2025:KER:28254 IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. WEDNESDAY, THE 2ND DAY OF APRIL 2025 / 12TH CHAITHRA, 1947 WP(C) NO. 11237 OF 2025 PETITIONERS: 1 SIBIRAJ B.S, AGED 35 YEARS SIBI BHAVAN, MANNATHIPPARA, KOOTHALI P.O, PANNIMALA, VELLARADA, NEYATTINKARA TALUK TRIVANDRUM, NOW RESIDING AT BOUGAINVILLEA, EKRA-110C, AKHIL NAGAR, EANIKKARA, KARAKULAM, KARAKULAM VILLAGE, NEDUMANGADU TALUK, TRIVANDRUM, PIN – 695 505. 2 STEFFI CECIL CROSS, AGED 35 YEARS, W/O SIBIRAJ, RESIDING AT BOUGAINVILLEA, EKRA-110C, AKHIL NAGAR, EANIKKARA, KARAKULAM, KARAKULAM VILLAGE, NEDUMANGADU TALUK, TRIVANDRUM, PIN – 695 564. BY ADVS. VISHNU BHUVANENDRAN B.ANUSREE SREELAKSHMI B. ABDUL FATHAH ARYA B. NOYAL JOHNY RESPONDENT: CANARA BANK, NALANCHIRA BRANCH, MALENCHERUVIL HILLS, HILL GARDEN STEPS JUNCTION, NALANCHIRA, THIRUVANANTHAPURAM, PIN – 695 001. BY ADV. M.GOPIKRISHNAN NAMBIAR, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02.04.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2025:KER:28254 WP(C) 11237/2025 2 JUDGMENT Petitioners availed five separate loans from the respondent bank. On default being committed proceedings have been initiated under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) for recovery of the amounts due in respect of the aforesaid five loans, prompting the petitioners to approach this Court by filing the above writ petition. 2. The learned counsel for the respondent bank submits that the sale of the properties belonging to the petitioners, which was scheduled on 27-03-2025 and 29-03-2025, did not take place for want of bidders. It is submitted that out of the five loans availed by the petitioners, two loans cannot be regularized, and the entire outstanding amount of Rs.2,55,046/- (as on 28-03-2025) will have to be paid by the petitioners. It is submitted that if the entire outstanding amount in the two loans which cannot be regularized are paid by the petitioners, the petitioners can 2025:KER:28254 WP(C) 11237/2025 3 be permitted to regularize the other three loan accounts by paying the total overdue amount of Rs.8,41,610/- (as on 28-03-2025). 3. The learned counsel appearing for the petitioners would submit that the petitioners may be permitted to clear the liabilities in installments. 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 outstanding amount in the two loan accounts which cannot be regularized and the overdue amount in respect of the other three loan accounts in installments and regularize the loan accounts (loan account which can be regularized). 5. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.2,55,046/- due in respect of the two loan accounts which cannot be regularized along with accrued interest, costs and bank charges from the petitioners in five (05) installments and also to accept the entire overdue amount of Rs.8,41,610/- in respect of the 2025:KER:28254 WP(C) 11237/2025 4 other three loan accounts along with regular EMI’s/installments and accrued interests, costs and bank charges from the petitioners in 12 installments in the following manner:- i. The total outstanding amount of Rs.2,55,046/- in respect of the two loan accounts (which cannot be regularized) together with any accrued interest, costs and bank charges shall be repaid in five (05) equated monthly installments. The first installment shall be paid on or before 30-04-2025. The subsequent installments shall be paid on or before the last working day of every succeeding months; ii. The total overdue amount of Rs.8,41,610/- in respect of the other three loan accounts along with accrued interest, costs and bank charges shall be repaid in 12 equated monthly installments. The first installment shall be paid on or before 30-04-2025. The subsequent installments shall be paid on or before the last 2025:KER:28254 WP(C) 11237/2025 5 working day of every succeeding months. Petitioners shall also continue to pay the regular EMI’s/installments on due dates without fail; iii. In the event of default of any one installment, the respondent bank shall be entitled to proceed in accordance with the law; iv. In order to enable the petitioners to repay the entire amounts, all coercive proceedings shall be kept in abeyance. v. It is clarified that the loan accounts which can be regularized shall be regularized only if the outstanding amounts in the other loans are paid in full as permitted by this judgment. The writ petition is disposed of as above. Sd/- GOPINATH P. JUDGE ats 2025:KER:28254 WP(C) 11237/2025 6 APPENDIX OF WP(C) 11237/2025 PETITIONERS’ EXHIBITS Exhibit P1 TRUE COPY OF THE AUCTION SALE NOTICE DATED 15.02.2025 ISSUED BY THE RESPONDENT Exhibit P2 TRUE COPY OF THE AUCTION SALE NOTICE DATED 24.02.2025 ISSUED BY THE RESPONDENT