2025:KER:26083 IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. WEDNESDAY, THE 26TH DAY OF MARCH 2025 / 5TH CHAITHRA, 1947 WP(C) NO. 12052 OF 2025 PETITIONERS: 1 VINUKUMAR S., AGED 48 YEARS, S/O. SIVARAMAN NAIR, SIVASARAS, VETTUVENI, HARIPPAD P.O., KARTHIKAPPALLY, ALAPUZHA, PIN – 690 514. 2 AKSHARA.B AGED 42 YEARS, W/O VINUKUMAR S, SIVASARAS, VETTUVENI, HARIPPAD P.O, KARTHIKAPPALLY, ALAPUZHA, PIN – 690 514. 3 SARASAMMA.T AGED 76 YEARS, W/O SIVARAMAN NAIR, SIVASARAS, VETTUVENI, HARIPPAD P.O, KARTHIKAPPALLY, ALAPUZHA, PIN – 690 514. BY ADVS. M.VIVEK RABINDRANATH V.T.MADHAVANUNNI GAYATHRI C.H. RESPONDENT: STATE BANK OF INDIA, STRESSED ASSETS RECOVERY BRANCH (SARB) REPRESENTED BY ITS AUTHORIZED OFFICER AND CHIEF MANAGER, LMS COMPOUND, OPPOSITE MUSEUM WEST GATE, VIKAS BHAVAN P.O., THIRUVANANTHAPURAM, PIN – 695 033. BY ADV. TOM K.THOMAS, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 26.03.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2025:KER:26083 WP(C) 12052/2025 2 JUDGMENT Petitioners availed credit facilities 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 24-03-2025, is Rs.8,83,731/-. 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:26083 WP(C) 12052/2025 3 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 a condition that they will pay a sum of Rs.2,00,000/- on or before 03-04-2025 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.8,83,731/- 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.2,00,000/- (Rupees Two Lakh Only) on or before 03-04-2025. 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 03-05-2025; 2025:KER:26083 WP(C) 12052/2025 4 (ii) The subsequent installments shall be paid on or before the 3rd 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:26083 WP(C) 12052/2025 5 APPENDIX OF WP(C) 12052/2025 PETITIONERS’ EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE OF THE ADVOCATE COMMISSIONER DATED 07.02.2025