2025:KER:29218 WP(C) NO. 12929 OF 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. 12929 OF 2025 PETITIONER/S: ABDUL RAHMAN. N.M, AGED 72 YEARS S/O MOHAMMED.N.A,RESIDING AT NELLIKKATHUKUZHI HOUSE, PALLILAMKARA, HMT COLONY.P.O, ERNAKULAM DISTRICT, PIN - 683503 BY ADVS. R.ROHITH HARISHMA P. THAMPI RESPONDENT/S: 1 THE MANAGER, PEOPLES URBAN CO-OPERATIVE BANK LIMITED, NO. 51,THRIPUNITHURA, ERNAKULAM DISTRICT, PIN - 682301 2 THE AUTHORISED OFFICER, PEOPLES URBAN CO-OPERATIVE BANK LIMITED, NO. 51,THRIPUNITHURA, ERNAKULAM, PIN - 682301 BY ADVS. Devaprasanth P.J SMINI JOSE(K/262/2015) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04.04.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2025:KER:29218 WP(C) NO. 12929 OF 2025 2 JUDGMENT Petitioner has approached this Court, challenging proceedings initiated by the respondent Bank under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of the amounts due from the petitioner. 2. It is submitted on behalf of the respondent bank that the petitioner availed credit facilities from the respondent bank and committed default in repayment and the overdue amount, as on 04.04.2025, would come to Rs.10,06,956/- (Rupees Ten lakh six thousand nine hundred and fifty six only). It is submitted that, sale of the property which is scheduled to be held on 29.03.2025 did not take place for want of bidders. It is submitted that, in such circumstances, the respondent bank has no objection in permitting the petitioner to pay off the overdue amount in limited instalments and regularize the loan account , provided the petitioner shall unconditionally withdraw S.A. No.26 of 2024 pending before the Debts Recovery Tribunal-I, Ernakulam. 2025:KER:29218 WP(C) NO. 12929 OF 2025 3 3. Learned counsel appearing for the petitioner submits that the petitioner will withdraw S.A. No.26 of 2024 pending before the Debts Recovery Tribunal-I, Ernakulam and the petitioner may be permitted to pay off the overdue amount in some instalments. 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 of Rs.10,06,956/- (Rupees Ten lakh six thousand nine hundred and fifty six only) along with any accrued interest, cost and charges in fifteen instalments 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 bank to accept repayment of the entire overdue amount of Rs.10,06,956/- (Rupees Ten lakh six thousand nine hundred and fifty six only) along with accrued interest, cost and bank charges from the petitioner and regularise the loan account of the petitioner in the following manner:- (i) The petitioner shall pay the overdue amount of Rs.10,06,956/- (Rupees Ten lakh six thousand nine hundred and fifty six only) along with any accrued interest, cost and charges in fifteen equated monthly instalments; 2025:KER:29218 WP(C) NO. 12929 OF 2025 4 (ii)The first instalment shall be paid on or before 30.04.2025 and the subsequent instalments shall be paid on or before the last working day of each succeeding months; (iii)Petitioner 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 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. The petitioner shall unconditionally withdraw S.A. No.26 of 2024 pending before the Debts Recovery Tribunal-I, Ernakulam within two weeks from the date of receipt of a certified copy of this judgment The writ petition is disposed of as above. Sd/- GOPINATH P. JUDGE ajt 2025:KER:29218 WP(C) NO. 12929 OF 2025 5 APPENDIX OF WP(C) 12929/2025 PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE SALE NOTICE DATED 12.03.2025 ISSUED BY THE 2ND RESPONDENT