IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE DINESH KUMAR SINGH FRIDAY, THE 27^TH DAY OF SEPTEMBER 2024 / 5TH ASWINA, 1946 WP(C) NO. 33789 OF 2024 PETITIONERS:

1 VINOOB P V AGED 37 YEARS S/O VASU P K, PUNATHILPARAMBU HOUSE, PUTHANOOR, MUNDUR, PALAKKAD, PIN - 678592

2 VASU P K AGED 67 YEARS S/O KANDAMUTHAN, PUNATHILPARAMBU HOUSE, PUTHANOOR, MUNDUR, PALAKKAD, PIN - 678592

3 RADHA C AGED 57 YEARS W/O VASU,PUNATHILPARAMBU HOUSE, PUTHANOOR, MUNDUR, PALAKKAD W/O VASU, PIN - 678592

4 MANU P V AGED 34 YEARS S/O VASU P K, PUNATHILPARAMBU HOUSE, PUTHANOOR, MUNDUR, PALAKKAD, PIN - 678592

5 THARA AGED 30 YEARS W/O VINOOB P V, PUNATHILPARAMBU HOUSE, PUTHANOOR, MUNDUR, PALAKKAD, PIN - 678592 BY ADVS.

SARATH M.S. GOKUL DEVIS ARJUN C BHASKAR ATHUL KRISHNA A.

MOHAMMED SHAD K.A.

RESPONDENTS:

1 KERALA STATE CO-OPERATIVE BANK REPRESENTED BY ITS AUTHORIZED OFFICER TOWN BRANCH, PDC BANK BUILDING, HPO ROAD, SULTHANPET, PALAKKAD, PIN - 678001

2 THE AUTHORIZED OFFICER KERALA STATE CO-OPERATIVE BANK, REPRESENTED BY ITS AUTHORIZED OFFICER TOWN BRANCH, PDC BANK BUILDING, HPO ROAD, SULTHANPET, PALAKKAD, PIN - 678001 SRI.K.S. ARUN KUMAR-SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27.09.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

JUDGMENT

The present writ petition has been filed for the following prayers:

“a. Issue a writ of mandamus or any other appropriate writ, order, or direction, directing the respondent to refrain from initiating any recovery or possession proceedings under Exhibit P2(a),P2(b),P2(c),P2(d) &

P2(e).

b. Direct the respondent to provide reasonable time for the petitioners to regularize the loan account in light of the medical and financial hardships faced by the petitioners. and c. Pass any such other or further order(s) as this Hon’ble Court may deem fit and proper in the interest of justice.”

2. The petitioner had availed a mortgaged loan of Rs.15,00,000/- from the respondent Bank by creating equitable mortgage over his property. The tenure for repayment of loan is 10 years. However, the petitioner has committed defaults in making repayment of the loan in terms of the loan agreement and therefore, the respondent Bank after classifying the loan account of the petitioner as Non-Performing Asset has proceeded under the provisions of the SARFAESI Act and Rules made thereunder.

3. The learned counsel for the respondent Bank submits that as of today, the total overdue amount is 1,78,540/- and the total outstanding amount is Rs.40,33,176/-.

4. The learned counsel for the respondent Bank submits that if the petitioner makes payment of the remaining overdue amount in a few installments along with regular installments, as this Court may fix, the respondent Bank shall regularise the loan account of the petitioner for making payment in terms of the loan agreement and Bank shall not proceed under the provisions of the SARFAESI Act and Rules.

Considering the said stand of the learned counsel for the respondent Bank, the present writ petition is disposed of with following directions:

1. The petitioner shall pay the total overdue amount in

3 equal monthly installments along with regular installments. The 1^st installment is to be paid on or before 15.10.2024 and the remaining 2 installments are to be paid on or before 15^th day of each succeeding month.

2. After making payment of entire overdue amount as directed above, the respondent Bank shall regularise the loan account of the petitioner for making payment of regular installment as per the terms of the loan agreement.

3. In case of failure to make payment of 1^st installment or any subsequent installments as directed above, the respondent Bank shall be free to proceed with the SARFAESI proceedings against the petitioner for realization of the overdue loan amount, in accordance with law.

SD/-DINESH KUMAR SINGH JUDGE lsn APPENDIX OF WP(C) 33789/2024 PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE LOAN PASSBOOK OF THE LOAN ACCOUNT 156060496000194 Exhibit P2(a) A TRU