WP(C)/7044/2025 of RAJAN, Vs THE KERALA STATE CO-OPERATIVE BANK LTD, on 2 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 liability in instalments.

3. Learned Standing Counsel appearing for the respondent bank submits that the petitioner availed a loan from the respondent bank and committed default in repayment. It is submitted that, the the writ petitioner is guilty of suppression of material facts. It is submitted that,the wife of the petitioner had earlier approached this Court by filing W.P.(C) No.10041 of 2024, which was disposed of on 14.03.2024, permitting her to pay off the then overdue amount in 12 instalments. It is submitted that, notwithstanding the above, the bank is willing to accept the present outstanding amount of Rs.33,68,318/- [Rupees Thirty three lakh sixty eight thousand three hundred and eighteen only], as on today (02.04.2025) in some instalments. It is submitted that, considering the fact that, this is practically the second round of litigation in respect of the same loan, the number of instalments may be limited to eight.

4. Having heard the learned counsel appearing for the petitioner and the learned counsel appearing for the respondent bank, I am of the view that the petitioner is clearly not entitled to any relief from this Court on account of suppression of material facts. However, on account the extremely fair stand taken by the learned counsel appearing for the respondent bank, I am inclined to permit the petitioner to clear the outstanding amount of Rs.33,68,318/- [Rupees Thirty three lakh sixty eight thousand three hundred and eighteen only] in eight equal monthly instalments, making it clear that no further application of extension of time will be considered under any circumstances.

5. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.33,68,318/- [Rupees Thirty three lakh sixty eight thousand three hundred and eighteen only] along with any accrued interest, cost and bank charges from the petitioner in the following manner:

(i) The petitioner shall pay the outstanding amount of Rs.33,68,318/- [Rupees Thirty three lakh sixty eight thousand three hundred and eighteen only] in eight equated monthly instalments along with any accrued interest, charges and costs;

(ii) The first instalment shall be paid on or before 19.04.2025 and the subsequent instalments shall be paid on or before the 19th day of the succeeding months;

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

(iv) 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) 7044/2025 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE POSSESSION NOTICE DATED 04.12.2024 ISSUED BY THE RESPONDENT