JUDGMENT :

These two writ petitions relate to the proceedings initiated by the bank for enforcement of the security interest. Petitioner in W.P.(C) No.11635 of 2021 (hereinafter referred to as 'the bank' for short) challenges Ext.P10 order issued by the learned Chief Judicial Magistrate, Kollam while petitioner in W.P.(C) No.17918 of 2021 (hereinafter referred to as 'the borrower' for short) seeks a direction to the 2nd respondent for consideration of his application for settlement of the loan liability by granting a breathing time for him to repay the amounts and to stay all recovery proceedings till a decision is taken on the application. Since both these matters are connected, they were heard together.

2. Petitioner’s wife had availed two loans from the bank to the extent of Rs.6,00,000/- as a vehicular loan and Rs.4,00,00,000/- as a working capital loan for her cashew trading business. Petitioner was the guarantor for those loans. Due to default in repayment, the loans were classified as NPA on 28.01.2019. Pursuant to the bank issuing notice under section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ('the SARFAE