2025:KER:29363 IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. FRIDAY, THE 4TH DAY OF APRIL 2025 / 14TH CHAITHRA, 1947 WP(C) NO. 7620 OF 2025 PETITIONER: JINS KARTHIKEYAN, AGED 39 YEARS, PROPRIETOR AGRO RUBBERS, S/O. M.G. KARTHIKEYAN, XVIII/492, SARVODAYAPURAM, SMALL SCALE COIR MATS PRODUCERS CO-OPERATIVE, S N PURAM, KANJIKUZHI, MARARIKKULAM, ALAPPUZHA, PIN – 688 582. BY ADVS. RAMEEZ NOOH AMIN ALI ASHRAF DANIC ANTONY FATHIMA K. SHAFNA SINU RESPONDENT: THE AUTHORISED OFFICER, INDUSIND BANK LIMITED, JAIN TOWER -II, NEAR AL SHIFA HOSPITAL, VARAPUZHA ROAD, EDAPALLY, KOCHI, PIN – 682 024. BY ADV VARGHESE C.KURIAKOSE (SC) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04.04.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2025:KER:29363 WP(C) 7620/2025 2 JUDGMENT Petitioner availed a vehicle loan from the respondent bank for the purchase of a tipper lorry bearing registration No. KL-04-AU-3081. On default being committed, proceedings have been initiated against the petitioner under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act), prompting the petitioner to approach this Court by filing the above writ petition. 2. During the course of hearing, petitioner has confined the relief to an opportunity for repaying the overdue amount in installments and to obtain regularization of the loan account. 3. It is submitted on behalf of the respondent bank that the petitioner committed default in repayment and the overdue amount (after giving credit to the amount already paid by the petitioner as per interim order dated 25-02-2025) is Rs.5,88,841/-, as on 03-04-2025. 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 installments and regularize the loan account. 2025:KER:29363 WP(C) 7620/2025 3 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 overdue amount in eight (08) installments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularized. 6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.5,88,841/- along with any accrued interest, costs and charges from the petitioner and regularize the loan account of the petitioner in the following manner: (i) The petitioner shall pay the overdue amount of Rs.5,88,841/- together with any accrued interest, costs and charges in eight (08) equated monthly installments; (ii) The first installment shall be paid on or before 30-04-2025. The subsequent installments shall be paid on or before the last working day of the succeeding months; (iii) Petitioner shall continue to pay the regular EMI’s/installments along with the installments as directed above; 2025:KER:29363 WP(C) 7620/2025 4 (iv) In the event of default of any one installment, the respondent bank shall be entitled to proceed in accordance with the law; (v) In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance. (vi) On payment of the first two installments or the amount equivalent to two installments, the possession of the vehicle (bearing registration No. KL-04-AU-3081) shall be returned to the petitioner. This shall, however, be subject to the condition that, if the petitioner commits any further default, the petitioner shall handover physical possession of the secured asset to the authorised officer to the respondent bank. The writ petition is disposed of as above. Sd/- GOPINATH P. JUDGE ats 2025:KER:29363 WP(C) 7620/2025 5 APPENDIX OF WP(C) 7620/2025 PETITIONER’S EXHIBITS Exhibit P1 TRUE COPY OF THE PRE-SALE AND AUCTION INTIMATION NOTICE DATED 20.02.2025