JUDGMENT

Petitioners as borrowers from the respondent bank, have committed default in repayment. Consequently, proceedings have been initiated by the bank for recovery of the amounts due.

2. During the course of hearing, petitioners have confined the relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation of the loan account.

3. It was submitted on behalf of the respondent bank that the petitioners committed default in repayment and the overdue amount is Rs.20,74,242/-. It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent bank is willing to accept repayment of the overdue amount in limited instalments and regularise the loan account.

4. I have heard Sri.P.C.Haridas, learned counsel for the petitioners as well as Sri.Athul Shaji, the learned Standing Counsel for the respondent bank.

5. Having regard to the circumstances of the case and the situation now prevailing, apart from the submissions made as recorded above, I am of the view that the petitioners can be granted an opportunity to repay the overdue amount in '12' instalments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised.

6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.20,74,242/- along with bank charges from the petitioners and regularise the loan account of the petitioners on the following conditions :

(i) The overdue amount of Rs.20,74,242/- shall be repaid in '12' equated monthly instalments.

(ii) The first instalment shall be paid on or before

15.04.2022.

(iii) Petitioners shall continue to pay the regular EMI’s 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 law.

(v) In order to enable the petitioners to repay the entire amounts, all coercive proceedings shall be kept in abeyance.

The writ petition is disposed of as above.

Sd/-

BECHU KURIAN THOMAS, JUDGE RKM APPENDIX OF WP(C) 8651/2022 PETITIONERS' EXHIBITS :

Exhibit P1 TRUE COPY OF NOTICE DATED 24.11.2021 ISSUED BY THE 4TH RESPONDENT UNDER SECTION

13 (2) OF THE SARFEASI ACT TO THE 1ST PETITIONER.

Exhibit P1(a) TRUE COPY OF THE NOTICE DATED 24.11.2021 ISSUED BY THE 4TH RESPONDENT UNDER SECTION

13(2) OF THE SARFEASI ACT TO THE PETITIONER 1 AND 2.

Exhibit P1(b) TRUE COPY OF NOTICE DATED 24.11.2021 ISSUED BY THE 4TH RESPONDENT UNDER SECTION

13(2) OF THE SARFEASI ACT TO THE PETITIONER 1 AND 3.

Exhibit P2 TRUE COPY OF REPRESENTATION DATED

01.02.2022 SUBMITTED BY THE 1ST PETITIONER.

Exhibit P2(a) TRUE COPY OF REPRESENTATION DATED

01.02.2022 SUBMITTED BY THE PETITIONERS 1 AND 2.

Exhibit P2(b) TRUE COPY OF REPRESENTATION DATED

01.02.2022 SUBMITTED BY THE PETITIONERS 1 AND 3.

Exhibit P3 TRUE COPY OF THE REPLY TO EXHIBIT P2 GIVEN BY THE 4TH RESPONDENT.

Exhibit P3(a) TRUE COPY OF THE REPLY TO EXHIBIT P2(A)

GIVEN BY THE 4TH RESPONDENT.

Exhibit P3(b) TRUE COPY OF THE REPLY TO EXHIBIT P2(B)

GIVEN BY THE 4TH RESPONDENT.

Exhibit P4 TRUE COPY OF THE NOTICE DATED 16.02.2022 ISSUED BY THE 4TH RESPONDENT TO THE 1ST PETITIONER.

Exhibit P4(a) TRUE COPY OF THE NOTICE DATED 16.02.2022 ISSUED BY THE 4TH RESPONDENT TO THE 2ND PETITIONER.

Exhibit P4(b) TRUE COPY OF THE NOTICE DATED 16.02.2022 ISSUED BY THE 4TH RESPONDENT TO THE 3RD PETITIONER.

Exhibit P5 TRUE COPY OF THE NOTICE DATED 28.02.2022 UNDER SECTION 13(4) OF THE SARFEASI ACT ISSUED TO THE PETITIONERS.