2025:KER:31366 W.P.(C) No.15510 of 2025 1 IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. THURSDAY, THE 10TH DAY OF APRIL 2025 / 20TH CHAITHRA, 1947 WP(C) NO. 15510 OF 2025 PETITIONER/S: ABDUL RAHEEM. C AGED 48 YEARS S/O ABDULLA, AREEKKARA HOUSE, MUNDOT, KANHIRAPOYIL P.O, HOSDURG TALUK, KASARGOD, PIN - 671531 BY ADVS. A.ARUNKUMAR S.SHYAM KUMAR SACHIN GEORGE ARAMBAN NESILI NAZEER RESPONDENT/S: 1 AUTHORISED OFFICER INDIAN BANK, ZONAL OFFICE, KOZHIKODE, PIN - 673011 2 INDIAN BANK, REPRESENTED BY ITS BRANCH MANAGER, KMC - II/148 MAIN ROAD NORTH KOTTACHERY KANHANGAD, KASARGOD, PIN - 671315 OTHER PRESENT: SRI. P.PAULOCHAN ANTONY, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10.04.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2025:KER:31366 W.P.(C) No.15510 of 2025 2 JUDGMENT The petitioner has approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of the amounts due upon two housing loans availed by the petitioner. 2. During the course of hearing, petitioner has confined the relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation of the loan accounts. 3. It is submitted on behalf of the respondent bank that the petitioner committed default in repayment and the overdue amount as on 10.04.2025 is Rs.7,08,000/-. 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 accounts. 4. Having heard the learned counsel for the petitioner and the learned Standing Counsel for the respondent Bank and having regard to the facts and circumstances of the case and the submissions made as 2025:KER:31366 W.P.(C) No.15510 of 2025 3 recorded above and also taking into account the fact that the petitioner has undertaken to clear off the overdue amount along with regular EMIs/instalments, I am of the view that the petitioner can be granted an opportunity to clear off the overdue amount on a condition that the petitioner will pay an amount of Rs.2,00,000/- on or before 30.09.2025 and the balance overdue amount in eight (8) equal monthly instalments first of which shall be paid on or before 30.05.2025 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.7,08,000/- along with interest, bank charges and costs from the petitioner and regularise the loan accounts of the petitioner in the following manner: (i) The petitioner shall pay an amount of Rs.2,00,000/- on or before 30.04.2025 and the balance overdue amount together with any accrued interest, bank charges and costs in eight (8) equated monthly instalments; (ii) The first instalment shall be paid on or before 30.05.2025 2025:KER:31366 W.P.(C) No.15510 of 2025 4 and subsequent instalments shall be paid on or before the last working day of each succeeding month; (iii) Petitioner shall continue to pay the regular EMI’s/ instalments along with the instalments directed above; (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 Scl/ 2025:KER:31366 W.P.(C) No.15510 of 2025 5 APPENDIX OF WP(C) 15510/2025 PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE NOTICE DATED 05.12.2024 ISSUED BY THE 1ST RESPONDENT UNDER THE 13(4) OF SARFAESI ACT Exhibit P2 A TRUE COPY OF THE NOTICE OF THE ADVOCATE COMMISSIONER DATED 20-03-2025 Exhibit P2(a) A TRUE COPY OF THE TYPED COPY OF EXT.P2