2025:KER:30948 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. 14694 OF 2025 PETITIONER: SHERLY ELAVATHUNGAL DEVASSY AGED 56 YEARS, S/O. SONY M. JOSE, MANNUKUZHIYIL, ETTUMANOOR P.O., CHERUVANDOOR, ETTUMANOOR, KOTTAYAM, REPRESENTED BY POWER OF ATTORNEY HOLDER SHEEJA, AGED 51 YEARS, W/O. PRINCE D. VADAKKEN, VADAKKEN HOUSE, KRISHNAPURAM ROAD, KALATHODE, OLLUKKARA, THRISSUR, PIN – 680655. BY ADV M.SHYJU RESPONDENT: 1 THE AUTHORISED OFFICER, SARFAESI ACT, THE FEDERAL BANK LTD., LCRD KOTTAYAM DIVISION, THEKKUMKAL BUILDING, T.B. ROAD, NAGAMPADAM P.O., KOTTAYAM,, PIN – 686001. 2 THE BRANCH MANAGER FEDERAL BANK LTD., PALA BRANCH, CHOORANOLICKAL MAREENA TOWERS, KOTTAYAM ROAD, PALA, KOTTAYAM DISTRICT, PIN – 686575. BY SRI. P.PAULOCHAN ANTONY, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08.04.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C) NO. 14694 OF 2025 2 2025:KER:30948 JUDGMENT The petitioner has 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 petitioner. 2. The learned counsel appearing for the respondent Bank submits that the petitioner committed default in repayment of housing loan and an asset guard loan and total overdue amount as on today (08.04.2025) is Rs.8,47,383/-(Rupees eight lakhs forty seven thousand three hundred and eighty three only). It is submitted that the Bank has no objection in granting some reasonable instalments to the petitioner to clear the overdue amount provided the petitioner withdraws the Securitisation Application pending as S.A.No.893/2024 before the Debts Recovery Tribunal – II, Ernakulam. 3. The learned counsel for the petitioner submits that if the petitioner is permitted to pay off the overdue amounts in some instalments and regularize the loan account, the petitioner will unconditionally withdraw S.A.No.893/2024 pending before the WP(C) NO. 14694 OF 2025 3 2025:KER:30948 Debts Recovery Tribunal – II, Ernakulam. 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 overdue amount along with any accrued interest, costs and charges in eight instalments 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.8,47,383/-(Rupees eight lakhs forty seven thousand three hundred and eighty three only) along with any accrued interest, costs and charges from the petitioner and regularise the loan account of the petitioner in the following manner: i. The petitioner shall pay the overdue amount of Rs.8,47,383/- (Rupees eight lakhs forty seven thousand three hundred and eighty three only) along with any accrued interest, costs and charges in eight equated monthly instalments; ii. The first instalment shall be paid on or before 30.04.2025 and the subsequent instalments shall be paid on or before the last working day of every succeeding months; iii.Petitioner shall continue to pay the regular EMI’s / instalments along with the instalments directed above; WP(C) NO. 14694 OF 2025 4 2025:KER:30948 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. vi. The petitioner shall unconditionally withdraw S.A.No.893/2024 before the Debts Recovery Tribunal – II, Ernakulam, within a period of two weeks from today (08.04.2025). The writ petition is disposed of as above. Sd/- GOPINATH P. JUDGE DK WP(C) NO. 14694 OF 2025 5 2025:KER:30948 APPENDIX OF WP(C) 14694/2025 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE DATED 9.8.2024 ISSUED BY THE 1ST RESPONDENT UNDER SECTION 13(2) OF THE SARFAESI ACT 2002 Exhibit P2 TRUE COPY OF POSSESSION NOTICE DATED 19.10.2024 ISSUED BY THE 1ST RESPONDENT Exhibit P3 TRUE COPY OF THE REPRESENTATION DATED 4.12.2024 SUBMITTED BY THE PETITIONER BEFORE THE 1ST RESPONDENT Exhibit P4 TRUE COPY OF NOTICE DATED 5.12.2024 FOR TAKING PHYSICAL POSSESSION OF THE PROPERTY ISSUED BY THE ADVOCATE COMMISSIONER Exhibit P5 TRUE COPY OF S.A. NO. 893/2024 DATED 9.12.2024 PENDING BEFORE THE HON’BLE DEBTS RECOVERY TRIBUNAL-II, ERNAKULAM Exhibit P6 TRUE COPY OF AMENDMENT APPLICATION SUBMITTED BY THE PETITIONER IN I.A. NO. 369/2025 IN S.A. NO. 893/2024 PENDING BEFORE THE HON’BLE DEBTS RECOVERY TRIBUNAL-II, ERNAKULAM DATED 14.01.2025 Exhibit P7 TRUE COPY OF POWER OF ATTORNEY DATED 24.1.2025