2025:KER:30573 IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. MONDAY, THE 7TH DAY OF APRIL 2025 / 17TH CHAITHRA, 1947 WP(C) NO. 12851 OF 2025 PETITIONER: VINEETH V, AGED 37 YEARS, S/O. VIJAYAKUMAR, CHAMAVILA VEEDU, ELAMKULAM, SREKARAYAM P.O., THIRUVANANTHAPURAM, PIN – 695 107. BY ADV E.V.MOLY RESPONDENT: STATE BANK OF INDIA, REPRESENTED BY ITS AUTHORIZED OFFICER, RASMEC KAZHAKUTTOM LAZAR SQUARE, NEAR KULANGARA SRIKRISHNA TEMPLE, KAZHAKUTTAM P.O, THIRUVANANTHAPURAM, PIN – 695 582. BY ADV. G.G.MANOJ, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 07.04.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2025:KER:30573 WP(C) 12851/2025 2 JUDGMENT Petitioner availed two credit facilities from the respondent bank. On default being committed proceedings have been initiated under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) for recovery of the amounts due in respect of the aforesaid two loans, prompting the petitioner to approach this Court by filing the above writ petition. 2. The learned counsel for the respondent bank submits that out of the two loans availed by the petitioner, one loan cannot be regularized, and the entire outstanding amount of Rs.3,99,872/- (as on 27-03-2025) will have to be paid by the petitioner. It is submitted that the tenure of the other loan is not yet over and the overdue amount is Rs.4,90,000/- (as on 27-03-2025). 3. The learned counsel appearing for the petitioner would submit that the petitioner may be permitted to clear the liabilities in installments. 2025:KER:30573 WP(C) 12851/2025 3 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 outstanding amount in respect of the loan account which cannot be regularized and the overdue amount in respect of the other loan account in installments and regularize the loan account (loan account which can be regularized). 5. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.3,99,872/- due in respect of the loan account which cannot be regularized along with accrued interest, costs and bank charges from the petitioner in four (04) installments and also to accept the entire overdue amount of Rs.4,90,000/- in respect of the other loan account along with regular EMI’s/installments and accrued interests, costs and bank charges from the petitioner in eight (08) installments in the following manner:- 2025:KER:30573 WP(C) 12851/2025 4 i. The total outstanding amount of Rs.3,99,872/- in respect of the loan account (which cannot be regularized) together with any accrued interest, costs and bank charges shall be repaid in four (04) equated monthly installments. The first installment shall be paid on or before 30-04-2025. The subsequent installments shall be paid on or before the last working day of every succeeding months; ii. The total overdue amount of Rs.4,90,000/- in respect of the other loan account along with accrued interest, costs and bank charges shall be repaid in eight (08) equated monthly installments. The first installment shall be paid on or before 30-04-2025. The subsequent installments shall be paid on or before the last working day of every succeeding months. Petitioner shall also continue to pay the regular EMI’s/installments on due dates without fail; 2025:KER:30573 WP(C) 12851/2025 5 iii. In the event of default of any one installment, the respondent bank shall be entitled to proceed in accordance with the law; iv. In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance. v. It is clarified that the loan account which can be regularized shall be regularized only if the outstanding amount in the other loan is paid in full as permitted by this judgment. The writ petition is disposed of as above. Sd/- GOPINATH P. JUDGE ats 2025:KER:30573 WP(C) 12851/2025 6 APPENDIX OF WP(C) 12851/2025 PETITIONER’S EXHIBITS Exhibit P1 THE TRUE COPY OF THE DEMAND NOTICE DATED 22.09.2022 DEMANDING REPAYMENT OF RS.10,09,899/- ALLEGEDLY DUE AS ON 23.09.2022 ISSUED BY THE RESPONDENT BANK Exhibit P2 THE TRUE COPY OF THE ORDER NO.C3- 56424/15(1) DATED 26.4.2017 ISSUED ADDL.THAHSILDAR, THIRUVANANTHAPURAM Exhibit P3 THE TRUE COPY OF THE POSSESSION NOTICE DATED NIL RECEIVED BY THE PETITIONER