2025:KER:28795 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. 9630 OF 2025 PETITIONER: MAYA V NAIR, AGED 51 YEARS, MANAGING PARTNER,M/S MAYI INDUSTRIES, SREEKRISHNA VILASAM HOUSE, TC 22/691(OLD NO 9/1170-1), MANGALAM LANE, SASTHAMANGALAM, THIRUVANANTHAPURAM, PIN – 695010. BY ADVS. S.JAYANT ABHIREMYA RAJ R B GOVIND V.P. GAYATHRI R. RESPONDENTS: 1 CHIEF MANAGER, STATE BANK OF INDIA,STRESSED ASSETS RECOVERY BRANCH, LMS COMPOUND, OPPOSITE TO MUSEUM WEST GATE, VIKAS BHAVAN P.O, THIRUVANANTHAPURAM, PIN – 695010. 2 THE ASSISTANT GENERAL MANAGER, STATE BANK OF INDIA,STRESSED ASSETS RECOVERY BRANCH, LMS COMPOUND,OPPOSITE TO MUSEUM WEST GATE,VIKAS BHAVAN P.O, THIRUVANANTHAPURAM, PIN – 695010. SRI.JAWAHAR JOSE, SC THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 03.04.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C) NO. 9630 OF 2025 2 2025:KER:28795 JUDGMENT The petitioner is the Managing Partner of a firm, which availed credit facilities from the respondent Bank. The properties of the petitioner are also mortgaged to secure the repayment of the loan. On default being committed, proceedings have been initiated under the provisions of the SARFAESI Act prompting the petitioner to approach this Court by filing the above writ petition. 2. The learned counsel appearing for the petitioner would submit that the petitioner has complied with the interim order by paying a sum of Rs.1 Crore towards the loan liability. It is submitted that the petitioner may be permitted to clear the balance loan liability in 48 instalments. 3. The learned counsel appearing for the respondent Bank submits that the business of the partnership firm is no longer a running business and therefore, the Bank is not willing to extend any further time for settling the liability. It is submitted that the part of the properties which are mortgaged are in Tamil Nadu. It is submitted that if at all this Court is inclined to grant some instalments to the petitioner, the number of instalments may be limited to seven. It is submitted that the outstanding liability as on today (03.04.2025) is Rs.2,98,00,232/- (Rupees two crores ninety WP(C) NO. 9630 OF 2025 3 2025:KER:28795 eight lakhs two hundred and thirty two only). 4. Having regard to the circumstances of the case and the submissions made as recorded above and taking into consideration the fact that the petitioner has proved bonafides by remitting a sum of Rs.1.00 Crore as directed in the interim order dated 11.03.2025, I am of the view that the petitioner can be granted an opportunity to repay the outstanding amount along with any accrued interest, costs and charges in 12 instalments. 5. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.2,98,00,232/- (Rupees two crores ninety eight lakhs two hundred and thirty two only) along with any accrued interest, costs and charges from the petitioner in the following manner:- (i) The petitioner shall pay the outstanding amount Rs.2,98,00,232/- (Rupees two crores ninety eight lakhs two hundred and thirty 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 30.04.2025 and the subsequent instalments shall be paid on or before the last working 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; WP(C) NO. 9630 OF 2025 4 2025:KER:28795 (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. 9630 OF 2025 5 2025:KER:28795 APPENDIX OF WP(C) 9630/2025 PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF PARTNERSHIP DEED DATED 17-02-2017. Exhibit P2 A TRUE COPY OF THE LETTER OF ARRANGEMENT BETWEEN THE 2ND RESPONDENT AND PETITIONER DATED 24/09/2021. Exhibit P3 A TRUE COPY OF THE ALL ACCOUNTS BALANCE DETAILS OF MAYI INDUSTRIES AS ON 14-11- 2024. Exhibit P4 A TRUE COPY OF DEMAND NOTICE ISSUED BY THE 2ND RESPONDENT THROUGH THEIR COUNSEL DATED 05-10-2024. Exhibit P4(a) A TRUE COPY OF DEMAND NOTICE ISSUED BY THE 2ND RESPONDENT THROUGH THEIR COUNSEL DATED 07-10-2024. Exhibit P5 A TRUE COPY OF THE LETTER ISSUED BY PETITIONER AND HER HUSBAND TO 2ND RESPONDENT DATED 09.08.2024. Exhibit P6 THE TRUE COPY OF THE RECEIPT ISSUED BY THE 2ND RESPONDENT FOR AN AMOUNT OF RS. 15 LAKHS ON 22/10/2024. Exhibit P6(a) THE TRUE COPY OF THE RECEIPT ISSUED BY THE 2ND RESPONDENT FOR AN AMOUNT OF RS. 40 LAKHS ON 24/10/2024. Exhibit P7 THE TRUE COPY OF THE LETTER ISSUED BY THE PETITIONER DATED 29-11-2024 Exhibit P8 A TRUE COPY OF THE OFFER LETTER SUBMITTED BY THE PETITIONER BEFORE THE 1ST RESPONDENT ON 18-12-2024. Exhibit P9 THE TRUE COPY OF THE ORDER DATED 18/02/2025 IN MC NO.48/2025 PASSED BY THE CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM. WP(C) NO. 9630 OF 2025 6 2025:KER:28795 Exhibit P10 THE TRUE COPY OF THE NOTICE GIVEN BY THE ADVOCATE COMMISSION DATED 27/02/2025.