2025:KER:26070 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. 5665 OF 2025 PETITIONER: M/S. FIGI S AGENCY, THEKKUTHODE, KONNI, PATHANAMTHITTA, REP. BY PROPRIETOR HUSSAIN H., PIN – 689699. BY ADVS. S.MUHAMMED HANEEFF M.H.ASIF ALI ARAVIND T RAMESH RAJANA JOSE ASHIK ALI M.H. RESPONDENT: THE AUTHORISED OFFICER, CANARA BANK LTD., KONNI BRANCH, PATHANAMTHITTA, PIN – 689691. SRI. M.GOPIKRISHNAN NAMBIAR, SC 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. 5665 OF 2025 2 2025:KER:26070 JUDGMENT The petitioner has 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 petitioner. 2. The learned counsel for the petitioner would submit that the petitioner may be permitted to clear the liability in instalments. 3. It was submitted on behalf of the respondent Bank that the petitioner committed default in repayment of three loans and the total outstanding amount as on 19.03.2025 is Rs.21,35,241/- (Rupees twenty one lakhs thirty five thousand two hundred and forty one 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 petitioner can be granted an opportunity to repay the outstanding amount on condition that Rs.2,50,000/- (Rupees two lakhs fifty thousand only) shall be paid on or before 10.04.2025 and the balance amount along with any accrued interest, costs and charges shall be paid in 12 equal monthly instalments, the first of which shall be paid WP(C) NO. 5665 OF 2025 3 2025:KER:26070 on or before 09.05.2025 and the subsequent instalments shall be paid on or before the 10th day of every succeeding months. 5. Accordingly, there will be a direction to the respondent Bank to accept repayment of the outstanding amount of Rs.21,35,241/- (Rupees twenty one lakhs thirty five thousand two hundred and forty one only)along with accrued interest, costs and charges from the petitioner in the following manner:- (i)The petitioner shall pay a sum of Rs.2,50,000/- (Rupees two lakhs fifty thousand only) on or before 10.04.2025. The balance outstanding amount along with any accrued interest, costs and charges shall be repaid in 12 equal monthly instalments; (ii)The first instalment shall be paid on or before 09.05.2025 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 petitioner 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. 5665 OF 2025 4 2025:KER:26070 APPENDIX OF WP(C) 5665/2025 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE POSSESSION NOTICE DATED 11.12.2024 ISSUED BY THE RESPONDENT BANK Exhibit P2 TRUE COPY OF THE REPRESENTATION DATED 18.12.2024 FILED BY THE PETITIONER BEFORE THE RESPONDENT