2025:KER:26615 W.P (C) No.12026/2025 -1- IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. THURSDAY, THE 27TH DAY OF MARCH 2025 / 6TH CHAITHRA, 1947 WP(C) NO. 12026 OF 2025 PETITIONER/S: 1 SOBHANA SADANANDAN, AGED 63 YEARS, KUTTIYIL, SREENILAYAM, KAIRALIPURAM, PATHANAMTHITTA, PIN - 689649 2 SREEJU SADANANDAN AGED 36 YEARS, KUTTIYIL, SREENILAYAM, KAIRALIPURAM, PATHANAMTHITTA, PIN - 689649 BY ADVS. GEORGE ABRAHAM PACHAYIL O.K.DEEPAMOL BIJI JOZLET GEORGE ALEN VARGHESE KURIAN RESPONDENT/S: 1 KERALA BANK -KERALA STATE CO-OPERATIVE BANK, PB NO : 6515, COBANK TOWERS, PALAYAM THIRUVANANTHAPURAM, KERALA REPRESENTED BY ITS GENERAL MANAGER, PIN - 695033 2 BRANCH MANAGER, KERALA BANK -KERALA STATE CO-OPERATIVE BANK, PATHANAMTHITTA, PIN - 689645 3 AUTHORISED OFFICER, KERALA STATE CO-OPERATIVE BANK, REGIONAL OFFICE, PB NO : 104, OPPOSITE MUNICIPAL TOWN HALL, ALAPPUZHA, PIN - 688001 2025:KER:26615 W.P (C) No.12026/2025 -2- BY ADV K.AMMINIKUTTY THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27.03.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2025:KER:26615 W.P (C) No.12026/2025 -3- J U D G M E N T 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 two loans availed by the petitioners. 2. During the course of hearing, petitioners have confined the relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation of the loan accounts. 3. It is submitted on behalf of the respondent bank that the petitioners committed default in repayment and the total overdue amount is Rs.7,69,647/-. It is submitted that the sale of the secured asset was scheduled on 28-03-2025. It is submitted that there are no bidders for the sale proposed on 28-03-2025 and in such circumstances the bank is willing to accept the total overdue amount in some instalments and regularise the loan accounts. 4. 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 on a condition that 2025:KER:26615 W.P (C) No.12026/2025 -4- they will pay a sum of Rs.1,00,000/- on or before 10-04-2025 and the balance overdue amount in ten (10) equal monthly instalments first of which shall be paid on or before 10-04-2025 and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan accounts regularised. 5. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.7,69,647/- along with interest, bank charges and costs from the petitioners and regularise the loan accounts of the petitioners in the following manner:- (i) The petitioners shall pay an amount of Rs.1,00,000/- on or before 10-04-2025 and balance overdue amount of Rs.6,69,647/- together with any accrued interest, bank charges and costs shall be repaid in ten equated monthly instalments; (ii) The first instalment shall be paid on or before 10-05-2025 and the subsequent instalments shall be paid on or 10th working day of each succeeding month; (iii) Petitioners shall continue to pay the regular EMI’s / instalments along with the instalments directed above; 2025:KER:26615 W.P (C) No.12026/2025 -5- (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 AMG 2025:KER:26615 W.P (C) No.12026/2025 -6- APPENDIX OF WP(C) 12026/2025 PETITIONER EXHIBITS Exhibit P 1 NOTICE ISSUED BY THE RESPONDENT BANK TO THE PETITIONER UNDER RULE 8(6) OF THE SECURITY INTEREST (ENFORCEMENT RULE), 2002, DATED 24/02/2025