2025:KER:29210 WP(C) NO. 14053 OF 2025 1 IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. FRIDAY, THE 4TH DAY OF APRIL 2025 / 14TH CHAITHRA, 1947 WP(C) NO. 14053 OF 2025 PETITIONER/S: 1 SONY THOMAS, AGED 54 YEARS S/O M.D. THOMAS,MALEPPARAMBIL C, CHIRAKKADAVU EAST P.O,KOTTAYAM DISTRICT, PIN - 686520 2 ANCY SONY,AGED 51 YEARS W/O SONY THOMAS, MALEPPARAMBIL HOUSE ,CHIRAKKADAVU EAST P.O,KOTTAYAM DISTRICT, PIN - 686520 BY ADVS. R.SURAJ KUMAR N.G.SINDHU SUNIL J.CHAKKALACKAL SREELAKSHMI J PILLAI RESPONDENT/S: 1 KERALA GRAMIN BANK, REPRESENTED BY ITS AUTHORIZED OFFICER, PERUMPAIKKADAVU P.O, KOTTAYAM, PIN - 686016 2 THE BRANCH MANAGER, THE KERALA GRAMIN BANK, MANIMALA BRANCH, KOTTAYAM, PIN - 686543 SRI. MADHUSOODANAN K., SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04.04.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2025:KER:29210 WP(C) NO. 14053 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 (namely a housing loan and a personal loan) from the respondent bank and committed default in repayment and the overdue amount, in respect of both the loans, as on 04.04.2025, would come to Rs.1,29,127/- (Rupees One lakh twenty nine thousand one hundred and twenty seven only). It is submitted that, the sale of the secured asset is scheduled to be held on 08.04.2025. It is further submitted that though proceedings for recovery have been initiated, as a matter of 2025:KER:29210 WP(C) NO. 14053 OF 2025 3 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 may be directed to be paid on or before 08.04.2025. 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.1,29,127/- (Rupees One lakh twenty nine thousand one hundred and twenty seven only) on a condition that the petitioners shall pay an amount of Rs.25,000/- (Rupees Twenty five thousand only) on or before 07.04.2025 and the balance amount along with any accrued interest, cost and charges in five 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.1,29,127/- (Rupees One lakh twenty nine thousand one hundred and twenty seven only)along with accrued interest, cost and bank charges from the petitioners and regularise the loan account of the petitioners 2025:KER:29210 WP(C) NO. 14053 OF 2025 4 in the following manner:- (i) Petitioners shall pay an amount of Rs.25,000/- (Rupees Twenty five thousand only) on or before 07.04.2025; (ii) The balance overdue amount of Rs.1,04,127/- (Rupees One lakh four thousand one hundred and twenty seven only) along with any accrued interest, cost and charges shall be paid in five equated monthly instalments; (iii)The first instalment shall be paid on or before 07.05.2025 and the subsequent instalments shall be paid on or before the 07th 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; (vi) In order to enable the petitioners to repay the entire amounts, all coercive proceedings shall be kept in abeyance. If the petitioners pay the amount as directed above, the sale, if any held on 08.04.2025, shall not be confirmed or at the option of the respondent bank, the same may be adjourned. If the petitioners commit any further default, the respondent bank may either confirm the sale (if any held on 08.04.2025) or to continue with the proceedings initiated against the petitioners. The writ petition is disposed of as above. Sd/- GOPINATH P. , JUDGE ajt 2025:KER:29210 WP(C) NO. 14053 OF 2025 5 APPENDIX OF WP(C) 14053/2025 PETITIONER EXHIBITS Exhibit P-1 TRUE COPY OF THE NOTICE DATED 29.01.2025 ISSUED BY 1ST RESPONDENT TO THE PETITIONERS Exhibit P2 TRUE COPY OF THE NOTICE DATED 28.02.2025 ISSUED BY 1ST RESPONDENT