2025:KER:25602 WP(C) NO. 10431 OF 2025 1 IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. TUESDAY, THE 25TH DAY OF MARCH 2025 / 4TH CHAITHRA, 1947 WP(C) NO. 10431 OF 2025 PETITIONER/S: 1 AKBAR SALIM K M,AGED 37 YEARS, S/O MUHAMMED HANEEFA, KUNNATHUPARAMBU, PERINGOTTUKURUSSI, HIGHER SECONDERY SCHOOL, PALAKKAD, PIN - 678574 2 SHAHANA PARVEE S,AGED 27 YEARS, /O AKBAR SALIM K M,KUNNATHUPARAMBU, PERINGOTTUKURUSSI HIGHER SECONDERY SCHOOL, PALAKKAD, PIN - 678574 BY ADVS. T.K.SANDEEP SWETHA R. RESPONDENT/S: 1 AADHAR HOUSING FINANCE LIMITED, REPRESENTED BY ITS BRANCH MANAGER, 24/507, KK BUILDING, GROUND FLOOR KUNNATHURMEDU, KALMANDAPAM,PALAKKAD, PIN - 678013 2 AUTHORISED OFFICER,AADHAR HOUSING FINANCE LIMITED, DOOR NO 62/4783, 1ST FLOOR, RAMALEELA,MAHAKAVI G ROAD, IYYATTIL JUNCTION, KARIKKAMURI SHENOYS, ERNAKULAM, PIN - 682011 BY ADVS. A.SURESH RASSAL JANARDHANAN A.(K/000960/2018) THAREEQ ANVER K.(K/000942/2018) GOVIND G. NAIR(K/001627/2018) SHINTO MATHEW ABRAHAM(K/977/2018) NEVIL ZACHARIA MATHEW(K/1526/2018) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25.03.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2025:KER:25602 WP(C) NO. 10431 OF 2025 2 JUDGMENT Petitioners have approached this Court, challenging proceedings initiated by the respondent financial institution under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of the amounts due from the petitioners. 2. During the course of hearing, petitioners have confined the relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation of the loan account. 3. It is submitted on behalf of the respondent financial institution that the petitioners availed a housing loan from the respondent financial institution and committed default in repayment and the overdue amount, as on 25.03.2025 would come to Rs.3,72,272/- (Rupees Three lakh seventy two thousand two hundred and seventy two only). It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent financial institution is willing to accept repayment of the overdue amount in limited instalments and 2025:KER:25602 WP(C) NO. 10431 OF 2025 3 regularise the loan account provided a substantial amount is paid as expeditiously as possible. 4. Having regard to the circumstances of the case and the submissions made as recorded above, I am of the view that the petitioners can be granted an opportunity to repay the overdue amount of Rs.3,72,272/- (Rupees Three lakh seventy two thousand two hundred and seventy two only) on a condition that the petitioners shall pay an amount of Rs.75,000/- (Rupees Seventy five thousand only) on or before 05.04.2025 and the balance overdue amount along with any accrued interest, cost and charges in six instalments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised. 5. Accordingly, there will be a direction to the respondent financial institution to accept repayment of the entire overdue amount of Rs.3,72,272/- (Rupees Three lakh seventy two thousand two hundred and seventy two only) along with accrued interest, cost and bank charges from the petitioners and regularise the loan account of the petitioners in the following manner:- (i) The petitioners shall pay an amount of Rs.75,000/- (Rupees 2025:KER:25602 WP(C) NO. 10431 OF 2025 4 Seventy five thousand only) on or before 05.04.2025; (ii) The balance overdue amount of Rs.2,97,272/- (Rupees Two lakh ninety seven thousand two hundred and seventy two only) along with any accrued interest, cost and charges shall be repaid in six equated monthly instalments; (iii)The first instalment shall be paid on or before 05.05.2025 and the subsequent instalments shall be paid on or before 05th day of each succeeding months; (iv)Petitioners shall continue to pay the regular EMI’s/instalments along with the instalments directed above; (v) In the event of default of any one instalment, the respondent financial institution shall be entitled to proceed in accordance with the law; (vi) In order to enable the petitioners 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 ajt 2025:KER:25602 WP(C) NO. 10431 OF 2025 5 APPENDIX OF WP(C) 10431/2025 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE DATED 14.11.2024 UNDER SECTION 13 (12) OF SARFAESI ACT Exhibit P2 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 10TH MARCH 2025