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2026 Supreme(Online)(Ker) 16871
IN THE HIGH COURT OF KERALA AT ERNAKULAM
BASANT BALAJI, J
VINOD KUMAR K N – Appellant
Versus
AXIS BANK LIMITED – Respondent
WP(C) NO. 8180 OF 2026
For the Appellants/Petitioners: SRI.N.SATHEESH KUMAR(NEMMARA), SHRI.SANTHOSHKUMAR N.
For the Respondents: SHRI.MADHU RADHAKRISHNAN, SHRI.NELSON JOSEPH, SRI.M.D.JOSEPH, SHRI.DEEPAK ASHOK KUMAR, SHRI.JESWIN JACOB, SHRI.ALVIN RAJ
The court grants an installment repayment plan for a loan default under the SARFAESI Act, balancing creditor rights and debtor ability.
Headnote:The petitioners availed a loan of Rs.13,65,043/- from the respondent bank, leading to non-repayment and subsequent proceedings under the SARFAESI Act. The court determined that the respondents consented to allow repayment in fifteen installments of Rs.14,74,000/- with conditions regarding recovery on default. The order facilitates the petitioners' repayment without coercive action during the repayment period.
| Table of Content |
|---|
| 1. loan availed leads to default under sarfaesi. (Para 1) |
| 2. consent to installment repayment. (Para 2) |
| 3. court's ruling on installment payment and conditions. (Para 4) |
JUDGMENT
(Dated this the 3rd day of March, 2026)
The petitioners jointly availed a loan of Rs.13,65,043/-
from the respondent bank. Due to non-repayment of the loan amount, the bank initiated proceedings under the SARFAESI Act and issued Ext.P1 notice dated 07.02.2026. Aggrieved by the same, the petitioner filed this writ petition.
2. The learned Standing Counsel for the respondents, on instructions, submits that the total outstanding amount is Rs.14,74,000/-. The petitioner prays that he may be given 20 instalments which is opposed by the learned counsel for the respondents.
4. Having heard the learned counsel on both sides, and the fact that the respondents have no objection in granting installment facility to the petitioners, I dispose of the writ petition as follows:
a) The petitioners shall remit the outstanding amount of Rs.14,74,000/- (Rupees fourteen lakhs seventy four thousand only) together with allied interest and other charges, in fifteen (15) equated monthly installments, starting from 05.04.2026 and the subsequent installments shall be paid on or before 5th of every succeeding months.
b) In the event of default of any one installment, the respondents shall be entitled to proceed for recovery, in accordance with law.
c) All coercive proceedings shall be kept in abeyance to enable the petitioners to repay the entire amount as directed above.
Sd/-
BASANT BALAJI JUDGE
