2025:KER:28193 O.P (DRT) No.87/2025 -1- IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. THURSDAY, THE 27TH DAY OF MARCH 2025 / 6TH CHAITHRA, 1947 OP (DRT) NO. 87 OF 2025 AGAINST THE ORDER/JUDGMENT DATED IN SA NO.886 OF 2024 OF DEBT RECOVERY TRIBUNAL, ERNAKULAM PETITIONER/S: KASIM A., AGED 42 YEARS, S/O. MOHAMMEDALI, AKKARA HOUSE, KARINKALLATHANI, THAZHEKKODE WEST POST, MALAPPURAM DISTRICT, PIN - 679322 BY ADVS. SIDHARTH O. SUSANTH SHAJI ALBIN A. JOSEPH NEKHA VARGHESE RESPONDENT/S: 1 M/S. KERALA GRAMIN BANK, KGB TOWER, MALAPPURAM, REPRESENTED BY ITS AUTHORIZED OFFICER, PIN - 676505 2 THE AUTHORISED OFFICER, M/S. KERALA GRAMIN BANK, M/S. KERALA GRAMIN BANK, KGB TOWER, MALAPPURAM, PIN - 676505 BY ADVS. ADARSH KUMAR K.M.ANEESH(K/000584/2005) SHASHANK DEVAN(K/000585/2018) YADU KRISHNAN P.M.(K/004747/2024) THIS OP (DEBT RECOVERY TRIBUNAL) HAVING COME UP FOR ADMISSION ON 27.03.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2025:KER:28193 O.P (DRT) No.87/2025 -2- J U D G M E N T This original petition has been filed challenging Ext.P3 order of he Debts Recovery Tribunal-I, Ernakulam in I.A. No.4332/2024 in S.A No.886/2024 whereby the petitioner was required to pay a sum of Rs.8,64,870/- as a condition for stay of further proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the SARFAESI Act) by the respondent bank. This court by interim order dated 14-03-2025 directed as follows:- “Post on 21.03.2025. Advocate K. Maneesh appears for the respondent bank and seeks time to file a statement. Taking of physical possession of the secured asset shall stand deferred till 21.03.2025 on condition that the petitioner remits a sum of Rs.3 lakhs towards the loan liability before 5 pm on 20.03.2025.” The petitioner has now paid a sum of Rs.3,00,000/- as directed in the interim order dated 14-03-2025. 2. The learned counsel for the respondent bank submits that the sale scheduled on 24-03-2025 did not take place. It is submitted that the present overdue amount as on 27-03-2025 is Rs.3,78,207/-. It is submitted that the petitioner has not completed the construction of the house and in such circumstances, it is not possible to regularize the loan account. However, it is 2025:KER:28193 O.P (DRT) No.87/2025 -3- submitted that if the petitioner pays the entire overdue amount within a period of one month from today, he may approach the bank with a request for regulrization of the loan account and that request can be considered by the competent authority of the respondent bank. 3. Having heard the learned counsel for the petitioner and the learned counsel appearing for the respondent bank, this original petition will stand disposed of directing that if the petitioner pays a sum of Rs.3,78,207/- together with any accrued interests, bank charges and costs within a period of one month from today (27-03-2025) and makes a request before the competent authority of the respondent bank for regularization of the housing loan account, the competent authority will consider the request of the petitioner and take a decision thereon. Till such time as a decision is taken by the competent authority, further proceedings under the SARFAESI Act shall remain suspended. The petitioner shall also unconditionally withdraw the securitization application filed by him as S.A No.886/2024 before the Debts Recovery Tribunal, if the petitioner wishes to obtain regularization of the housing loan account. This original petition is ordered accordingly. Sd/- GOPINATH P. JUDGE AMG 2025:KER:28193 O.P (DRT) No.87/2025 -4- APPENDIX OF OP (DRT) 87/2025 PETITIONER EXHIBITS Exhibit P1 TRUE PHOTOSTAT COPY OF THE SECURITIZATION APPLICATION FILED AS S.A. NO. 886/2024 DATED 20.11.2024 ON THE FILES OF DEBTS RECOVERY TRIBUNAL- I, ERNAKULAM. Exhibit P2 TRUE PHOTOSTAT COPY OF THE STAY PETITION DATED 20.11.2024 FILED AS I.A. NO. 4332/2024 IN S.A. NO. 886/2024 ON THE FILES OF DEBTS RECOVERY TRIBUNAL- I, ERNAKULAM Exhibit P3 TRUE COPY OF THE ORDER DATED 29.11.2024 IN I.A. NO. 4332/2024 IN SA NO. 886/2024 ON THE FILES OF DEBT RECOVERY TRIBUNAL- I, ERNAKULAM