2025:KER:26618 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. 11963 OF 2025 PETITIONER: KRISHNANKUTTY, AGED 72 YEARS LISSY BHAVAN, NEERAZHIKONAM, OTTASEKHARAMANGALAM, POOZHANADU.P.O, THIRUVANANTHAPURAM, PIN – 695 125. BY ADV RAGESH CHAND R.G. RESPONDENTS: 1 THE AUTHORISED OFFICER, INDIAN OVERSEAS BANK, POOZHANADU BRANCH, O.P 2/703, SOWPARNIKA SHOPING COMPLEX, MANDAPATHINKADAVU, OTTASEKHARAMANGALAM, POOZHANADU, THIRUVANANTHAPURAM, PIN – 695 125. 2 THE MANAGER, INDIAN OVERSEAS BANK, POOZHANADU BRANCH, O.P 2/703, SOWPARNIKA SHOPING COMPLEX, MANDAPATHINKADAVU, OTTASEKHARAMANGALAM, POOZHANADU, THIRUVANANTHAPURAM, PIN – 695 125. 3 SMT. ANITHA KUMARY. P. K, ADVOCATE COMMISSIONER, G.K.N TOWER (OPPOSITE TRIVENI NURSING HOME), VANCHIYOOR.P.O, THIRUVANANTHAPURAM, PIN – 695 035. BY ADV. SUNIL SHANKAR, 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:26618 WP(C) 11963/2025 2 JUDGMENT Petitioner and his son availed two separate loans from the respondent bank. On default being committed proceedings have been initiated against the petitioner under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), prompting the petitioner to approach this Court by filing the above writ petition. 2. During the course of hearing, petitioner has confined the relief to an opportunity for repaying the overdue amount in installments and to obtain regularization of the loan accounts. 3. It is submitted on behalf of the respondent bank that the petitioner committed default in repayment and the total overdue amount in respect of both the loans put together is Rs.1,39,348/-, as on 25-03-2025. It is further submitted that though proceedings for recovery have been 2025:KER:26618 WP(C) 11963/2025 3 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 accounts. 4. Having regard to the circumstances of the case and the submissions made as recorded above, I am of the view that the petitioner can be granted an opportunity to repay the overdue amount in five (05) installments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan accounts regularized. 5. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.1,39,348/- along any with accrued interest, costs and charges from the petitioner and regularize the loan account of the petitioner in the following manner: (i) The petitioner shall pay the overdue amount of Rs.1,39,348/- in five (05) equated monthly installments along with any accrued interest, costs and charges; 2025:KER:26618 WP(C) 11963/2025 4 (ii) The first installment shall be paid on or before 15-04-2025. The subsequent installments shall be paid on or before the 15th day of the succeeding months; (iii) Petitioner shall continue to pay the regular EMI’s/installments along with the installments as 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 petitioner 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:26618 WP(C) 11963/2025 5 APPENDIX OF WP(C) 11963/2025 PETITIONER’S EXHIBITS Exhibit- P1 THE TRUE COPY OF THE STATEMENT OF ACCOUNTS FROM THE COMMENCEMENT OF THE LOAN TILL 14.06.2024 WITH REGARD TO ACCOUNT NUMBER 11560346400002 Exhibit-P2 THE TRUE COPY OF THE STATEMENT OF ACCOUNTS FROM THE COMMENCEMENT OF THE LOAN TILL 14.06.2024 WITH REGARD TO ACCOUNT NUMBER 11560346800003 Exhibit-P3 THE TRUE COPY OF THE NOTICE DATED 01.03.2024 ISSUED BY THE 1ST RESPONDENT UNDER SECTION 13 (2) OF SARFAESI ACT, 2002 IS PRODUCED HEREWITH AND MARKED AS EXT-P3. Exhibit-P4 THE TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 01.03.2025 IS PRODUCED AND MARKED AS EXHIBIT-P4