WP(C)/13619/2025 of DHANYA T.M., Vs THE AUTHORISED OFFICER,PEOPLES URBAN COOPERATIVE BANK, on 3 April 2025

J U D G M E N T

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 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. The learned counsel for the respondent bank submits that this is the second round of litigation at the instance of the petitioner. It is submitted that the petitioner remitted some amounts pursuant to the directions contained in Ext.P1 judgment. It is submitted that the petitioner has not complied the judgment in full and therefore the overdue amount as on 03-04-2025 including the defaulted amounts in terms of the Ext.P1 judgment is Rs.5,73,692/-.

4. The learned counsel for the petitioner submits that if the petitioner is given time till June 2025, the petitioner will clear the entire overdue amount. He also submitted that the petitioner will pay a sum of Rs.1,00,000/- within two days from today (03-04-2025).

5. The learned counsel for the respondent bank submits that purely as a matter of indulgence the respondent bank is willing to accept the repayment of the present overdue amount of Rs.5,73,692/- provided the entire payment is made by the end of June 2025.

6. 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 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 he will pay a sum of Rs.1,00,000/- by 5 p.m on 05-04-2025 and the balance overdue amount in three (3) equal monthly instalments first of which shall be paid on or before 30-04-2025 and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised.

7. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.5,73,692/- 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 an amount of Rs.1,00,000/- by 5 p.m on 05-04-2025 and the balance overdue amount of Rs.4,73,692/- together with any accrued interest, bank charges and costs shall be repaid in three 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;

(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. It is made clear that no further extension or modification will be considered under any circumstances. Sd/- GOPINATH P. JUDGE AMG

APPENDIX OF WP(C) 13619/2025 PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE JUDGMENT DATED 14/10/2024 PASSED IN WP (C) NO. 32757/2024 Exhibit P2 A TRUE COPY OF THE NOTICE DATED 03/09/2024 ISSUED BY THE ADVOCATE COMMISSIONER APPOINTED IN MC 464/2023 BY THE ADDITIONAL CHIEF JUDICIAL MAGISTRATE COURT, ERNAKULAM (SPECIAL COURT FOR THE TRIAL OF OFFENCES AGAINST MPS/MLAS)