2025:KER:30148 W.P.(C) No.36994 of 2024 1 IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. MONDAY, THE 7TH DAY OF APRIL 2025 / 17TH CHAITHRA, 1947 WP(C) NO. 36994 OF 2024 PETITIONER/S: LAKSHMANAN, AGED 61 YEARS S/O.VELLAPPAN, VADAKKEKKAD HOUSE, CHATHAMANGALAM, NENMARA, CHITTUR, PALAKKAD, PIN - 678508 BY ADV WINSTON K.V RESPONDENT/S: THE NEMMARA CO-OPERATIVE URBAN BANK LTD, REG.NO.155, NEMMARA.P.O, ALATHUR, PALAKKAD, REP.BY ITS GENERAL MANAGER IN CHARGE, PIN - 678508 BY ADV V.A.Johnson (Varikkappallil) V A OTHER PRESENT: SRI. V.A.JOHNSON (VARIKKAPPALLIL) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 07.04.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2025:KER:30148 W.P.(C) No.36994 of 2024 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 a personal loan 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 account. 3. It is submitted on behalf of the respondent bank that the petitioner committed default in repayment and the overdue amount as on 07.04.2025 is Rs.5,41,141/-. 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 account. 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 recorded above and also taking into account the fact that the petitioner 2025:KER:30148 W.P.(C) No.36994 of 2024 3 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 in 15 (fifteen) equal monthly instalments first of which shall be paid on or before 30.04.205 and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised. 5. 5. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.5,41,141/- along with interest, bank charges and costs 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.5,41,141/- together with any accrued interest, bank charges and costs in 15 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 last working day of each succeeding month; (iii) Petitioner shall continue to pay the regular EMI’s/ instalments along with the instalments directed above; 2025:KER:30148 W.P.(C) No.36994 of 2024 4 (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:30148 W.P.(C) No.36994 of 2024 5 APPENDIX OF WP(C) 36994/2024 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE IN M.C.NO.378/2024 OF THE COURT OF CHIEF JUDICIAL MAGISTRATE COURT, PALAKKAD DATED 10.10.2024 ISSUED BY THE ADVOCATE COMMISSIONER