2025:KER:30255 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. 21223 OF 2024 PETITIONER/S: 1 RAMACHANDRAN S AGED 60 YEARS S/O.SREEDHARAN NAIR, MALLIKATHAZHATH HOUSE, RAYAMANGALM, PULLUVAZHI ERNAKULAM, PIN - 683541 2 SREELATHA AGED 53 YEARS W/O RAMACHANDRAN S, MALLIKATHAZHATH HOUSE, RAYAMANGALM, PULLUVAZHI ERNAKULAM, PIN - 683541 BY ADV S M Prasanth RESPONDENT/S: 1 STATE BANK OF INDIA REPRESENTED BY CHIEF MANAGER/AUTHORISED OFFICER, SME PERUMBAVOOR BRANCH, A.M.ROAD, PERUMBAVOOR, ERNAKULAM, PIN - 683542 2 RAMANI S NAIR MANJERI HOUSE, KOOVAPADI P.O, PERUMBAVOOR, ERNAKULAM, PIN - 683544 BY ADV S.LAKSHMY THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08.04.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2025:KER:30255 W.P.(C)No.21223 of 2024 2 JUDGMENT The petitioners are guarantors in respect of credit facilities availed by the 2nd respondent from the 1st respondent bank. The petitioners have also mortgaged their properties to secure the repayment of the loan. On default being committed by the 2nd respondent, proceedings have been initiated against the petitioners under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, prompting the petitioners to approach this court by filing the above writ petition. 2. The learned counsel for the petitioners would submit that the 2nd respondent had defaulted payment of the liabilities only on account of fact that several amounts are due to her from the Kerala Water Authority. It is submitted that if some installments are granted, the petitioners are willing to clear the liability. It is submitted that since the respondent bank is proposing to take possession of a residential house belonging to the petitioners, the proceedings may be 2025:KER:30255 W.P.(C)No.21223 of 2024 3 deferred subject to such conditions as this Court may deem it appropriate to impose. 3. The learned counsel appearing for the respondent bank would submit that the outstanding liability is Rs.2,28,82,627/-. It is submitted that the petitioners had approached the bank and had undertaken to pay a sum of Rs.25 lakhs immediately and the balance outstanding liability in 6 monthly installments. It is submitted that if the petitioners pay off the amounts as above, the bank has no objection in deferring the proceedings for taking physical possession. 4. The learned counsel appearing for the petitioners would submit that the petitioners will remit a sum of Rs.25 lakhs towards the loan liability within a period of one week from today and the petitioners may be permitted to clear the balance liability in 9 equal monthly installments. 5. Having heard the learned counsel appearing for the petitioners and the learned counsel appearing for the respondent bank, this writ petition will stand disposed of with the following manner: 2025:KER:30255 W.P.(C)No.21223 of 2024 4 (i) The petitioners shall pay a sum of Rs.25 lakhs towards the loan liability within a period of one week from today (08.04.2025) and the balance outstanding amount together with any accrued interest, bank charges and costs in nine (9) equated monthly instalments commencing from 30.05.2025. Subsequent instalments shall be paid on or before the last working day of each succeeding month; (ii) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with the law; (iii) 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 Scl/ 2025:KER:30255 W.P.(C)No.21223 of 2024 5 APPENDIX OF WP(C) 21223/2024 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE JUDGMENT DATED 20/6/2023 IN W.P.(C)NO.19999/2023 Exhibit P2 TRUE COPY OF THE JUDGMENT DATED 21/6/2023 IN W.P.(C)NO.20141/2023 Exhibit P3 TRUE COPY OF DEMAND NOTICE DATED 15/12/2023 ISSUED BY THE 1ST RESPONDENT Exhibit P4 TRUE COPY OF THE POSSESSION NOTICE DATED 29-05-2024 ISSUED BY THE 1ST RESPONDENT Exhibit P5 TRUE COPY OF THE INTERIM ORDER DATED 05/03/2024 IN W.P(C) NO.5328/2024