2025:KER:28200 IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. WEDNESDAY, THE 2ND DAY OF APRIL 2025 / 12TH CHAITHRA, 1947 WP(C) NO. 13574 OF 2025 PETITIONER: 1 JIJU P., AGED 49 YEARS, S/O RAJAGOPALAN NAIR,AMBADI, KAVU STOP, CHEVAYUR P.O, KOZHIKODE DISTRICT, PIN – 673017. 2 BIJU P., AGED 47 YEARS, S/O RAJAGOPAL NAIR, KUNNANKERIMEETHAL, M P VASUDEVAN NAIR ROAD, CHEVAYUR P.O, KOZHIKODE DISTRICT, PIN – 673017. BY ADVS. KRISHNADAS P. NAIR K.L.SREEKALA HARIDAS P.NAIR M.A.VINOD K.G.MANOJ KUMAR M.RAJESH KUMAR PRASOON.K.P ANU PRABHAKAR SWATHYKRISHNA K. MERLIN THOMAS ABHIRAMI P.S. VISHNU PRASAD WP(C) NO. 13574 OF 2025 2 2025:KER:28200 RESPONDENTS: 1 THE SECRETARY, THRISSUR DISTRICT CO-OPERATIVE BANK LTD, PIN – 680001. 2 AUTHORISED OFFICER, THE KERALA STATE CO-OPERATIVE BANK LTD, SAHAKARANASATHABDHIMANDIRAM, TUDA ROAD, KOVILAKATHUMPADAM P.O, THIRUVAMBADY, THRISSUR DISTRICT, PIN – 680022. SRI. K.S.ARUNKUMAR, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02.04.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C) NO. 13574 OF 2025 3 2025:KER:28200 JUDGMENT The petitioners have approached this Court challenging proceedings under the SARFAESI Act which have been initiated by the respondent Bank 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 accounts. 3. It is submitted on behalf of the respondent Bank that the petitioners committed default in repayment of several credit facilities and the total overdue amount is Rs.2,33,21,435/-(Rupees two crores thirty three lakhs twenty one thousand four hundred and thirty five only). The learned counsel appearing for the respondent Bank submits that since the overdue amount is substantial, the petitioners may be required to show bona fides by remitting atleast 10% of the overdue amount immediately. It is further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent Bank is willing to accept the balance 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 WP(C) NO. 13574 OF 2025 4 2025:KER:28200 amount on condition that Rs.25,00,000/- (Rupees twenty five lakhs only) shall be paid on or before 21.04.2025 and the balance amount along with any accrued interest, costs and charges shall be paid in 15 equal monthly instalments, the first of which shall be paid on or before 20.05.2025 and the subsequent instalments shall be paid on or before the 20th 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 Bank to accept repayment of the entire overdue amount of Rs.2,33,21,435/-(Rupees two crores thirty three lakhs twenty one thousand four hundred and thirty five 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.25,00,000/- (Rupees twenty five lakhs only) on or before 21.04.2025. The balance overdue amount along with any accrued interest, costs and charges shall be paid in 15 equal monthly instalments; ii. The first instalment shall be paid on or before 20.05.2025 and the subsequent instalments shall be paid on or before the 20th 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 Bank shall be entitled to proceed in accordance with the law; WP(C) NO. 13574 OF 2025 5 2025:KER:28200 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 DK WP(C) NO. 13574 OF 2025 6 2025:KER:28200 APPENDIX OF WP(C) 13574/2025 PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE NOTICE ISSUED BY THE RESPONDENT TO THE PETITIONER DATED 16.09.2023 Exhibit P2 THE TRUE COPY OF THE DEMAND NOTICE ISSUED BY THE RESPONDENT DATED 07.03.2024 Exhibit P3 THE TRUE COPY OF THE JUDGMENT IN WP (C) NO. 11632 OF 2024 DATED 25.02.2025 Exhibit P4 THE TRUE COPY OF THE REPRESENTATION FILED BY THE PETITIONER BEFORE THE RESPONDENTS DATED 28.02.2025 Exhibit P5 THE TRUE COPY OF THE RECEIPT OF PAYMENT DATED 11.03.2025