WP(C) NO. 12941 OF 2025 1 2025:KER:26748 IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. FRIDAY, THE 28TH DAY OF MARCH 2025 / 7TH CHAITHRA, 1947 WP(C) NO. 12941 OF 2025 PETITIONERS: 1 HABEEB RAHMAN AGED 44 YEARS S/O T.A. UNES, THAYYIL HOUSE, NEAR KSEB, PUNNAPRA SOUTH, ALAPPUZHA REPRESENTED BY POWER OF ATTORNEY HOLDER AFSAL, AGED 44 YEARS, S/O NISA, VADAKKEVELI, NEERKUNNAM, AMBALAPPUZHA P.O, ALAPPUZHA MEDICAL COLLEGE, ALAPPUZHA, PIN - 688004 2 THANOOJA MOL AGED 44 YEARS W/O HABEEB RAHMAN THAYYIL HOUSE, NEAR KSEB, PUNNAPRA SOUTH, ALAPPUZHA REPRESENTED BY POWER OF ATTORNEY HOLDER AFSAL, AGED 44 YEARS, S/O NISA, VADAKKEVELI, NEERKUNNAM, AMBALAPPUZHA P.O, ALAPPUZHA MEDICAL COLLEGE, ALAPPUZHA, PIN - 688004 BY ADVS. JOMY GEORGE R.PADMARAJ SAJEEVAN V.T. M.J.BENNY R.AJITH KUMAR [V.K.EDOM] ARJUN S. PRAKASH ANAND SASIDHARAN SREEDEVI V.S. RESPONDENTS: 1 PIRAMAL CAPITAL AND HOUSING FINANCE LIMITED REPRESENTED BY ITS AUTHORIZED OFFICER/ LOCATION MANAGER, REGISTERED OFFICE: 601, 6TH FLOOR, AMITI BUILDING, AGASTYA CORPORATE PARK, KAMANI JN, LBS MARG, KURLA (WEST), MUMBAI, PIN - 400070 WP(C) NO. 12941 OF 2025 2 2025:KER:26748 2 RENSIYA K THE AUTHORIZED OFFICER (LOCATION MANAGER), PIRAMAL CAPITAL AND HOUSING FINANCE LIMITED, REGISTERED OFFICE: 601, 6TH FLOOR, AMITI BUILDING, AGASTYA CORPORATE PARK, KAMANI JN, LBS MARG, KURLA (WEST), MUMBAI, PIN - 400070 SRI. P.PAULOCHAN ANTONY, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28.03.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C) NO. 12941 OF 2025 3 2025:KER:26748 JUDGMENT The petitioners have approached this Court challenging proceedings under the SARFAESI Act which have been initiated by the respondent financial institution for recovery of the amounts due from the petitioners. 2. During the course of hearing, petitioners have confined the relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation of the loan account. 3. It is submitted on behalf of the respondent financial institution that the petitioners committed default in repayment of a non-housing loan and the overdue amount as on 27.03.2025 is Rs.4,37,034/-(Rupees four lakhs thirty seven thousand and thirty four only). 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 repayment of the overdue amount in limited instalments and regularise the loan accounts. 4. Having regard to the circumstances of the case and the submissions made as recorded above, I am of the view that the petitioners can be granted an opportunity to repay the total overdue amount on WP(C) NO. 12941 OF 2025 4 2025:KER:26748 condition that a sum of Rs.1,00,000/- (Rupees one lakh only) shall be paid by 5.00 p.m. on 29.03.2025 and another sum of Rs.1,00,000/- (Rupees one lakh only) shall be paid on or before 05.04.2025 and the balance amount along with any accrued interest, costs and charges shall be paid in 8 equal monthly instalments, the first of which shall be paid on or before 05.05.2025 and the subsequent instalments shall be paid on the 5th day of every succeeding months and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan accounts regularised. 5. Accordingly, there will be a direction to the respondent financial institution to accept repayment of the entire overdue amount of Rs.4,37,034/-(Rupees four lakhs thirty seven thousand and thirty four only) along with any accrued interest, costs and charges from the petitioners and regularise the loan accounts of the petitioners in the following manner:- i. The petitioners shall pay a sum of Rs.1,00,000/- (Rupees one lakh only) by 5.00 p.m. on 29.03.2025 and another sum of Rs.1,00,000/- (Rupees one lakh only) shall be paid on or before 05.04.2025 . The balance overdue amount along with any accrued interest, costs and charges shall be paid in 8 equal monthly instalments; WP(C) NO. 12941 OF 2025 5 2025:KER:26748 ii. The first instalment shall be paid on or before 05.05.2025 and the subsequent instalments shall be paid on or before the 5th day of every succeeding month; iii. Petitioners 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 financial institution shall be entitled to proceed in accordance with the law; v. In order to enable the petitioners 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 lsn WP(C) NO. 12941 OF 2025 6 2025:KER:26748 APPENDIX OF WP(C) 12941/2025 PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE POSSESSION NOTICE DATED 17.12.2024, ISSUED BY THE 2ND RESPONDENT TO THE PETITIONERS Exhibit P2 TRUE COPY OF THE NOTICE DATED 07.03.2025 ISSUED BY THE ADVOCATE COMMISSIONER Exhibit P3 A TRUE COPY OF THE SETTLEMENT FIGURE AS ON 15.07.2024, FURNISHED BY THE 1ST RESPONDENT IN THE STATUTORY DEMAND NOTICE (SCHEDULE II),