WP(C)/11708/2025 of SINDHU JOSE, Vs KERALA STATE CO-OPERATIVE BANK LTD, on 28 March 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 pointed out that the petitioner had earlier approached this court by filing W.P (C) No.13754/2022 which was disposed of on 13-10-2022 permitting the petitioner to clear the overdue amount in instalments. It is submitted that notwithstanding the above, purely as a matter of indulgence the bank is willing to permit the petitioner to regularise the loan account by paying the overdue amount. It is submitted that the overdue amount as on 24-03-2025 is Rs.24,90,607/-. It is submitted that considering the fact that this is the second writ petition in respect of the same loan, the number of instalment may be limited.

4. Having heard the learned counsel for the petitioner and the learned Standing Counsel for the respondent Bank and 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 in twelve (12) 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.

5. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.24,90,607/- along with interest, bank charges and costs from the petitioner and regularise the loan account of the petitioner in the following manner:

(i) The overdue amount of Rs.24,90,607/- together with any accrued interest, bank charges and costs shall be repaid in twelve 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. The writ petition is disposed of as above. Sd/- GOPINATH P. JUDGE AMG

APPENDIX OF WP(C) 11708/2025 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE ORDER IN WPC NO. 13754 OF 2022 DATED 13.10.2022 Exhibit P2 TRUE COPY OF THE LEDGER REPORT ISSUED BY THE 1ST RESPONDENT DATED 18.10.2023 Exhibit P3 TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE 2ND RESPONDENT DATED 27.03.2024 Exhibit P4 TRUE COPY OF THE E-COURTS PROCEEDINGS IN MC NO. 304 OF 2025 BEFORE THE HON’BLE CJM COURT, KOTTAYAM DATED 07.03.2025