2025:KER:26621 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. 12086 OF 2025 PETITIONERS: 1 SHIBINLAL M., AGED 35 YEARS, S/O. DASARADHAN, RESIDING AT HOUSE NO. 5/88A, OLAVANNA P.O., CHUNGAM ROAD, KOZHIKODE, PIN – 673 019. 2 DEVI P.P., AGED 59 YEARS, W/O. BABU SATHYANATH, MAKKALIKKAL HOUSE, PALLIPURAM, OLAVANNA P.O., CHUNGAM ROAD, KOZHIKODE, PIN – 673 019. BY ADVS. K.M.JAMALUDHEEN LATHA PRABHAKARAN SAINA MARIYAM BABY RESPONDENTS: 1 THE AUTHORIZED OFFICER, INDIAN BANK LIMITED, KALLAI ROAD, KOZHIKODE, PIN – 673 003. 2 THE BRANCH MANAGER, INDIAN BANK LIMITED, KALLAI ROAD BRANCH, KOZHIKODE, PIN – 673 003. 3 INDIAN BANK LIMITED, KALLAI ROAD BRANCH, KOZHIKODE, REPRESENTED BY THE BRANCH MANAGER, PIN – 673 003. BY ADV.BINOY VASUDEVAN, 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:26621 WP(C) 12086/2025 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 accounts. 3. It is submitted on behalf of the respondent bank that the petitioners committed default in repayment and the total overdue amount in respect of all the credit facilities put together is Rs.17,28,000/-. 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 accounts. 2025:KER:26621 WP(C) 12086/2025 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.3,00,000/- on or before 15-04-2025 and balance overdue amount along with any accrued interest, cost and charges in eight (08) 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.17,28,000/- along with any accrued interest, cost and charges from the petitioners and regularize the loan accounts of the petitioners in the following manner: (i) The petitioners shall pay an amount of Rs.3,00,000/- (Rupees Three Lakh Only) on or before 15-04-2025. The balance overdue amount shall be repaid in eight (08) equated monthly installments, along with any accrued interest, costs and charges. The first installment shall be paid on or before 15-05-2025; 2025:KER:26621 WP(C) 12086/2025 4 (ii) The subsequent installments shall be paid on or before the 15th 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:26621 WP(C) 12086/2025 5 APPENDIX OF WP(C) 12086/2025 PETITIONERS’ EXHIBITS Exhibit P1 TRUE COPY OF THE ADVOCATE COMMISSIONER’S NOTICE DATED 13-2-2025 IN CMP.NO.3389/2024 Exhibit P2 THE TRUE COPY OF THE CMP.NO.3389/2024 FILED BY THE 1ST RESPONDENT HEREIN BEFORE THE CHIEF JUDICIAL MAGISTRATE COURT, KOZHIKODE DATED DECEMBER,2024