WP(C) NO. 37263 OF 2024 1 2025:KER:30153 IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. TUESDAY, THE 11TH DAY OF MARCH 2025 / 20TH PHALGUNA, 1946 WP(C) NO. 37263 OF 2024 PETITIONERS: 1 M/S. NTP HOMES PVT. LTD., REPRESENTED BY IT’S MANAGING DIRECTOR MR. JOY PAUL, BUILDING NO.VIII/583, PADINJATTUM BHAGOM, ATHIRAMPUZHA P.O., KOTTAYAM, PIN - 686562 2 JOY PAUL, AGED 58 YEARS S/O. N.T. PAUL, NADAKKAL HOUSE, PADINJATTUM BHAGOM, ATHIRAMPUZHA P.O., KOTTAYAM, PIN - 686562 3 JANCY JOY, AGED 54 YEARS W/O. JOY PAUL, NADAKKAL HOUSE, PADINJATTUM BHAGOM, ATHIRAMPUZHA P.O., KOTTAYAM, PIN - 686562 BY ADVS. BHARATH MURALI MANU NAIR G. SIDHARTH MURALI AJAY SANKAR RESPONDENTS: THE AUTHORIZED OFFICER, KOSAMATTAM FINANCE LIMITED, HEAD OFFICE, KOSAMATTOM, MKC BUILDINGS, MARKET JUNCTION, ML ROAD, KOTTAYAM– 686001, PIN - 686001 BY ADVS. JOLLY JOHN LIZA MEGHAN CYRIAC IRENE BABU HARIKRISHNA S. MEHNAZ P. MOHAMMED RUBIN SHIBU WP(C) NO. 37263 OF 2024 2 2025:KER:30153 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11.03.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C) NO. 37263 OF 2024 3 2025:KER:30153 JUDGMENT The petitioners have 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 petitioners. 2. During the course of hearing, petitioners have confined the relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation of the loan account. 3. It was submitted on behalf of the respondent bank that the petitioners committed default in repayment of a loan and the total overdue amount as on 04.03.2025 is Rs.33,31,675/-. It was 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 regard to the circumstances of the case and the submissions made as recorded above, I am of the view that the petitioners can be granted an opportunity to repay the total overdue in eight equal monthly instalments, the first of which shall be paid on or before 27.03.2025 and the subsequent instalments shall be paid on the 27th day of every succeeding months and WP(C) NO. 37263 OF 2024 4 2025:KER:30153 thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised. 5. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.33,31,675/-/- along with any accrued interest, costs and charges from the petitioners and regularise the loan account of the petitioners in the following manner: i. The petitioners shall pay the overdue amount Rs.33,31,675/- along with any accrued interest, costs and charges in eight equal monthly instalments; ii. The first instalment shall be paid on or before 27.03.2025 and the subsequent instalments shall be paid on or before the 27th day of every succeeding months; iii. Petitioners 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 petitioners to repay the entire amounts, all coercive proceedings shall be kept in abeyance. 6. Considering the fact that this is the second Writ Petition at the instance of the petitioners, it is made clear that no further WP(C) NO. 37263 OF 2024 5 2025:KER:30153 extention of time will be granted under any circumstances. The writ petition is disposed of as above. sd/- GOPINATH P. JUDGE Nsd WP(C) NO. 37263 OF 2024 6 2025:KER:30153 APPENDIX OF WP(C) 37263/2024 PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE 13(2)-NOTICE DATED 12.11.2021 ISSUED BY THE RESPONDENT Exhibit P2 THE TRUE COPY OF THE LOAN STATEMENT OF THE SUBJECT LOAN Exhibit P3 A TRUE COPY OF THE ADVOCATE COMMISSIONER NOTICE DATED 01.03.2024 Exhibit P4 THE TRUE COPY OF THE ORDER DATED 12.09.2024 IN W.P(C) NO.10101 OF 2024 Exhibit P5 THE TRUE COPY OF THE ADVOCATE COMMISSIONER NOTICE DATED 09.10.2023 Exhibit P6 THE TRUE COPY OF THE TRANSACTION RECEIPT FOR THE TRANSFER FOR AN AMOUNT OF RS4,50,000/- RESPONDENT EXHIBITS Exhibit R1 The current statement of accounts upto 06/11/2024. Exhibit R2 True Copy of the Account Statement as on 21.02.2025