WP(C) NO. 12478 OF 2025 1 2025:KER:27170 IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. THURSDAY, THE 27TH DAY OF MARCH 2025 / 6TH CHAITHRA, 1947 WP(C) NO. 12478 OF 2025 PETITIONER: PORINCHU ROY, AGED 49 YEARS S/O. PORINCHU, RESIDING AT AMBAKKADAN HOUSE, MERLIN GARDEN, 4TH AVENUE, NADATHARA P.O., KACHERY, THRISSUR DISTRICT, PIN - 680751 BY ADVS. DINESH MATHEW J.MURICKEN MOHAMMED THAYIB N.M. VINOD S. PILLAI JERRY PETER NAYANA VARGHESE RIA VARGHESE RESPONDENTS: 1 CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LTD., REPRESENTED BY ITS AUTHORISED OFFICER, CHOLA CREST, C54-55 & SUPER B-4, THIRU-VI-KA INDUSTRIAL ESTATE, GUINDY, CHENNAI, PIN - 600032 2 THE 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 ADVS. SABU S.KALLARAMOOLA LEEJOY MATHEW.V. V.P.SATHI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27.03.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C) NO. 12478 OF 2025 2 2025:KER:27170 JUDGMENT The petitioner has approached this Court challenging proceedings under the SARFAESI Act which have been initiated by the respondent financial institution for recovery of the amounts due from the petitioner. 2. During the course of hearing, petitioner has 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 petitioner committed default in repayment of a business loan and the total overdue amount as on 25.03.2025 is Rs.22,32,662/-. 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. Learned counsel appearing for the respondent financial institution would submit that the sale of the property of the petitioner is scheduled to be held on 04.04.2025. It is submitted that if this court is inclined to grant any installments to the petitioner to clear the overdue amount, a substantial amount may be directed to be paid before the date of sale. WP(C) NO. 12478 OF 2025 3 2025:KER:27170 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 total overdue on condition that Rs.5,00,000/- shall be paid on or before 03.04.2025 and the balance amount shall be paid in ten equal monthly instalments, the first of which shall be paid on or before 03.05.2025 and the subsequent instalments shall be paid on the 5th day of every succeeding months. 5. Accordingly, there will be a direction to the respondent financial institution to accept repayment of the entire overdue amount of Rs. 22,32,662/- along with any accrued interest, costs and charges from the petitioner and regularise the loan account of the petitioner in the following manner: i. The petitioner shall pay a sum of Rs.5,00,000/- on or before 03.04.2025; The balance overdue amount along with any accrued interest, costs and charges shall be repaid in 10 equal monthly instalments; ii. The first instalment shall be paid on or before 05.05.2025 and the subsequent instalments shall be paid on or before the 5th day of every succeeding months; iii. Petitioner shall continue to pay the regular EMI’s/instalments along with the instalments directed above; WP(C) NO. 12478 OF 2025 4 2025:KER:27170 iv. In the event of default of any one instalment, the respondent financial institution shall be entitled to proceed in accordance with the law; v. If the petitioner pays the amount of Rs.5,00,000/- on or before 03.04.2025, the confirmation of any sale held on 04.04.2025 shall be postponed. If the petitioner fails to comply with any condition, it will be open to the respondent financial institution to either confirm sale if any held on 04.04.2025 or to conduct fresh sale of the property of the petitioner. The writ petition is disposed of as above. sd/- GOPINATH P. JUDGE Nsd WP(C) NO. 12478 OF 2025 5 2025:KER:27170 APPENDIX OF WP(C) 12478/2025 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE E-AUCTION SALE NOTICE BY THE 1ST RESPONDENT DATED 27.02.2025 Exhibit P2 TRUE COPY OF THE NOTICE IN C.M.P. NO. 2272/2025 ON THE FILE OF THE CHIEF JUDICIAL MAGISTRATE COURT, THRISSUR, ISSUED BY THE ADVOCATE COMMISSIONER DATED 12.03.2025