2025:KER:30260 WP(C) NO. 14708 OF 2025 1 IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. TUESDAY, THE 8TH DAY OF APRIL 2025 / 18TH CHAITHRA, 1947 WP(C) NO. 14708 OF 2025 PETITIONER/S: MYMUNATH, AGED 35 YEARS W/O. NOUSHAD, PUTHANPURACKAL HOUSE, KALLACHI P.O, KOZHIKODE DISTRICT, PIN - 673506 BY ADV S.K.SAJU RESPONDENT/S: 1 KERALA STATE CO-OPERATIVE BANK, REGIONAL OFFICE KOZHIKODE, KALLAI ROAD, CHALAPPURAM P.O, KOZHIKODE REPRESENTED BY ITS AUTHORIZED OFFICER, PIN - 673002 2 KERALA STATE CO-OPERATIVE BANK, NADAPURAM BRANCH,NADAPURAM P.O, KOZHIKODE, REPRESENTED BY ITS MANAGER, PIN - 673504 SRI. P.C.SASIDHARAN,SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08.04.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2025:KER:30260 WP(C) NO. 14708 OF 2025 2 JUDGMENT Petitioner has 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 petitioner. 2. During the course of hearing, petitioner has confined the relief to an opportunity for repaying the liability in instalments. 3. Learned Standing Counsel appearing for the respondent bank submits that the petitioner availed a loan from the respondent bank and committed default in repayment. It is submitted that, the notice has been issued to the petitioner regarding fixation of reserve price in respect of the sale of the secured asset. According to the learned Standing Counsel appearing for the respondent, as on 05.03.2025, the balance amount which is liable to be repaid is Rs.13,60,510/- (Rupees Thirteen lakh sixty thousand five hundred and ten only). It is also submitted that regularisation is not possible. It is further submitted that though proceedings for recovery have been initiated, as a 2025:KER:30260 WP(C) NO. 14708 OF 2025 3 matter of indulgence, the respondent bank is willing to accept the repayment of the outstanding amount in limited instalments provided a substantial amount is paid as expeditiously as possible. 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 outstanding amount of Rs.13,60,510/- (Rupees Thirteen lakh sixty thousand five hundred and ten only) on a condition that the petitioner shall pay an amount of Rs.2,00,000/- (Rupees Two lakh only) on or before 08.05.2025 and the balance amount along with any accrued interest, cost and charges in ten instalments. 5. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.13,60,510/- (Rupees Thirteen lakh sixty thousand five hundred and ten only) along with any accrued interest, cost and bank charges from the petitioner in the following manner: (i) Petitioner shall pay an amount of Rs.2,00,000/- (Rupees Two lakh only) on or before 08.05.2025; (ii) The balance outstanding amount of Rs.11,60,510/- (Rupees Eleven lakh sixty thousand five hundred and ten only) shall 2025:KER:30260 WP(C) NO. 14708 OF 2025 4 be paid in ten equated monthly instalments along with any accrued interest, charges and costs; (iii) The first instalment shall be paid on or before 08.06.2025 and the subsequent instalments shall be paid on or before the 08th day of the succeeding months; (iv) 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 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 ajt 2025:KER:30260 WP(C) NO. 14708 OF 2025 5 APPENDIX OF WP(C) 14708/2025 PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE DEMAND NOTICE DATED 13.08.2024 UNDER SECTION 13(2) OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 CLAIMING AN AMOUNT OF RS. 12,52,799/- Exhibit P2 TRUE COPY OF THE NOTICE DATED 05.03.2025 ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER