2025:KER:29789 WP(C) NO. 14034 OF 2025 1 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. 14034 OF 2025 PETITIONER/S: 1 P.M. ZAINUDEEN,AGED 70 YEARS S/O. MOHAMMED ABBAN, SAFA MANZIL, PIRARAMOOLA, MANJESHWAR P.O., KASARAGODE, PIN - 671323 2 JUNAID,AGED 35 YEARS S/O. P.M. ZAINUDEEN, SAFA MANZIL, PIRARAMOOLA, MANJESHWAR P.O., KASARAGODE, PIN - 671323 BY ADVS. T.G.RAJENDRAN T.R.TARIN RESPONDENT/S: THE AUTHORISED OFFICER, THE KERALA STATE CO-OPERATIVE BANK LTD., KANNUR REGIONAL OFFICE, P.B. NO. 35, KANNUR, PIN - 670001 BY ADV M.SASINDRAN SRI. M.SASINDRAN, 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:29789 WP(C) NO. 14034 OF 2025 2 JUDGMENT Petitioners have approached this Court, challenging proceedings initiated by the respondent Bank under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 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 bank that the petitioners availed credit facilities from the respondent bank and committed default in repayment and the overdue amount, as on 07.04.2025, would come to Rs.25,84,989/- (Rupees Twenty five lakh eighty four thousand nine hundred and eighty nine only). 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 overdue amount in limited instalments and regularise the loan account provided a substantial amount is paid as expeditiously as possible. 2025:KER:29789 WP(C) NO. 14034 OF 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 petitioners can be granted an opportunity to repay the overdue amount of Rs.25,84,989/- (Rupees Twenty five lakh eighty four thousand nine hundred and eighty nine only) on a condition that the petitioner shall pay an amount of Rs.5,00,000/- (Rupees Five lakh only) on or before 30.04.2025 and the balance amount along with any accrued interest, cost and charges in fifteen instalments 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 bank to accept repayment of the entire overdue amount of Rs.25,84,989/- (Rupees Twenty five lakh eighty four thousand nine hundred and eighty nine only) along with accrued interest, cost and bank charges from the petitioners and regularise the loan account of the petitioners in the following manner:- (i) The petitioners shall pay an amount of Rs.5,00,000/- (Rupees Five lakh only) on or before 30.04.2025; (ii) The balance overdue amount of Rs.20,84,989/- (Rupees Twenty lakh eighty four thousand nine hundred and eighty nine only) along with any accrued interest, cost and charges shall be paid in fifteen equated monthly instalments; 2025:KER:29789 WP(C) NO. 14034 OF 2025 4 (iii)The first instalment shall be paid on or before 31.05.2025 and the subsequent instalments shall be paid on or before the last working day of each succeeding months; (iv)Petitioners shall continue to pay the regular EMI’s/instalments along with the instalments directed above; (v)In the event of default of any one instalment, the respondent bank 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 ajt 2025:KER:29789 WP(C) NO. 14034 OF 2025 5 APPENDIX OF WP(C) 14034/2025 PETITIONER EXHIBITS Exhibit P-1 THE TRUE COPY OF THE LOAN AGREEMENT DATED 31.5.2017 Exhibit P-2 THE TRUE COPY OF THE NOTICE DATED 7.1.2023 ISSUED BY THE RESPONDENT Exhibit P-3 TRUE COPY OF THE ORIGINAL POSSESSION NOTICE DATED 15/6/2023 ISSUED BY THE RESPONDENT BANK TO THE PETITIONERS Exhibit P-4 THE TRUE COPY OF THE POSSESSION NOTICE DATED 3.9.2024 Exhibit P-5 THE TRUE COPY OF THE NOTICE GIVEN TO THE BANK DATED 9.1.2025