WP(C)/9771/2025 of SUSHAMA K.P, Vs AUTHORISED OFFICER/AREA MANAGER, KERALA STATE CO-OPERATIVE BANK LTD., REGIONAL OFFICE, KOZHIKODE, on 1 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 also submitted that regularisation is not possible as the term of the loan is already over. It is further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent bank is willing to accept the repayment of the outstanding amount in limited instalments provided a substantial amount is paid immediately. According to the learned Standing Counsel appearing for the respondent, as on 13.03.2025, the balance amount which is liable to be repaid is Rs.87,51,887/- (Rupees

Eighty seven lakh fifty one thousand eight hundred and eighty seven only).

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 outstanding amount of Rs.87,51,887/- (Rupees Eighty seven lakh fifty one thousand eight hundred and eighty seven only) on a condition that the petitioner shall pay an amount of Rs.5,00,000/- (Rupees Five lakh only) on or before 15.04.2025 and the balance amount along with any accrued interest, cost and charges in ten instalments.

5. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.87,51,887/- (Rupees Eighty seven lakh fifty one thousand eight hundred and eighty seven only) along with any accrued interest, cost and bank charges from the petitioner in the following manner:

(i) Petitioner shall pay an amount of Rs.5,00,000/- (Rupees Five lakh only) on or before 15.04.2025;

(ii) The balance outstanding amount of Rs.82,51,887/- (Rupees Eighty two lakh fifty one thousand eight hundred and eighty seven only) shall be paid in ten equated monthly instalments along with any accrued interest, cost charges;

(iii) The first instalment shall be paid on or before 15.05.2025 and the subsequent instalments shall be paid on or before the 15th day of the succeeding months;

(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. The writ petition is disposed of as above. Sd/- GOPINATH P. JUDGE ajt

APPENDIX OF WP(C) 9771/2025 PETITIONER EXHIBITS Exhibit P-1 A TRUE COPY OF LETTER ISSUED BY THE 2ND RESPONDENT DATED 13.01.2025 Exhibit P-2 A TRUE COPY OF POSSESSION NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 12.02.2025.