WP(C)/10096/2025 of IBRAHIM K., Vs KERALA STATE CO-OPERATIVE BANK, 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 overdue amount in instalments and to obtain regularisation of the loan account.

3. Learned counsel appearing for the respondent bank submits that petitioner availed a 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. It is submitted that, technically, this writ petition is not maintainable. However, It is submitted that, as matter of indulgence, if the petitioner pays a substantial amount towards the overdue amount of Rs.4,80,948/-, (Rupees Four lakh eighty thousand nine hundred and forty eight only), as on 18.03.2025, the bank is willing to grant some limited instalments to the petitioner to clear the balance amount.

4. Learned counsel appearing for the petitioner submits that the petitioner will remit sum of Rs.1,00,000/- (Rupees One lakh only) immediately and the petitioner may be permitted to pay off the balance overdue amount in some instalments.

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 (Rupees Four lakh eighty thousand nine hundred and forty eight only) on a condition that the petitioner shall pay an amount of Rs.1,00,000/- (Rupees One lakh only) on or before 19.04.2025 and the balance amount along with any accrued interest, cost and charges in six 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 (Rupees Four lakh eighty thousand nine hundred and forty eight 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.1,00,000/- (Rupees One lakh only) on or before 19.04.2025 ;

(ii) The balance overdue amount of Rs.3,80,948/-, (Rupees Three lakh eighty thousand nine hundred and forty eight only) along with any accrued interest, cost and charges shall be paid in six equated monthly instalments;

(iii) The first instalment shall be paid on or before 19.05.2025 and the subsequent instalments shall be paid on or before the 20th 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) 10096/2025 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE DEMAND NOTICE DATED 27/09/2023 ISSUED BY RESPONDENT Exhibit P2 TRUE COPY OF THE ORDER DATED 4/03/2024 IN W.P(C) NO. 8588/2024 Exhibit P3 TRUE COPY OF THE NOTICE DATED 21/02/2025 ISSUED BY THE RESPONDENT BANK