2025:KER:28528 IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. THURSDAY, THE 3RD DAY OF APRIL 2025 / 13TH CHAITHRA, 1947 WP(C) NO. 13592 OF 2025 MC NO.13 OF 2025 OF CHIEF JUDICIAL MAGISTRATE, ALAPPUZHA PETITIONER/S: ASHOKAN G, AGED 60 YEARS S/O GUNAN,RESIDING AT KUDUMB COLONY, AN PURAM, THIRUVAMBADY JUNCTION, ALAPPUZHA, KERALA, PIN – 688002. BY ADVS. C.R.SANISH SANTHOSH V. KARTHIK S. ACHARYA ANJANA K.P. ARJUN SASI RESPONDENT: M/S PIRAMAL CAPITAL & HOUSING FINANCE LIMITED, REPRESENTED BY ITS AUTHORIZED OFFICER, RAMSUNDER GANESAN, S/O GANESAN AGED 40 YEARS, REGIONAL OFFICE AT FIFTH FLOOR, S L PLAZA, PALARIVATTOM, COCHIN, PIN – 682025. BY ADVS. P.PAULOCHAN ANTONY SREEJITH K. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03.04.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C) NO. 13592 OF 2025 2 2025:KER:28528 JUDGMENT The petitioner along with his son availed a home loan from the respondent financial institution. On default being committed, proceedings have been initiated against the petitioner and his son under the provisions of the 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 instalments and to obtain regularisation of the loan account. 3. It was submitted on behalf of the respondent financial institution that the petitioner and his son committed default in repayment of a home loan and the total overdue amount as on today (03.04.2025) is Rs.3,62,651/-(Rupees three lakhs sixty two thousand six hundred and fifty one only). It was 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 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 total overdue WP(C) NO. 13592 OF 2025 3 2025:KER:28528 amount on condition that Rs.75,000/- (Rupees seventy five thousand only) shall be paid on or before 10.04.2025 and the balance amount along with any accrued interest, costs and charges shall be paid in six equal monthly instalments, the first of which shall be paid on or before 10.05.2025 and the subsequent instalments shall be paid on or before the 10th day of every succeeding months 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 financial institution to accept repayment of the entire overdue amount of Rs.3,62,651/-(Rupees three lakhs sixty two thousand six hundred and fifty one only) along with any accrued interest, costs and charges from the petitioner and regularise the loan account of the petitioner in the following manner:- i. The petitioner shall pay a sum of Rs.75,000/- (Rupees seventy five thousand only) on or before 10.04.2025. The balance overdue amount along with any accrued interest, costs and charges shall be paid in six equal monthly instalments; ii. The first instalment shall be paid on or before 10.05.2025 and the subsequent instalments shall be paid on or before the 10th day of every succeeding month; 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 financial institution shall be entitled to proceed in accordance WP(C) NO. 13592 OF 2025 4 2025:KER:28528 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 DK WP(C) NO. 13592 OF 2025 5 2025:KER:28528 APPENDIX OF WP(C) 13592/2025 PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE 13(2) NOTICE DATED 26.03.2024 Exhibit P2 THE TRUE COPY OF THE APPLICATION FILED BY THE RESPONDENT BEFORE THE CHIEF JUDICIAL MAGISTRATE COURT ALAPPUZHA NUMBERED AS MC 13/2025 Exhibit P3 TRUE COPY OF COMMISSION APPOINTED ORDER DATED 01.01.2025