2025:KER:25966 1 W.P.(C) No.12454 of 2025 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. 12454 OF 2025 PETITIONER/S: VISHNU PRAVEEN, AGED 46 YEARS S/O. PRAVEEN, PARATHARA HOUSE, ERNAKULAM SOUTH, ERNAKULAM, PIN - 682016 BY ADV N.JAGATH RESPONDENT/S: 1 PEOPLES URBAN CO-OPERATIVE BANK, NO.51, HEAD OFFICE, THRIPUNITHURA, ERNAKULAM REPRESENTED BY GENERAL MANAGER, PIN - 682301 2 PEOPLES URBAN CO-OPERATIVE BANK, ARAKKUNNAM BRANCH, ARAKKUNNAM, PIRAVOM, ERNAKULAM, REPRESENTED BY BRANCH MANAGER, PIN - 682313 BY ADVS. DEVAPRASANTH.P.J. 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:25966 2 W.P.(C) No.12454 of 2025 JUDGMENT Petitioner availed a housing 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.9,71,148/-. It is submitted that this is the second writ petition at the instance of the petitioner. It is also submitted by the counsel for the respondent bank that proceedings under Section 14 of the SARFAESI Act have already been initiated for taking physical possession of the secured assets and 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 petitioner, if the petitioner pays a sum of Rs.2,50,000/- on or 2025:KER:25966 3 W.P.(C) No.12454 of 2025 before 05-04-2025, and pays the balance overdue amount in ten 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. It is submitted that the petitioner may be required to withdraw S.A.No.359 of 2023 pending before the Debts Recovery Tribunal-I, Ernakulam. 4. The learned counsel for the petitioner submits that the petitioner will withdraw S.A.No.359 of 2023 from the Debts Recovery Tribunal-I, Ernakulam. 5. 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 05-04-2025 and balance overdue amount along with any accrued interest, cost and charges in ten (10) 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.9,71,148/- along with bank charges from the petitioner and regularize the loan account of the 2025:KER:25966 4 W.P.(C) No.12454 of 2025 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 05-04-2025. The balance overdue amount shall be repaid in ten (10) equated monthly installments, along with any accrued interest, costs and charges. The first installment shall be paid on or before 05-05-2025; (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) The petitioner shall unconditionally withdraw S.A.No.359 of 2023 before the Debts Recovery Tribunal-I, Ernakulam within a period of two weeks from the date of receipt of a certified copy of this judgment. (vi) 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. 2025:KER:25966 5 W.P.(C) No.12454 of 2025 The writ petition is disposed of as above. Sd/- GOPINATH P. JUDGE scl 2025:KER:25966 6 W.P.(C) No.12454 of 2025 APPENDIX OF WP(C) 12454/2025 PETITIONER EXHIBITS Exhibit P1 THE COPY OF THE ORDER IN WP(C)NO. 2965 OF 2023 Exhibit P2 THE COPY OF THE SALE NOTICE ISSUED BY THE 1ST RESPONDENT DATED 12-03-2025