WP(C)/11605/2025 of PRAVEEN KUMAR P.P, Vs THE PONNANI CO-OPERATIVE URBAN BANK LTD, on 3 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. It is submitted on behalf of the respondent bank that the petitioner availed a housing loan from the respondent bank and committed default in repayment. It is submitted that, this is the second round of litigation at the instance of the petitioner before this Court. It is submitted that, this Court granted an interim order on 21.03.2025 only taking into account the submission of the learned counsel appearing for the petitioner that the daughter of the petitioner is undertaking SSLC examination. It is submitted that, the petitioner has remitted the amount directed to be paid in terms of the interim order dated 21.03.2025. It is submitted that, purely as a matter of indulgence, the respondent bank is willing to accept the repayment of the overdue amount, of Rs.4,65,135/- (Rupees Four lakh sixty five thousand one hundred and thirty five only), as on 03.04.2025, in some limited instalments, provided the petitioner makes a substantial payment towards the loan liability immediately.

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.4,65,135/- (Rupees Four lakh sixty five thousand one hundred and thirty five only) in instalments on a condition that the petitioner shall pay an amount of Rs.1,00,000/- (Rupees One lakh only) 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.4,65,135/- (Rupees Four lakh sixty five thousand one hundred and thirty five 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) The petitioner shall pay an amount of Rs.1,00,000/- (Rupees One lakh only) on or before 30.04.2025;

(ii) The balance overdue amount of Rs.3,65,135/- (Rupees Three lakh sixty five thousand one hundred and thirty five only) along with any accrued interest, cost and charges shall be paid 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) 11605/2025 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE JUDGMENT IN WPC NO.12690/2024 DATED 12.03.2024 Exhibit P2 RELEVANT PAGES OF STATEMENT OF ACCOUNT DATED NIL Exhibit P3 TRUE PHOTOCOPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER IN MC NO. 240/2024 OF THE CHIEF JUDICIAL MAGISTRATE COURT, MANJERI, DATED 15.03.2025 Exhibit P4 TRUE COPY OF THE ADMISSION TICKET OF THE PETITIONER DAUGHTER DATED NIL