WP(C)/3918/2025 of JESSY A., Vs THE KERALA STATE CO-OPERATIVE BANK LTD., on 28 March 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 submitted 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, though technically, this writ petition is not maintainable, as a matter of indulgence, the respondent bank is willing to accept the payment of the present overdue amount in instalments as the petitioner has complied with the condition imposed in the interim order dated 17.03.2025 and has paid a sum of Rs.2 lakh towards the loan liability. It is submitted that, the overdue amount, as on 28.03.2025, would come to Rs.5,31,468/- (Rupees Five lakh thirty one thousand four hundred and sixty eight only). It is further submitted that since this is the second round of litigation at the instance of the petitioner, the number of instalments may be limited .

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.5,31,468/- (Rupees Five lakh thirty one thousand four hundred and sixty eight only) along with any accrued interest, cost and charges in ten 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.5,31,468/- (Rupees Five lakh thirty one thousand four hundred and sixty 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) The petitioner shall pay the overdue amount of

Rs.5,31,468/- (Rupees Five lakh thirty one thousand four hundred and sixty eight only) along with any accrued interest, cost and charges in ten equated monthly instalments;

(ii) The first instalment shall be paid on or before 10.04.2025 and the subsequent instalments shall be paid on or before the 10th day of each succeeding months;

(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 ajt

APPENDIX OF WP(C) 3918/2025 PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE POSSESSION NOTICE ISSUED UNDER SARSFAESI ACT, BY THE 2ND RESPONDENT TO THE PETITIONER DATED 20.02.2024 Exhibit P2 THE TRUE COPY OF THE JUDGMENT IN WP(C) NO. 10481/2024 DATED 27.03.2024 Exhibit P3 THE TRUE COPY OF THE NOTICE ISSUED BY THE 1ST RESPONDENT TO THE PETITIONER DATED 29.07.2024