2025:KER:26623 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. 10861 OF 2025 PETITIONERS: 1 KOYAKUTTY, AGED 60 YEARS, S/O. ALAVIKUTTY, RESIDING AT MOZHIYOTTIL HOUSE, VAIRAMKODE P.O., ANANTHAVOOR VILLAGE, TIRUR TALUK, MALAPPURAM DISTRICT, PIN – 676 301. 2 NISHAB, AGED 32 YEARS, S/O. KOYAKUTTY, RESIDING AT MOZHIYOTTIL HOUSE, VAIRAMKODE P.O., ANANTHAVOOR VILLAGE, TIRUR TALUK, MALLAPPURAM DISTRICT, PIN – 676 301. 3 RAMSY, AGED 37 YEARS, D/O. KOYAKUTTY, RESIDING AT MOZHIYOTTIL HOUSE, VAIRAMKODE P.O., ANANTHAVOOR VILLAGE, TIRUR TALUK, MALLAPPURAM DISTRICT, PIN – 676 301. 4 HABEELA BANU, AGED 25 YEARS, D/O. KOYAKUTTY, RESIDING AT MOZHIYOTTIL HOUSE, VAIRAMKODE P.O., ANANTHAVOOR VILLAGE, TIRUR TALUK, MALLAPPURAM DISTRICT, PIN – 676 301. BY ADVS. H.NUJUMUDEEN K.P.SHEREEF BILAL AHAMED K.P. 2025:KER:26623 WP(C) 10861/2025 2 RESPONDENTS: 1 THE AUTHORIZED OFFICER, KERALA STATE CO-OPERATIVE BANK, PB NO. 8, PARRY SHOPPING COMPLEX, KOTTAPADI, DOWN HILL P.O., MALAPPURAM DISTRICT, PIN – 676 505. 2 THE BRANCH MANAGER, KOTTAKAL CO-OPERATIVE URBAN BANK, KOTTAKKAL ANAPPARA KADAMPUZHA ROAD, KOTTAPPADY, MALAPPURAM DISTRICT, PIN – 676 503. BY ADV GILBERT GEORGE CORREYA (SC) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25.03.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2025:KER:26623 WP(C) 10861/2025 3 JUDGMENT Petitioners availed a credit facility from the respondent bank. On default being committed proceedings have been initiated against the petitioners under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act), prompting the petitioners to approach this Court by filing the above writ petition. 2. During the course of hearing, petitioners have confined the relief to an opportunity for repaying the overdue amount in installments and to obtain regularization of the loan account. 3. It is submitted on behalf of the respondent bank that the petitioners committed default in repayment and the overdue amount, as on 18-03-2025, is Rs.13,15,392/-. 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 installments and regularize the loan account. 2025:KER:26623 WP(C) 10861/2025 4 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 on condition that they will pay a sum of Rs.1,50,000/- on or before 15-04-2025 and balance overdue amount along with any accrued interest, cost and charges in 10 installments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularized. 5. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.13,15,392/- along with bank charges from the petitioners and regularize the loan account of the petitioners in the following manner: (i) The petitioners shall pay an amount of Rs.1,50,000/- (Rupees One Lakh and Fifty Thousand Only) on or before 15-04-2025. The balance overdue amount shall be repaid in 10 equated monthly installments, along with any accrued interest, costs and charges. The first installment shall be paid on or before 15-05-2025; 2025:KER:26623 WP(C) 10861/2025 5 (ii) The subsequent installments shall be paid on or before the 15th day of every succeeding months; (iii) Petitioners shall continue to pay the regular EMI’s/installments along with the installments directed above; (iv) In the event of default of any one installment, 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 ats 2025:KER:26623 WP(C) 10861/2025 6 APPENDIX OF WP(C) 10861/2025 PETITIONERS’ EXHIBITS Exhibit P1 THE TRUE COPY OF THE LICENSE NO. 158 DATED 28.11.2012 ISSUED BY THE THIRUNAVAYA GRAM PANCHAYATH Exhibit P2 THE TRUE COPY OF THE DISCHARGE SUMMARY ISSUED FROM HMS HOSPITAL KOTTAKKAL DATED 20.06.2022 Exhibit P3 THE TRUE COPY OF THE POSSESSION NOTICE DATED 10.12.2024 ISSUED BY THE 1ST RESPONDENT