2025:KER:30446 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. 13781 OF 2025 PETITIONER: PRIYAMOL P., AGED 41 YEARS, W/O. MANIKANDAN, PULLIKATHODI HOUSE, VETTATHUR P.O., MELATHUR VIA, MALAPPURAM DISTRICT, PIN – 679 326. BY ADV RAJESH NAMBIAR RESPONDENT: TATA CAPITAL HOUSING FINANCE LTD., 5TH FLOOR, CITY MALL, KANNUR ROAD, KOZHIKODE, REPRESENTED BY ITS AUTHORISED OFFICER, PIN – 673 001. BY ADVS. P.PAULOCHAN ANTONY (SC) SREEJITH K.(K/380/2005) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 07.04.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2025:KER:30446 WP(C) 13781/2025 2 JUDGMENT Petitioner availed credit facilities from the respondent financial institution. 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. The learned counsel appearing for the petitioner submits that the possession of the secured assets has already been taken by the respondent financial institution. It is submitted that the petitioner may be permitted to pay off the overdue amount and regularise the loan account. It is submitted that the possession need be restored only after the entire overdue amounts are paid. 3. The learned counsel appearing for the respondent financial institution submits that this is the second writ petition at the instance of the petitioner. It is submitted that the outstanding amount, as on 24-03-2025, is 2025:KER:30446 WP(C) 13781/2025 3 Rs.1,44,55,554/-. It is submitted that the overdue amount, as on 24-03-2025, is Rs.46,52,727/-. It is submitted that the petitioner is extremely well off and is also engaged in the business of running a petrol pump, which, according to the information available with the respondent financial institution, has been leased out after accepting a sum of Rs.50,00,000/-. It is submitted that the petitioner may, therefore, be required to pay off the entire overdue amount in two (02) installments. It is also submitted that the petitioner may also be required to withdraw S.A.No.916/2024 pending before the Debts Recovery Tribunal-I, Ernakulam. 4. The learned counsel appearing for the petitioner submits that the petitioner will pay off the entire overdue amount, provided some further installments are granted to the petitioner. It is also submitted that the petitioner will unconditionally withdraw S.A.No.916/2025. 5. 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 2025:KER:30446 WP(C) 13781/2025 4 the overdue amount in six (06) installments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularized. 6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.46,52,727/- along with any accrued interest, costs and charges from the petitioner and regularize the loan account of the petitioner in the following manner: (i) The petitioner shall pay the overdue amount of Rs.46,52,727/- in six (06) equated monthly installments along with any accrued interest, costs and charges; (ii) The first installment shall be paid on or before 30-04-2025. The subsequent installments shall be paid on or before the last working day of the succeeding months; (iii) Petitioner shall continue to pay the regular EMI’s/installments along with the installments as directed above; 2025:KER:30446 WP(C) 13781/2025 5 (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. (vi) The petitioner shall unconditionally withdraw S.A.No. 916/2024 pending before the Debts Recovery Tribunal-I, Ernakulam, within a period of two weeks from the date of receipt of a certified copy of this judgment. It is made clear that the possession of the secured asset shall be restored to the petitioner only on the petitioner clearing the entire overdue amount and also paying the regular EMIs payable from today on the due dates without fail. The writ petition is disposed of as above. Sd/- GOPINATH P. JUDGE ats 2025:KER:30446 WP(C) 13781/2025 6 APPENDIX OF WP(C) 13781/2025 PETITIONER’S EXHIBITS Exhibit P1 TRUE COPY OF THE JUDGMENT OF THIS HONOURABLE COURT IN WP(C)NO.41159 OF 2023 DATED 8.12.2023 Exhibit P2 TRUE COPY OF THE POSSESSION NOTICE DATED 14.03.2025 (DATE WRONGLY SHOWN AS 14.03.2024 IN THE NOTICE) Exhibit P3 TRUE COPY OF THE SALE INTIMATION LETTER DATED 18.3.2025 Exhibit P4 TRUE COPY OF THE SALE INTIMATION LETTER DATED 18.10.2024 ISSUED IN RESPECT OF THE PROPERTY OWNED BY THE PETITIONER'S HUSBAND