2025:KER:30595 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. 12673 OF 2025 PETITIONER: RATHEESH A.V., AGED 42 YEARS, S/O. CHANDUKKUTY, ANTHOOR HOUSE, PACHENI, THIRUVATTOOR P.O., KANNUR, PIN – 670 502. BY ADVS. LINDONS C.DAVIS E.U.DHANYA P.JAHANGEER N.S.SHAMILA CHINJU P. JOYIES RESPONDENTS: 1 CANARA BANK, REPRESENTED BY ITS BRANCH MANAGER, PARAVOOR BRANCH, PUTHETHU BUILDING, 188 FIRST FLOOR, PARAVOOR P.O., KOLLAM, PIN – 691 301. 2 BRANCH MANAGER, CANARA BANK, PARAVOOR BRANCH, PUTHETHU BUILDING, 188 FIRST FLOOR, PARAVOOR P.O., KOLLAM, PIN – 691 301. 3 AUTHORIZED OFFICER, CANARA BANK, PARAVOOR BRANCH, PUTHETHU BUILDING, 188 FIRST FLOOR, PARAVOOR P.O., KOLLAM, PIN – 691 301. 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:30595 WP(C) 12673/2025 2 JUDGMENT Petitioner availed two loans namely a cash credit facility and a term 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 outstanding amount in installments. 3. It is submitted on behalf of the respondent bank that the petitioner committed default in repayment and the total outstanding amount in respect of both the loans put together is Rs.77,78,000/-. 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 outstanding amount in limited installments. 2025:KER:30595 WP(C) 12673/2025 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 on a condition that he will pay a sum of Rs.5,00,000/- on or before 30-04-2025 and balance outstanding amount along with any accrued interest, cost and charges in 12 installments. 5. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.77,78,000/- along with any accrued interest, cost and bank charges from the petitioner in the following manner: (i) The petitioner shall pay an amount of Rs.5,00,000/- (Rupees Five Lakh only) on or before 30-04-2025. The balance outstanding amount shall be repaid in 12 equated monthly installments, along with any accrued interest, cost 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; 2025:KER:30595 WP(C) 12673/2025 4 (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. The writ petition is disposed of as above. Sd/- GOPINATH P. JUDGE ats 2025:KER:30595 WP(C) 12673/2025 5 APPENDIX OF WP(C) 12673/2025 PETITIONER’S EXHIBITS Exhibit P1 A COPY OF THE NOTICE DATED 07.03.2025 ISSUED UNDER RULE 8(6) OF THE SECURITY INTEREST ENFORCEMENT RULES, 2002, BY THE 3RD RESPONDENT.