WP(C)/13015/2025 of SANKARA NARAYANAN, Vs THE KERALA STATE CO-OPERATIVE BANK LTD., on 4 April 2025

JUDGMENT

Petitioner has approached this Court, challenging proceedings initiated by the respondent Bank under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of the amounts due from 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. Learned counsel appearing for the respondent bank submits that this is the second round of litigation at the instance of the petitioner. It is submitted that, though the petitioner remitted certain amounts pursuant to Exhibit P1 judgment of this Court in W.P.(C) No. 2577 of 2022, the petitioner failed to fully comply with the terms of the judgment and therefore the respondent bank was constrained to continue with the proceedings initiated under the provisions of the SARFAESI Act. It is submitted that, the overdue amount, as on 28.03.2025, would come to Rs.11,17,533/- (Rupees Eleven lakh seventeen thousand five hundred and thirty three only). It is submitted that, purely as a matter of indulgence, the respondent bank is willing to accept the present overdue amount in some instalments. It is submitted that, since this is the second round of litigation, the number of instalments may be limited.

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 of Rs.11,17,533/- (Rupees Eleven lakh seventeen thousand five hundred and thirty three only) on a condition that the petitioner shall pay an amount of Rs.3,00,000/- on or before 30.04.2025 and the balance amount along with any accrued interest, cost and charges in eight instalments and 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.11,17,533/- (Rupees Eleven lakh seventeen thousand five hundred and thirty three only) along with accrued interest, cost and bank charges from the petitioner and regularise the loan account of the petitioner in the following manner:-

(i) Petitioner shall pay an amount of Rs.3,00,000/- on or before 30.04.2025;

(ii) The balance overdue amount of Rs.8,17,533/- (Rupees Eight lakh seventeen thousand five hundred and thirty three only) along with any accrued interest, cost and charges in eight equated monthly instalments;

(iii) The first instalment shall be paid on or before 30.05.2025 and the subsequent instalments shall be paid on or before the last working day of each succeeding months;

(iv) Petitioner shall continue to pay the regular EMI’s/instalments along with the instalments directed above;

(v) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with the law;

(vi) 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 ajt

APPENDIX OF WP(C) 13015/2025 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE JUDGMENT DATED 25/01/2022 IN WPC 2577/2022 OF THIS HON'BLE COURT. Exhibit P2 TRUE COPY OF THE PAYMENT CHALLAN DATED 30/03/2024 FOR RS.1,80,000/-. Exhibit P3 TRUE COPY OF THE ORDER DATED 04-12-2024 IN MC 1336/2024 ISSUED BY THE CJM COURT MANJERI. Exhibit P4 TRUE COPY OF THE ADVOCATE COMMISSIONER NOTICE DATED 18/12/2024 IN MC 1336/2024.