2025:KER:25775 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. 12355 OF 2025 PETITIONER: SASIKUMAR P A, AGED 62 YEARS, S/O APPUKUTTA MENON, RESIDING AT PKP NIVAS, CHETTIPARAMBIL LANE, THEKUMABHAGAM VILLAGE, TRIPUNITHRA, ERNAKULAM, PIN – 682 301. BY ADVS. DANIEL A.J. SWATHY E.S. MANISHA V.V RESPONDENT: PEOPLE'S URBAN CO-OPERATIVE BANK, PEOPLE’S URBAN CO-OPERATIVE BANK LTD.NO.51/ THRIPUNITHRA , PB NO.1 H.O THRIPUNITHRA, REPRESENTED BY ITS AUTHORIZED OFFICER, PIN – 682 301. BY ADVS. DEVAPRASANTH.P.J. (SC) SMINI JOSE THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 26.03.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2025:KER:25775 WP(C) 12355/2025 2 JUDGMENT Petitioner availed an Educational loan from the respondent bank. On default being committed proceedings have been initiated against the petitioner under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), prompting the petitioner to approach this Court by filing the above writ petition. 2. During the course of hearing, petitioner has 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 the overdue amount, as on 26-03-2025, is Rs.4,09,744/-. It is submitted that this is the second writ petition at the instance of the petitioner. It is submitted that the sale of the property of the petitioner is scheduled to be held on 29-03-2025. It is submitted that though this is the second round of litigation at the instance of the 2025:KER:25775 WP(C) 12355/2025 3 petitioner, if the petitioner pays a sum of Rs.2,50,000/- on or before 10-04-2025, and pays the balance overdue amount in six equal monthly installments, the bank is willing to accept the same and regularise the loan account of the petitioner. It is submitted that this Court may not stay the sale proceedings, and subject to compliance with the conditions, the confirmation of the sale may be stayed. 4. Having regard to the circumstances of the case and the submissions made as recorded above, I am of the view that the petitioner can be granted an opportunity to repay the overdue amount on a condition that he will pay a sum of Rs.2,50,000/- on or before 10-04-2025 and balance overdue amount along with any accrued interest, cost and charges in six (06) 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.4,09,744/- along with bank charges from the 2025:KER:25775 WP(C) 12355/2025 4 petitioner and regularize the loan account of the petitioner in the following manner: (i) The petitioner shall pay an amount of Rs.2,50,000/- (Rupees Two Lakh and Fifty Thousand Only) on or before 10-04-2025. The balance overdue amount shall be repaid in six (06) equated monthly installments, along with any accrued interest, costs and charges. The first installment shall be paid on or before 09-05-2025; (ii) The subsequent installments shall be paid on or before the 10th day of every succeeding months; (iii) Petitioner 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 petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance. 2025:KER:25775 WP(C) 12355/2025 5 If the petitioner complies with all the conditions, any sale held on 29-03-2025 will not be confirmed. If the petitioner commits any default, it will be open to the respondent bank to either confirm the sale, if any held on 29-03-2025, or to continue with the proceedings against the petitioner, in accordance with the law. The writ petition is disposed of as above. Sd/- GOPINATH P. JUDGE ats 2025:KER:25775 WP(C) 12355/2025 6 APPENDIX OF WP(C) 12355/2025 PETITIONER’S EXHIBITS Exhibit P1 A TRUE COPY OF THE ORDER DATED 21.05.24 PASSED BY THE HON'BLE HIGH COURT OF KERALA IN W.P.(C) NO. 17411/2024 Exhibit P2 A TRUE COPY OF THE LOAN SANCTION LETTER DATED 19.09.22 ISSUED BY THE RESPONDENT Exhibit P3 A TRUE COPY OF THE SALE NOTICE DATED 11.03.2025 ISSUED BY THE RESPONDENT