2025:KER:27854 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. 11277 OF 2025 PETITIONERS: 1 SUBEESH P.S , AGED 38 YEARS, S/O SUKUMARAN,PARAPALLATH, PANAYOOR P.O., VANIYAMKULAM PALAKKAD, KERALA, PIN – 679 522. 2 DHANALAKSHMI P.S. , AGED 57 YEARS, W/O SUKUMARAN, PARAPALLATH, PANAYOOR P.O., VANIYAMKULAM PALAKKAD, KERALA, PIN – 679 522. BY ADVS. KEERTHI M. ARJUN RAJA P.C. AKSHAY VENU RESPONDENTS: 1 INDUSIND BANK LTD , REPRESENTED BY AUTHORISED OFFICER RAMA BHAVAN, NO. XXVI, NEAR PARUTHELI PALAM TOLL JN, EDAPALLY, KOCHI, PIN – 682 024. 2 AUTHORISED OFFICER, INDUSIND BANK LTD RAMA BHAVAN, NO. XXVI, NEAR PARUTHELI PALAM TOLL JN, EDAPALLY, KOCHI, PIN – 682 024. BY ADV VARGHESE C.KURIAKOSE (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:27854 WP(C) 11277/2025 2 JUDGMENT Petitioners have availed credit facilities from the 1st respondent bank for the purchase of a tipper lorry bearing registration No. KL-51P-7005. On default being committed, proceedings were initiated against the petitioners under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act), and possession of the vehicle was taken by the authorised officer of the respondent bank on 12-03-2025. 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. The learned counsel appearing for the respondent bank submits that the possession of the secured asset can be returned to the petitioners only if at least 75% of the overdue amount is remitted. It is submitted that the overdue amount, as on 28-03-2025, is Rs.8,04,633/-. 4. The learned counsel appearing for the petitioners would submit that the 1st petitioner is earning a living by operating the tipper lorry, and therefore, the condition of payment of 75% of the overdue amount for releasing the vehicle may be relaxed. 2025:KER:27854 WP(C) 11277/2025 3 5. 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 in 10 installments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularized. 6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.8,04,633/- along with any accrued interest, costs and charges from the petitioners and regularize the loan account of the petitioners in the following manner: (i) The petitioners shall pay the overdue amount of Rs.8,04,633/- together with any accrued interest, costs and charges in 10 equated monthly installments; (ii) 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 the succeeding months; (iii) Petitioners shall continue to pay the regular EMI’s/installments along with the installments as directed above; 2025:KER:27854 WP(C) 11277/2025 4 (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. (vi) On payment of the first three installments, the possession of the vehicle shall be returned to the petitioners. This shall, however, be subject to the condition that if the petitioners commit any further default, the petitioners shall handover physical possession of the secured asset to the authorised officer to the respondent bank. The writ petition is disposed of as above. Sd/- GOPINATH P. JUDGE ats 2025:KER:27854 WP(C) 11277/2025 5 APPENDIX OF WP(C) 11277/2025 PETITIONERS’ EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE DATED 04/11/2024 ISSUED BY THE 2ND RESPONDENT Exhibit P2 TRUE COPY OF THE NOTICE DATED 12/03/205 ISSUED BY THE ADVOCATE COMMISSIONER Exhibit P3 TRUE COPY OF THE ORDER DATED 27/02/2025 IN CRL.M.P NO. 2275/2025 ON THE FILES OF THE COURT OF THE CHIEF JUDICIAL MAGISTRATE COURT, THRISSUR