SHAFI v. AXIS BANK LIMITED
Case at a glance
- Bench
- N NAGARESH
Provisions considered
Judgment
I have heard the learned Counsel for the petitioner and the learned Standing Counsel representing the Bank. W.P.(C) No.3072 of 2024 : 5 :
The specific case of the petitioner is that the petitioner has been making the repayment and maintaining the loan account initially. The default in repayment of the loan account occurred lately due to reasons beyond the control of the petitioner. The petitioner has provided substantial security which will safeguard the interest of the Bank.
In the facts and circumstances of the case, I am inclined to dispose of the writ petition giving a short and reasonable time to the petitioner to clear off his liability.
The writ petition is therefore disposed of with the following directions: (i) The petitioner shall outstanding amount of 16,06,310/- in 15 ₹ equal and consecutive monthly instalments along with accruing interest and other Bank charges, if any. W.P.(C) No.3072 of 2024 : 6 : (ii) First of such instalments shall be paid on or before 29.02.2024. (iii) If the petitioner commits default in making payments as directed above, the respondent will be at liberty to continue with coercive proceedings against the petitioner in accordance with law. (iv) If the petitioner pays the instalments as directed above, any coercive proceedings against the petitioner shall stand deferred. AMR Sd/- N. NAGARESH JUDGE W.P.(C) No.3072 of 2024 : 7 : APPENDIX OF WP(C) 3072/2024 PETITIONER’S EXHIBITS Exhibit P1 Exhibit P2 COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSION DATED 12.01.2024. COPY OF THE ACCOUNT STATEMENT ISSUED BY THE RESPONDENT DATED 16.01.2024.
Precedent status how later indexed judgments have treated this case
No known negative treatment found in the Courts & Cases corpus.
This is a result about the indexed corpus, not a finding that the judgment remains good law. Coverage may be incomplete.