2025:KER:26085 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. 12167 OF 2025 PETITIONERS: 1 RAJAN V V, AGED 62 YEARS, S/O. VELAYUDHAN, CHITTILAPPILLY HOUSE, AVANUR, MUNDUR P.O, THRISSUR, PIN – 680 541. 2 SINDHU M K, AGED 52 YEARS, W/O. RAJAN V V, CHITTILAPPILLY HOUSE ,AVANUR, MUNDUR P.O, THRISSUR, PIN – 680 541. 3 BHAVANI, AGED 84 YEARS, W/O VELAYUDHAN, CHITTILAPPILLYHOUSE, AVANUR, MUNDUR P.O, THRISSUR, PIN – 680 541. BY ADVS. MOHAMMED SHAFI.K SHAHIM BIN AZIZ BIJU THOMAS RESPONDENTS: 1 AUTHORISED OFFICER UNDER THE SSARFAESI ACT, CANARA BANK, THRISSUR MAIN BRANCH, SREE KARTHIYANI MANOR, PAZHAYANADAKKAVU, THRISSUR, PIN – 680 001. 2 M/S PB ALLIANCE LTD. (BAANKNET), UNIT1, 3RD FLOOR, VIOS COMMERCIAL TOWER, NEAR WADALA TRUCKTERMINAL, WADALA EAST, MUMBAI, REPRESENTED BY ITS MANAGER, PIN – 400 037. BY ADV. M.GOPIKRISHNAN NAMBIAR, 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:26085 WP(C) 12167/2025 2 JUDGMENT Petitioners availed a loan from the respondent bank. Petitioners 1 and 2 are borrowers and the 3rd petitioner is the guarantor in respect of the said loan. 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. The learned counsel appearing for the respondent bank submits that though the property of the petitioners was notified for sale on 25-03-2025, no sale took place. It is submitted that the overdue amount, as on 26-03-2025, is Rs.7,91,500/-. It is submitted that the bank has no objection in permitting the petitioners to clear the overdue amount in some installments, provided the petitioners pay some upfront payment immediately. 2025:KER:26085 WP(C) 12167/2025 3 4. The learned counsel appearing for the petitioners submits that the petitioners will remit a sum of Rs.1,00,000/- within a period of one week from today (26-03-2025), and the balance amount may be permitted to be remitted in some installments. 5. 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.1,00,000/- on or before 02-04-2025 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 account regularized. 6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.7,91,500/- 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.1,00,000/- (Rupees One Lakh Only) on or before 02-04-2025. The balance 2025:KER:26085 WP(C) 12167/2025 4 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 02-05-2025; (ii) The subsequent installments shall be paid on or before the 2nd 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:26085 WP(C) 12167/2025 5 APPENDIX OF WP(C) 12167/2025 PETITIONERS’ EXHIBITS Exhibit-P1 A TRUE COPY OF THE NOTICE DATED 13-10-2023 , ISSUED BY THE RESPONDENT BANK TO THE PETITIONER Exhibit-P2 A TRUE COPY OF THE E-AUCTION SALE NOTICE DATED 5.3.2025 ISSUED BY THE 1ST RESPONDENT BANK