2025:KER:25605 WP(C) NO. 10669 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. 10669 OF 2025 PETITIONER/S: 1 SIDDHARTHA ENTERPRISES REPRESENTED BY ITS PROPRIETOR RAJESH K G , NO.406/9, VASU BLOCK, CHITHRA AVENUE, CHOOLAIMEDU HIGH ROAD, CHENNAI, PIN - 600094 2 RAJESH K.G.,AGED 55 YEARS, NO.406/9, VASU BLOCK, CHITHRA AVENUE, CHOOLAIMEDU HIGH ROAD, CHENNAI, TAMIL NADU, PIN - 600094 3 NISHA RAJESH,AGED 48 YEARS, NO.406/9, VASU BLOCK, CHITHRA AVENUE, CHOOLAIMEDU HIGH ROAD, CHENNAI, TAMIL NADU, PIN – 600094 BY ADVS. JUSTINE JACOB MERIN JOSE SUMESH P.S. MALAVIKA RADHAKRISHNAN ARSHID P. NOUSHAD JOSEPH SHANSTON RESPONDENT/S: 1 THE MANAGER, CITY UNION BANK KOTTAYAM BRANCH MARWA SQUARE, TEMPLE RD, NEAR RIYA STORES, THIRUNAKKARA, KOTTAYAM, KERALA, PIN – 686001 2025:KER:25605 WP(C) NO. 10669 OF 2025 2 2 THE AUTHORISED OFFICER, CITY UNION BANK, NARAYANA" NO.24B, GANDHI NAGAR, KUMBAKONAM, TAMILNADU, INDIA, PIN - 612001 BY ADVS. THOMAS T.VARGHESE ACHU SUBHA ABRAHAM(K/001758/1999) V.T.LITHA(K/278/2006) K.R.MONISHA(K/915/2013) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25.03.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2025:KER:25605 WP(C) NO. 10669 OF 2025 3 JUDGMENT Petitioners have availed several credit facilities from the respondent bank. On default being committed, respondent bank has initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 against the petitioners. Petitioners have approached this Court, challenging proceedings initiated by the respondent Bank 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. Learned counsel appearing for the petitioners submits that the petitioners are ready and willing to settle the entire liability in 2½ months. It is submitted that the bank may also take possession of Schedule B property mentioned in Ext.P2. It is submitted that the petitioners’ age old mother, who is laid up due to stroke, is living in Schedule A property and the bank may be directed not to take physical possession of the Schedule A property for the present. 2025:KER:25605 WP(C) NO. 10669 OF 2025 4 3. Learned counsel appearing for the respondent bank submits that, as on 11.03.2025, the total amount due from the petitioners is Rs.1,86,10,483/- (Rupees One Crore eighty six lakh ten thousand four hundred and eighty three only). It is submitted that the proposal of the petitioners to restrict the taking of physical possession of the property mentioned in Schedule B of Ext.P2 cannot be accepted. It is submitted that if the petitioners make a substantial payment towards the loan liability immediately, the bank can consider giving some time to the petitioner to clear the balance liability. 4. Having heard the learned counsel appearing for the petitioners and the learned counsel appearing for the respondent bank, I am of the view that, purely as a matter of indulgence, some reasonable time can be given to the petitioners to clear the liability. Accordingly, the writ petition will stand disposed of in the following manner:- (i) The respondent bank is permitted to take physical possession of the schedule B property (mentioned in Exhibit P2) forthwith; 2025:KER:25605 WP(C) NO. 10669 OF 2025 5 (ii) The Authorized officer of the respondent bank shall defer the taking of physical possession of the Schedule A property subject to the condition that the petitioner remits a sum of Rs.25,00,000/- (Rupees Twenty five lakh only) within a period of one month from today (25.03.2025); (iii) If the petitioners do not pay the amount as directed above, it will be open to the Authorized Officer of the respondent bank to take physical possession of the Schedule A property also. (iv) Along with the payment of Rs.25 lakhs, as directed above, the petitioners are also permitted to make a proposal for settlement of the balance liability and if such a proposal is made, the Competent Authority of the respondent bank shall take a decision on the proposal to be submitted by the petitioners and communicate its decision to the petitioners; (v) If the proposal submitted by the petitioners is not acceptable to the respondent bank, the respondent bank shall grant time till 15.05.2025 to settle the entire liability; 2025:KER:25605 WP(C) NO. 10669 OF 2025 6 (vi) If the petitioners fail to settle the entire liability as aforesaid, it will be open to the respondent bank to continue with the proceedings initiated against the petitioners. The writ petition is ordered accordingly. Sd/- GOPINATH P. JUDGE ajt 2025:KER:25605 WP(C) NO. 10669 OF 2025 7 APPENDIX OF WP(C) 10669/2025 PETITIONER EXHIBITS Exhibit P1 ADVOCATE COMMISSION NOTICE DATED 15.02.2025 Exhibit P2 TRUE COPY OF REDEMPTION NOTICE ISSUED BY 2ND RESPONDENT TO THE PETITIONERS Exhibit P3 TRUE COPY OF DISCHARGE SUMMARY OF 2ND PETITIONER'S MOTHER DATED 03.03.2025 Exhibit P4 TRUE COPY OF REPRESENTATION MADE ON BEHALF OF THE 1ST PETITIONER TO THE 2ND RESPONDENT