2025:KER:27592 WP(C) NO. 10657 OF 2025 1 IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. TUESDAY, THE 1ST DAY OF APRIL 2025 / 11TH CHAITHRA, 1947 WP(C) NO. 10657 OF 2025 PETITIONER/S: 1 MAYAMOL T.T., AGED 41 YEARS W/O. SAJEEV KUMAR, NAMPIOLIL HOUSE, KODUNGOOR, VAZHOOR P.O., KOTTAYAM, PIN - 686504 2 SAJEEV KUMAR, AGED 54 YEARS S/O. BALAKRISHNA PILLAI, NAMBIOLIL HOUSE, KODUNGOOR, VAZHOOR P.O., KOTTAYAM, PIN - 686504 BY ADV P.S.SIDHARTHAN RESPONDENT/S: 1 STATE BANK OF INDIA,KODUNGOOR BRANCH, BUILDING NO.663, NEAR PETROL PUMP, KODUNGOOR P.O., VAZHOOR, KOTTAYAM REPRESENTED BY ITS BRANCH MANGER, PIN - 686504 2 STATE BANK OF INDIASARC) RASMEC, CHANGANESSERY KOTTAYAM REPRESENTED BY ITS AUTHORISED OFFICER, PIN - 686101 SRI. JAYESH MOHAN KUMAR, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01.04.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2025:KER:27592 WP(C) NO. 10657 OF 2025 2 JUDGMENT 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. 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 bank that the petitioners availed credit facilities from the respondent bank and committed default in repayment and the overdue amount, as on 01.04.2025 would come to Rs.5,15,000/- (Rupees Five lakha and fifteen thousand only). It is further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent bank is willing to accept repayment of the overdue amount in limited instalments and regularise the loan account. 2025:KER:27592 WP(C) NO. 10657 OF 2025 3 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.5,15,000/- (Rupees Five lakha and fifteen thousand only) along with any accrued interest, cost and charges in five 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 bank to accept repayment of the entire overdue amount of Rs.5,15,000/- (Rupees Five lakha and fifteen thousand 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 the overdue amount of Rs.5,15,000/- (Rupees Five lakha and fifteen thousand only) along with any accrued interest, cost and charges in five 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 each succeeding months; (iii)Petitioners shall continue to pay the regular EMI’s/instalments along with the instalments directed above; 2025:KER:27592 WP(C) NO. 10657 OF 2025 4 (iv) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with the law; (v) 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:27592 WP(C) NO. 10657 OF 2025 5 APPENDIX OF WP(C) 10657/2025 PETITIONER EXHIBITS EXHIBIT P1 THE TRUE COPY OF THE NOTICE ISSUED 2ND RESPONDENT TO THE PETITIONERS DATED 21.01.2025 EXHIBIT P2 THE TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER IN M.C.NO 226 OF 2025 ON THE FILE OF THE CHIEF JUDICIAL MAGISTRATE COURT, KOTTAYAM DATED 01.03.2025