2025:KER:30523 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. 13326 OF 2025 PETITIONER: SHEJOON, AGED 38 YEARS, W/O. ANEEZ.K., RESIDING AT KANJIRAKKADAN HOUSE, VALLUVANGAD SOUTH, MANJERI, MALAPURAM, PIN – 676 521. BY ADV SURAJ.S RESPONDENTS: 1 THE CANARA BANK, BRANCH MANJERI. REPRESENTED BY ITS BRANCH MANAGER NO.16/868, MERIDIAN COMPLEX, CH BYPASS, NILAMBUR ROAD, MANJERI, MALAPPURAM, PIN – 676 121. 2 THE AUTHORIZED OFFICER, THE CANARA BANK, REGIONAL, MALAPPURAM, VARNAM ARCADE, BYEPASS ROAD, MACHINGAL, MUNDUPARAMBA P.O., MALAPPURAM, PIN – 676 509. BY ADV.M.GOPIKRISHNAN NAMBIAR, 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:30523 WP(C) 13326/2025 2 JUDGMENT Petitioner along with her husband availed a housing loan from the 1st 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. It is submitted on behalf of the respondent bank that the petitioner committed default in repayment and the overdue amount, as on 07-04-2025, is Rs.8,49,672/-. It is further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent bank is willing to accept repayment of the 2025:KER:30523 WP(C) 13326/2025 3 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 she will pay a sum of Rs.2,00,000/- on or before 30-04-2025 and balance overdue amount along with any accrued interest, cost and charges in 12 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 bank to accept repayment of the entire overdue amount of Rs.8,49,672/- 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.2,00,000/- (Rupees Two Lakh Only) on or before 30-04-2025. The balance overdue amount shall be repaid in 12 equated 2025:KER:30523 WP(C) 13326/2025 4 monthly installments, along with any accrued interest, costs and charges. The first installment shall be paid on or before 31-05-2025; (ii) The subsequent installments shall be paid on or before the last working 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) 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:30523 WP(C) 13326/2025 5 APPENDIX OF WP(C) 13326/2025 PETITIONER’S EXHIBITS Exhibit P1 A TRUE COPY OF THE NOTICE 10.01.2024 UNDER SEC 13(2) OF THE SARFAESI ACT Exhibit P2 A TRUE COPY OF THE 13(4) NOTICE UNDER THE SAEFAESI ACT DATED 18.03.2025