2025:KER:29279 W.P (C) No.12289/2025 -1- IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. FRIDAY, THE 4TH DAY OF APRIL 2025 / 14TH CHAITHRA, 1947 WP(C) NO. 12289 OF 2025 PETITIONER/S: 1 AJEESH C.A, AGED 39 YEARS, S/O.AJI, RESIDING AT CHEMMANADAN HOUSE, MANJAPRA, NEAR AAKUNNU KSHETHRAM, MANJPRA P.O, ALUVA, PIN - 683581 2 PRIYA M.K, AGED 34 YEARS, W/O.AJEESH,RESIDING AT CHEMMANADAN HOUSE, MANJAPRA, NEAR AAKUNNU KSHETHRAM, MANJPRA P.O, ALUVA, PIN - 683581 BY ADVS. DENIZEN KOMATH DEAN DENIZEN KOMATH SHIMI MOL S. AJEESH A. ANUSREE K. ANJU K.A. SHAHANAS SALMA ABBAS RESPONDENT/S: 1 CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LTD., CHOLA CREST, C54-55 & SUPER B-4, THIRU-VI-KA INDUSTRIAL ESTATE, GUINDY, CHENNAI-REPRESENTED BY ITS MANAGING DIRECTOR, PIN - 600032 2 AUTHORISED OFFICER, CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LTD., CHOLA CREST, C54-55 & SUPER B-4, THIRU-VI-KA INDUSTRIAL ESTATE, GUINDY, CHENNAI, PIN - 600032 BY ADV BINOY VASUDEVAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04.04.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2025:KER:29279 W.P (C) No.12289/2025 -2- 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 a Housing loan 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 account. 3. It is submitted on behalf of the respondent financial institution that the petitioners committed default in repayment and the overdue amount as on 04-04-2025 is Rs.4,53,721/-. It is further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent financial institution is willing to accept repayment of the overdue amount in limited instalments and regularise the loan account. 4. Having heard the learned counsel for the petitioners and the learned Standing Counsel for the respondent financial institution and 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 in six (6) equal monthly 2025:KER:29279 W.P (C) No.12289/2025 -3- instalments first of which shall be paid on or before 30-04-2025 and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised. 5. Accordingly, there will be a direction to the respondent financial institution to accept repayment of the entire overdue amount of Rs.4,53,721/- along with interest, charges and costs from the petitioners and regularise the loan account of the petitioners in the following manner: (i) The overdue amount of Rs.4,53,721/- together with any accrued interest, charges and costs shall be repaid in six equated monthly instalments; (ii) The first instalment shall be paid on or before 30-04-2025 and the subsequent instalments shall be paid on or before last working day of each succeeding month; (iii) Petitioners shall continue to pay the regular EMI’s / instalments along with the instalments directed above; (iv) In the event of default of any one instalment, the respondent financial institution shall be entitled to proceed in accordance with the law; 2025:KER:29279 W.P (C) No.12289/2025 -4- (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:29279 W.P (C) No.12289/2025 -5- APPENDIX OF WP(C) 12289/2025 PETITIONER EXHIBITS Exhibit P1 TRUE PHOTOCOPY OF THE BANK STATEMENT OF THESE PETITIONERS’ LOAN WITH THE 1ST RESPONDENT Exhibit P2 TRUE PHOTOCOPY OF THE NOTICE ISSUED UNDER RULE 8(1) OF THE SECURITY INTEREST (ENFORCEMENT) RULES, 2002 Exhibit P3 TRUE PHOTOCOPY OF THE E-COURT DAILY STATUS IN MC.NO.143/2025 ON THE FILE OF SPECIAL ADDITIONAL CHIEF JUDICIAL MAGISTRATE COURT, ERNAKULAM DATED 4.02.2025 Exhibit P4 TRUE PHOTOCOPY OF THE NOTICE ISSUED BY ADVOCATE COMMISSIONER IN MC.NO.143/2025 ON THE FILE OF SPECIAL ADDITIONAL CHIEF JUDICIAL MAGISTRATE COURT, ERNAKULAM DATED 25.02.2025