2025:KER:28788 IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. THURSDAY, THE 3RD DAY OF APRIL 2025 / 13TH CHAITHRA, 1947 WP(C) NO. 8743 OF 2025 PETITIONER: KASIM M. S, AGED 55 YEARS, S/O. ISMAIL, RESIDING AT FATHIMA MANZIL, CHETTUKUZHI, HIDAYATH NAGAR P.O., KASARAGOD DISTRICT, PIN – 671322. BY ADVS. T.MADHU C.R.SARADAMANI RENJISH S. MENON ALEENA JOSE AVANTHIKA R. KARTHIK KRISHNA M. RESPONDENTS: 1 THE AUTHORIZED OFFICER, KERALA STATE CO-OPERATIVE BANK LTD. (KERALA BANK), REGIONAL OFFICE, RECOVERY SECTION, KANNUR, PIN – 670001. 2 THE MANAGER, KERALA STATE CO-OPERATIVE BANK LTD.(KERALA BANK), KASARAGOD EVENING BRANCH, NAYAK’S ROAD, KASARAGOD DISTRICT, PIN – 671123. BY ADV M.SASINDRAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03.04.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C) NO. 8743 OF 2025 2 2025:KER:28788 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. During the course of hearing, petitioner has confined the relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation of the loan account. 3. It was submitted on behalf of the respondent Bank that the petitioner committed default in repayment of a term loan and the overdue amount as on today (03.04.2025) is Rs.16,50,933/-(Rupees sixteen lakhs fifty thousand nine hundred and thirty three 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 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 petitioner 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 the time as directed above, to have the loan account regularised. WP(C) NO. 8743 OF 2025 3 2025:KER:28788 5. Accordingly, there will be a direction to the respondent Bank to accept repayment of the entire overdue amount of Rs.16,50,933/-(Rupees sixteen lakhs fifty thousand nine hundred and thirty three only) along with any accrued interest, costs and charges from the petitioner and regularise the loan account of the petitioner in the following manner: i. The petitioner shall pay the overdue amount of Rs.16,50,933/- (Rupees sixteen lakhs fifty thousand nine hundred and thirty three only) along with any accrued interest, costs and charges in 12 equated monthly instalments; ii. The first instalment shall be paid on or before 30.04.2025 and the subsequent instalments shall be paid on or before the last working day of every succeeding months; iii.Petitioner 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 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. 8743 OF 2025 4 2025:KER:28788 APPENDIX OF WP(C) 8743/2025 PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE DISCHARGE SUMMARY DATED 10.11.2019 ISSUED BY THE UNITY HOSPITAL, KASARAGOD Exhibit P2 THE TRUE COPY OF THE NOTICE DATED 27.08.2024 ISSUED BY THE 1ST RESPONDENT UNDER SECTION 13 (4) OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002