2025:KER:27638 IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. TUESDAY, THE 1ST DAY OF APRIL 2025 / 11TH CHAITHRA, 1947 WP(C) NO. 13140 OF 2025 PETITIONER: SIVADASAN, S/O. NARAYANAN, AGED 55 YEARS, PALLIKKADAVIL PUTHIYA VEETTIL, PALLIPPURAM, CHERTHALA,ALAPPUZHA, PIN – 688 541. BY ADVS. P.RANI DIOTHIMA P.V.RADHAMANI RESPONDENTS: 1 THE AADHAR HOUSING FINANCE LIMITED, HAVING ITS BRANCH OFFICE AT DOOR NO 62/4783, RAMLEELA,1ST FLOOR, MAHAKAVI, IYYATTIL JUNCTION, ERNAKULAM, REPRESENTED BY ITS BRANCH MANAGER, PIN – 682 011. 2 THE AADHAR HOUSING FINANCE LIMITED, 2ND FLOOR, HIGH STREET CUM HIGHLAND CORPORATE CENTRE, MAJIWADA, KAPURBAVDI JUNCTION, THANE WEST, REPRESENTED BY ITS AUTHORIZED OFFICER, PIN – 400 607. 3 THE AUTHORIZED OFFICER, THE AADHAR HOUSING FINANCE LIMITED, HAVING ITS BRANCH OFFICE AT DOOR NO 62/4783, RAMLEELA, 1ST FLOOR, MAHAKAVI, IYYATTIL JUNCTION, ERNAKULAM, PIN – 682 011. SRI. A.SURESH (SC) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01.04.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2025:KER:27638 WP(C) 13140/2025 2 JUDGMENT Petitioner availed a housing loan from the respondent financial institution. 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. It is submitted on behalf of the respondent financial institution that the petitioner committed default in repayment and the overdue amount is Rs.2,35,516/-. 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 2025:KER:27638 WP(C) 13140/2025 3 repayment of the overdue amount in limited installments and regularize the loan account. 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.1,00,000/- on or before 08-04-2025 and balance overdue amount along with any accrued interest, cost and charges in 10 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 financial institution to accept repayment of the entire overdue amount of Rs.2,35,516/- along with any accrued interest, cost and charges from the petitioner and regularize the loan account of the petitioner in the following manner: (i) The petitioner shall pay an amount of Rs.1,00,000/- (Rupees One Lakh Only) on or before 08-04-2025. The balance overdue amount shall be repaid in 10 equated 2025:KER:27638 WP(C) 13140/2025 4 monthly installments, along with any accrued interest, costs and charges. The first installment shall be paid on or before 08-05-2025; (ii) The subsequent installments shall be paid on or before the 8th 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 financial institution 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 writ petition is disposed of as above. Sd/- GOPINATH P. JUDGE ats 2025:KER:27638 WP(C) 13140/2025 5 APPENDIX OF WP(C) 13140/2025 PETITIONER’S EXHIBITS EXHIBIT P1 THE TRUE COPY OF THE REPAYMENT SCHEDULE ISSUED BY THE 1ST RESPONDENT DATED NIL EXHIBIT P2 THE TRUE COPY OF THE DEMAND NOTICE ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER DATED 10.07.2024 EXHIBIT P3 THE TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE 3RD RESPONDENT TO THE PETITIONER DATED 14.10.2024