High Court of KeralaWP(C)/30760/2015disposed of

Mr. Jafar Kunhippurayil v. The Axis Bank Ltd.

2015-12-22Honourable Dr. Justice A.K.Jayasankaran Nambiar4 pages

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR TUESDAY, THE 22ND DAY OF DECEMBER 2015/1ST POUSHA, 1937 WP(C).No. 30760 of 2015 (T) ---------------------------- PETITIONER :

---------------------- JAFAR KUNHIPPURAYIL, AGED 41 YEARS, S/O.KUNHIPPURAYIL AMMAD KUNHIPPURAYIL HOUSE, POOLAKKKOOL.P.O., MEIADI (VIA) CALICUT-673507.

BY ADV. SRI.T.B.SHAJIMON RESPONDENT :

------------------------ AXIS BANK LTD., RETIAL ASSETS CENTRE KOZHIKODE- 673 513 (REPRESENTED BY ITS AUTHORIZED OFFICER) BY ADVS. SRI.T.K.RAJESHKUMAR SMT.T.N.BINDU SRI. T.B.SHAIJAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22-12-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

Mn ...2/-

WP(C).No. 30760 of 2015 (T) ---------------------------------------- APPENDIX PETITIONERS' EXHIBITS :

------------------------------------- EXT.P1:

THE PHOTOCOPY OF THE NOTICE BY THE ADVOCATE COMMISSION DATED 28/09/2015.

EXT.P2:

THE PHOTO STAT COPY OF THE CMP. NO.1333/2015 BEFORE THE HON'BLE C.J.M. COURT, KOZHIKODE.

RESPONDENT(S)' EXHIBITS : NIL ---------------------------------------------------------------- //TRUE COPY// P.A. TO JUDGE Mn

A.K.JAYASANKARAN NAMBIAR, J.

=========================================== W.P.(C). No. 30760 of 2015 ===================================================== Dated this the 22nd day of December, 2015

JUDGMENT

The petitioner, who had availed of a loan from the respondent bank, defaulted in repayment of the same. Consequently, the respondent bank initiated proceedings under the Securitisation and Reconstructions of Financial Assets and Enforcement of Security Interest Act, 2002, hereinafter referred to as the 'SARFAESI Act', to recover the loan amounts. Ext.P1 is the notice issued to the petitioner by the Advocate Commissioner under the SARFAESI Act. In the writ petition, the petitioner impugns the steps initiated by the respondent bank for recovery of the loan amounts. 2.

I have heard the learned counsel appearing on behalf of the petitioner as also the learned Standing Counsel appearing on behalf of the respondents.

On a consideration of the facts and circumstances of the case and the submissions made across the bar, I note that the sole prayer of the petitioner is to permit him to remit the balance amounts outstanding to the bank in easy installments. Taking into account the plea of financial hardship raised by the petitioner, I dispose the writ petition with the following directions:-

-2W.P.(C). No. 30760 of 2015 (i) The total overdue amount, in respect of the loan, is stated to be Rs.12,42,908/- together with accrued interest. Accordingly, if the petitioner remits the aforesaid amount of Rs.12,42,908/- together with accrued interest in three equal and successive monthly installments commencing from 30.01.2016, and continues to keep up the regular installments as per the original loan schedule, then the recovery steps initiated against him by the respondent bank shall be kept in abeyance.

(ii) It is made clear that if the petitioner commits a default in respect of any of the installments, 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.

(iii) The respondent bank shall, within ten days from today, provide the petitioner with an upto-date statement of accounts so as to enable the petitioner to discharge the liability in accordance with the directions of this judgment.

Sd/- A.K.JAYASANKARAN NAMBIAR JUDGE das /23.12.15