2025:KER:26562 IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. WEDNESDAY, THE 26TH DAY OF MARCH 2025 / 5TH CHAITHRA, 1947 WP(C) NO. 4212 OF 2025 PETITIONERS: 1 MADHUKUMAR S., AGED 48 YEARS, S/O. SUBHANANDAN,ANJILIMOOTTIL HOUSE, PONGAMTHANAM P.O., VAKATHANAM, KOTTAYAM, PIN – 686538. 2 SUBHANANDAN, AGED 84 YEARS S/O.CHANDRADAS,ANJILIMOOTTIL HOUSE, PONGAMTHANAM P.O., VAKATHANAM,KOTTAYAM, PIN – 686538. BY ADVS. P.R.MADHUSUDANAN HASEENA KUNJOONJU AADHITHYA KRISHNAN P. RESPONDENTS: 1 KERALA STATE CO-OPERATIVE BANK LTD.[KERALA BANK], (ERSTWHILE KOTTAYAM DISTRICT CO-OPERATIVE BANK), HEAD OFFICE, COBANK TOWERS, P.B. NO.6515, VIKAS BHAVAN P.O., PALAYAM, THIRUVANANTHAPURAM, REPRESENTED BY ITS REGIONAL MANAGER, PIN – 695033. 2 THE KERALA STATE CO-OPERATIVE BANK LTD.[KERALA BANK] (ERSTWHILE KOTTAYAM DISTRICT CO-OPERATIVE BANK), VAKATHANAM BRANCH, VAKATHANAM, KOTTAYAM REPRESENTED BY ITS AUTHORISED OFFICER/BRANCH MANAGER, PIN – 686538. WP(C) NO. 4212 OF 2025 2 2025:KER:26562 BY ADVS. ATHUL SHAJI ANJALY T.A(K/1694/2020) GAUTHAM H.(K/000905/2024) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 26.03.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C) NO. 4212 OF 2025 3 2025:KER:26562 JUDGMENT 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. During the course of hearing, petitioners have confined the relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation of the loan account. 3. It is submitted on behalf of the respondent Bank that the petitioners committed default in repayment of a housing loan and the overdue amount as on 24.03.2025 is Rs.3,76,192/-(Rupees three lakhs seventy six thousand one hundred and ninety two only). It is 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 overdue amount in limited instalments and regularise the loan account. 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 overdue amount along with any accrued interest, costs and charges in 12 instalments and thereafter, if the amount so directed is repaid within WP(C) NO. 4212 OF 2025 4 2025:KER:26562 the time as directed above, to have the loan account regularised. 5. Accordingly, there will be a direction to the respondent Bank to accept repayment of the entire overdue amount of Rs.3,76,192/-(Rupees three lakhs seventy six thousand one hundred and ninety two only) along with any accrued interest, costs and charges from the petitioners and regularise the loan account of the petitioners in the following manner: i. The petitioners shall pay the overdue amount of Rs.3,76,192/- (Rupees three lakhs seventy six thousand one hundred and ninety two only) along with any accrued interest, costs and charges in 12 equated monthly instalments; ii. The first instalment shall be paid on or before 15.04.2025 and the subsequent instalments shall be paid on or before the 15th day of every succeeding months; iii.Petitioners shall continue to pay the regular EMI’s / instalments along with the instalments directed above; iv. In the event of default of any one instalment, the respondent Bank shall be entitled to proceed in accordance with the law; v. 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. 4212 OF 2025 5 2025:KER:26562 APPENDIX OF WP(C) 4212/2025 PETITIONER EXHIBITS Exhibit - P1 TRUE COPY OF THE SANCTIONING CARD, LOAN A/C.NO.133960357001562 IS ISSUED BY 2ND RESPONDENT TO THE 1ST PETITIONER HEREIN. Exhibit - P2 TRUE COPY OF THE NOTICE ISSUED BY 2ND RESPONDENT TO 1ST PETITIONER, DATED 11/07/2023 Exhibit - P3 TRUE COPY OF THE NOTICE UNDER SECTION 13(2) OF SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002, DATED 17/9/2024, ISSUED BY THE 2ND RESPONDENT. Exhibit - P4 TRUE COPY OF THE LETTER IN TERMS OF SECTION 13(4) OF SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002, DATED 29/01/2025 (POSSESSION NOTICE).