2025:KER:26065 IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. TUESDAY, THE 25TH DAY OF MARCH 2025 / 4TH CHAITHRA, 1947 WP(C) NO. 3361 OF 2025 PETITIONER: 1 JOSE BIJU, AGED 40 YEARS, S/O SRI PETER C O, CHERUTHURUTHI HOUSE,NEAR ANANDA MARGA SCHOOL, SOUTH CHITTOR P.O, ERNAKULAM, PIN – 682027. 2 DAISY PETER, AGED 59 YEARS, D/O JOHN , CHERUTHURUTHI HOUSE,NEAR ANANDA MARGA SCHOOL, SOUTH CHITTOR P.O, ERNAKULAM, PIN – 682027. BY ADVS. RAMEEZ NOOH FATHIMA K. AMIN ALI ASHRAF DANIC ANTONY SHAFNA SINU RESPONDENTS: 1 THE AUTHORIZED OFFICER, STATE BANK OF INDIA STRESSED ASSETS RECOVERY BRANCH, VANKARATH TOWERS, PALARIVATTOM BYEPASS JUNCTION, ERNAKULAM, PIN – 682024. 2 THE AUTHORIZED OFFICER, STATE BANK OF INDIA, REGIONAL BUSINESS OFFICE -5 THODUPUZHA, MANGATTUKAVALA, THODUPUZHA, EAST P.O, IDUKKI, KERALA, PIN – 685585. BY ADV S.LAKSHMY THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25.03.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C) NO. 3361 OF 2025 2 2025:KER:26065 JUDGMENT The petitioners have approached this Court challenging proceedings under the SARFAESI Act which have been initiated by the respondent bank for recovery of the amounts due from the petitioners. 2. The learned counsel for the petitioners would submit that the petitioners may be permitted to clear the liability in instalments. 3. It was submitted on behalf of the respondent bank that the petitioners committed default in repayment of a loan and the outstanding amount as on today (25.03.2025) is Rs.1,10,75,324/- (Rupees one crore ten lakhs seventy five thousand three hundred and twenty four only). It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent bank is willing to accept repayment of the outstanding amount in limited instalments. 4. Having regard to the circumstances of the case and the submissions made as recorded above, I am of the view that the petitioners can be granted an opportunity to repay the outstanding amount along with any accrued interest, costs and charges in 18 instalments. WP(C) NO. 3361 OF 2025 3 2025:KER:26065 5. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.1,10,75,324/- (Rupees one crore ten lakhs seventy five thousand three hundred and twenty four only)along with any accrued interest, costs and charges from the petitioners in the following manner: (i) The petitioners shall pay the outstanding amount of Rs.1,10,75,324/- (Rupees one crore ten lakhs seventy five thousand three hundred and twenty four only)along with any accrued interest, costs and charges in 18 equated monthly instalments; (ii) The first instalment shall be paid on or before 10.04.2025 and the subsequent instalments shall be paid on or before the 10th day of every succeeding months; (iii) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with the law; (iv) In order to enable the petitioners to repay the entire amounts, all coercive proceedings shall be kept in abeyance. The writ petition is disposed of as above. Sd/- GOPINATH P. JUDGE DK WP(C) NO. 3361 OF 2025 4 2025:KER:26065 APPENDIX OF WP(C) 3361/2025 PETITIONER EXHIBITS Exhibit P-1 TRUE COPY OF THE DEMAND NOTICE DATED 05/09/2024 ISSUED BY THE RESPONDENT TO THE 1ST PETITIONER AND THE 2ND PETITIONER Exhibit P-2 TRUE COPY OF THE LAWYER NOTICE DATED 16.12.2024 Exhibit P-3 TRUE COPY OF THE POSSESSION NOTICE DATED 13.01.2025 ISSUED BY THE RESPONDENT