶37

https://www.mhc.tn.gov.in/judis

¶38

W.P.(MD) No.1453 of 2023

¶39

4.In the light of the aforesaid submission, with the consent of both

¶40

parties, we are inclined to pass the following order:-

¶41

“(i)The petitioner is directed to pay a sum of Rs.6,00,000/-

¶42

(Rupees Six Lakhs Only) on or before 16.02.2023 and further sum of

¶43

Rs.4,00,000/- (Rupees Four Lakhs Only) on or before 02.03.2023 to the respondent Bank;

¶44

(ii)He is further directed to submit a proposal for One Time Settlement to the respondent Bank on or before 02.03.2023 for the balance outstanding amount;

¶45

(iii)On receipt of such proposal, the respondent Bank shall

¶46

consider the same and pass appropriate orders as per the guidelines issued by RBI and communicate the decision to the petitioner;

¶47

(iv)We make it clear that if the petitioner fails to make any one of the aforesaid payments, the respondent Bank is at liberty to proceed further in accordance with law; and

¶48

Page 4 of 6

¶49

https://www.mhc.tn.gov.in/judis

¶50

W.P.(MD) No.1453 of 2023

¶51

(v)It is needless to mention that after the disposal of the

¶52

proposal for One Time Settlement to be submitted by the petitioner, if the petitioner seeks any time for settling the entire outstanding amount, the respondent Bank shall consider the same.”

¶53

5.With the above direction, this Writ Petition stands disposed of. No costs. Consequently, connected miscellaneous petitions are closed.

¶54

[D.K.K., J.] & [R.V., J.] 01.02.2023

¶55

NCC : Yes / No Index : Yes / No Internet : Yes / No

¶56

MYR

¶57

Page 5 of 6

¶58

https://www.mhc.tn.gov.in/judis

¶59

W.P.(MD) No.1453 of 2023

¶60

D.KRISHNAKUMAR, J. AND R.VIJAYAKUMAR , J.

¶61

MYR

¶62

W.P.(MD)No.1453 of 2023

¶63

01.02.2023

¶64

Page 6 of 6

¶65

https://www.mhc.tn.gov.in/judis

Pugalenthi G v. M/s. Axis Bank Ltd.

Case brief

What is this about?

What did the court decide?

Pugalenthi G v. M/s. Axis Bank Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Muthuselvi Vs the Chief Judicial Magistrate

Kumaresan .N Vs The District Collector

Sathya Jaya Singh Vs The Chief Manager

Jayanthi Mala Vs The District Collector

Rajkumar a Vs The District Collector

Premkumar.P Vs The Chief Manager