2025:KER:26695 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 WP(C) NO. 10381 OF 2025 PETITIONER: VARUN P.P., AGED 37 YEARS, S/O. RAMACHANDRAN P.P., KODAKKAD POTTAYIL HOUSE, KOTTUKKARA, KONDOTTY, MALAPPURAM DISTRICT, PIN – 673638. BY ADVS. U.K.DEVIDAS S.K.SREELAKSHMY SONA SUNNY RESPONDENT: CANARA BANK, REGIONAL OFFICE, MALAPPURAM, VARNAM ARCADE, BYPASS ROAD, MACHINGAL, MUNDUPARAMBA P.O., MALAPPURAM REPRESENTED BY ITS AUTHORIZED OFFICER, PIN – 676509. SRI.M.GOPIKRISHNAN NAMBIAR, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27.03.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C) NO. 10381 OF 2025 2 2025:KER:26695 JUDGMENT The petitioner availed credit facilities from the respondent Bank including an overdraft facility and a housing loan. On default being committed proceedings have been initiated against the petitioner under the provisions of the SARFAESI Act prompting the petitioner to approach this Court by filing the above writ petition. 2. The learned counsel for the petitioner would submit that the petitioner maybe permitted to clear the liability in instalments. 3. The learned counsel for the respondent Bank submits that the overdraft facility cannot be regularized and the outstanding liability as on 25.03.2025 is Rs.66,68,097/-. It is submitted that if the petitioner clears the entire amount due in the overdraft facility, the housing loan account of the petitioner can be regularized by remitting a sum of Rs.2,20,083/- (as on 25.03.2025). It is submitted that since there are substantial liabilities in the overdraft account, the petitioner may be required to show bonafides by remitting some substantial amount towards the liability in the overdraft facility immediately. 4. The learned counsel appearing for the petitioner submits that the petitioner will remit a sum of Rs.5 lakhs by WP(C) NO. 10381 OF 2025 3 2025:KER:26695 10.04.2025 and the balance liability in the overdraft facility may be permitted to be cleared in 15 instalments. Having heard the learned counsel appearing for the petitioner and the learned counsel appearing for the respondent Bank, this writ petition will stand disposed of in the following manner:- 1 The petitioner shall pay a sum of Rs.5 lakhs towards the liability in the overdraft facility on or before 10.04.2025. The balance liability in the overdraft facility together with any accrued interest, charges and costs shall be paid in 12 equal monthly instalments commencing from 30.04.2025; 2 The petitioner shall clear the overdue amount in the housing loan account of Rs.2,20,083/- together with any accrued interest, charges and costs in 10 equal monthly instalments commencing from 30.04.2025; 3 On the petitioner clearing the entire liability under the overdraft facility and on the petitioner paying the overdue amounts and all regular EMIs payable in respect of the housing loan availed by the petitioner on the due dates without fail, the housing loan account of the petitioner shall be regularized; 4 If the petitioner fails to pay any amount as directed in this WP(C) NO. 10381 OF 2025 4 2025:KER:26695 judgment, it will be open to the respondent Bank to continue with the proceedings initiated against the petitioner. The writ petition will stand disposed of as above. Sd/- GOPINATH P. JUDGE DK WP(C) NO. 10381 OF 2025 5 2025:KER:26695 APPENDIX OF WP(C) 10381/2025 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE DATED 27.01.2025 U/S. 13(8) OF THE SARFAESI ACT ISSUED BY THE RESPONDENT TO THE PETITIONER Exhibit P2 TRUE COPY OF THE NOTICE ISSUED BY ADVOCATE COMMISSIONER DATED 05.03.2025 IN M.C. 208/2025 ON THE FILES OF THE CHIEF JUDICIAL MAGISTRATE COURT, MANJERI