Sathyan.M.A, v. AXIS BANK LTD
Court: High Court of Kerala
Bench: HONOURABLE MR. JUSTICE D. K. SINGH
Judgment date:
Case summary
High Court of Kerala judgment dated 2024-07-29. Sathyan.M.A, v. AXIS BANK LTD. Read the judgment and case details on LawSphereX.
Judgment text
IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE DINESH KUMAR SINGH TH MONDAY, THE 29 DAY OF JULY 2024 / 7TH SRAVANA, 1946 WP(C) NO. 23177 OF 2024 PETITIONER: SATHYAN. M. A, AGED 49 YEARS S/O ANDY. A, , CHIRAMMAL HOUSE, KEEZHATHOOR, PATHIRAYAD (PO), PINARAYI, KANNUR (DIST)-, PIN - 670 741 BY ADV P. SAJU RESPONDENTS: 1 AXIS BANK LTD REPRESENTED BY AUTHORIZED OFFICER, 2ND FLOOR, GLOBAL TOWERS, NEAR V ZONE MALL, PARAYANCHERI, MAVOOR ROAD, KOZHIKODE, KERALA,, PIN - 673 016 2 THE CUSTOMER SERVICE MANAGER AXIS BANK LTD, RETAIL ASSET CENTRE, 2ND FLOOR, GLOBAL TOWERS, PARAYANCHERI, MAVOOR ROAD, KOZHIKODE, KERALA, PIN - 673 016 OTHER PRESENT: SRI. SAJU N. A. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29. 07. 2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: DINESH KUMAR SINGH, J. --------------------------------------- W. P. (C) No.
23177 of 2024 ---------------------------------------th Dated this the 29 day of July 2024 JUDGMENT The present writ petition has been filed with the following prayers: i. " Stay all further proceedings pursuant to its issuance of Exhibit P-3 and Exhibit P-4 Notices. ii. Issue a writ of mandamus or any appropriate writ order or direction commanding the respondents to permit the petitioner to clear the entire outstanding due (defaulted EMI’S) in 8 equal monthly installments along with regular EMI and regularize above loan account. " 2. This Court has granted indulgence to the petitioner vide interim order dated 28. 06. 2024. The petitioner has paid Rs. 1. 5 lakhs in compliance of the interim order. As per the learned counsel for the Bank, the overdue amount in respect of the Housing Loan taken by the petitioner is around Rs. 3 lakhs. 3.
The learned counsel for the petitioner submits that petitioner will pay the overdue amount in six monthly installments along with regular installment and continue to pay the regular installments till the tenure of the loan which is up to 2032. The loan was taken in the year 2017 and was to be repaid in 25 years in monthly installments of Rs. 10,224/- . 4. The learned counsel for the respondent Bank does not have much objection with the said prayer. 5. In view thereof, this writ petition is disposed of with the following terms. i. The petitioner shall pay the overdue amount of around Rs. 3 lakhs in six equal monthly installments along with regular installments. ii. After payment of overdue amount along with regular installments, the Bank shall regularize the loan account for making payment of the EMI till the tenure of the loan. iii.
In case of failure to pay the payment of first installment or any subsequent installments, the Bank shall be free to proceed against the petitioner in accordance with law. With the aforesaid directions, the writ petition is disposed of. Sd/- DINESH KUMAR SINGH JUDGE SSG APPENDIX OF WP(C) 23177/2024 PETITIONER'S EXHIBITS Exhibit P 1 TRUE COPY OF IDENTITY CARD NO- KNR02004984 DATED 01/09/2009 ISSUED UNDER KERALA SHOPS AND COMMERCIAL ESTABLISHMENTS WORKERS WELFARE SCHEME . Exhibit P 2 TRUE COPY OF DISCHARGE SUMMERY DATED 25/05/2023 ISSUED FROM YENEPOYA MEDICAL COLLEGE HOSPITAL AT MANGALORE. Exhibit P 3 TRUE COPY OF THE NOTICE DATED 22/03/2023 UNDER SECTION 13(2) OF THE SARFAESI ACT. Exhibit P 4 TRUE COPY OF THE NOTICE DATED 11/06/2024 ISSUED BY ADVOCATE COMMISSIONER.
Source: High Court of Kerala. Dataset: Dattam Labs. CC BY 4.0. Text extracted automatically; compare with the source PDF for layout and accuracy.