2025:KER:28196 W.P.(C)No.11760 of 2025 1 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. 11760 OF 2025 PETITIONER/S: 1 GIRIDHAR RAJ KINI AGED 59 YEARS S/O. L. RAJ KINI RAJ RATAN, TAVINJAL, VIMALNAGAR, MANANTHAVADY, WAYANAD, PIN - 670645 2 GIRIJA GIRIDHAR KINI, AGED 50 YEARS W/O. GIRIDHAR RAJ KINI, RAJ RATAN, TAVINJAL, VIMALNAGAR, MANANTHAVADY, WAYANAD, PIN - 670645 BY ADVS. BINDUMOL JOSEPH V.HARIKRISHNAN C.P.GOPIKA GREESHMA K. RESPONDENT/S: 1 INDIAN BANK, REPRESENTED BY ITS AUTHORISED OFFICER ZONAL OFFICE, DR. SB’S DENTISTRY & ORTHODONTICS BUILDING, GROUND FLOOR, KANNUR ROAD, WEST NADAKKAVU, KOZHIKODE, PIN - 673011 2 BRANCH MANAGER, INDIAN BANK, THALASSERY BRANCH, AVK NAIR ROAD, NARANGAPURAM, THALASSERY, PIN - 670101 2025:KER:28196 W.P.(C)No.11760 of 2025 2 OTHER PRESENT: SRI.BINOY VASUDEVAN, 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:28196 W.P.(C)No.11760 of 2025 3 JUDGMENT Petitioners have approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of the amounts due upon a credit facility availed by the petitioners. 2. During the course of hearing, petitioner has 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 petitioner committed default in repayment and the overdue amount as on 02.04.2025 is Rs.30,50,574.03/- . The learned counsel appearing for the respondent bank submits that the proposal for one time settlement submitted by the petitioners is not accepted by the respondent bank as the proposal of the petitioners is to settle the liability in 9 months time by selling of certain property. It is submitted that the bank has no objection in granting six installments to settle the balance liability of Rs.30,50,574.03/-. 4. The learned counsel for the petitioners submits that the petitioners are residents of Wayanad and they lost their business on 2025:KER:28196 W.P.(C)No.11760 of 2025 4 account of recent landslides in Wayanad, therefore, the petitioners may be granted further installments to clear the balance liability. 5. Having heard the learned counsel for the petitioners and the learned Standing Counsel for the respondent Bank and having regard to the facts and circumstances of the case and the submissions made as recorded above and also taking into account the fact that the petitioners have undertaken to clear off the overdue amount along with regular EMIs/instalments, I am of the view that the petitioners can be granted an opportunity to clear off the overdue amount in twelve (12) equal monthly instalments first of which shall be paid on or before 30.04.2025 and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised. 6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.30,50,574.03/- along with interest, bank charges and costs from the petitioners and regularise the loan account of the petitioners in the following manner: (i) The petitioners shall pay the overdue amount of 2025:KER:28196 W.P.(C)No.11760 of 2025 5 Rs.30,50,574.03/- together with any accrued interest, bank charges and costs in twelve (12) 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 last working day of each succeeding month; (iii) Petitioners shall continue to pay the regular EMI’s / instalments along with the instalments directed above; (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 Scl/ 2025:KER:28196 W.P.(C)No.11760 of 2025 6 PPENDIX OF WP(C) 11760/2025 PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE POSSESSION NOTICE DATED 16.07.2024 Exhibit P2 . A TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER IN CMP NO. 253/2025 BEFORE THE CHIEF JUDICIAL MAGISTRATE COURT, KALPETTA