ASEEM GAIND Vs. AXIS BANK

JUDGEMENT

(1.) This Writ Petition is filed by the petitioner for issuance of a Writ in the nature of Certiorari for quashing of the letter dtd. 12/7/2019 (Annexure P-1) issued by respondent-Bank whereby prayer of the petitioner vide its letter dtd. 9/6/2019(Annexure P-6) for extension of time by another six months for repayment of balance amount of Rs.1.76 Crores, out of total One Time Settlement (hereinafter referred to as "OTS") of Rs.2.36 Crores vide letter dtd. 30/3/2018 (Annexure P-5),was rejected . The background facts

(2.) The petitioner and his co-applicant had been sanctioned a home loan of Rs.2,32,00,000.00 on 18/2/2014 by the respondent-Bank which was to be repaid in 240 monthly installments on a floating rate of interest @ 0.25% above the base rate. Later, a home loan (against property) was also sanctioned for Rs.1.74 Crores on 21/2/2014 to be repaid in 180 monthly installments on a floating rate of interest @ 1.75% above the base rate.

(3.) The petitioner contends that he and his co-applicant were doing business of the Furniture and Furnishing in Chandigarh, and on account of several unavoidable and unforeseen circumstances, they were forced to close their entire business in the year 2013.It is also stated that father of the petitioner, who is also a co-applicant for the loans, was not keeping good health, that his health condition deteriorated in the year 2015, and the petitioner was unable to revive and restart the business. According to the petitioner, he kept on paying installments towards the two loan accounts in spite of the above circumstances. The first OTS dt.27/7/2017