The judgment establishes that borrowers can seek opportunities for repayment in instalments while protecting their rights against coercive recovery actions.

JUDGMENT

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

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. It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the overdue amount is Rs.24,46,585/-. 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.T.C.Suresh Menon, learned counsel for the petitioner as well as Sri.E.S.M.Kabeer, the learned counsel for the respondents.

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 petitioner can be granted an opportunity to repay the overdue amount in '16' 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.24,46,585/- along with bank charges from the petitioner and regularise the loan account of the petitioner on the following conditions :

(i) The overdue amount of Rs.24,46,585/- shall be repaid in '16' equated monthly instalments.

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

15.01.2022.

(iii) Petitioner 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 petitioner 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) 28635/2021 PETITIONER'S EXHIBITS :

Exhibit P1 TRUE COPY OF THE NOTICE UNDER SECTION

13(2) OF THE SARFEASI ACT ISSUED BY THE

1ST RESPONDENT, DATED 19/8/2021.

Exhibit P2 TRUE COPY OF THE NOTICE UNDER SECTION

13(4) OF THE SARFAESI Act ISSUED BY THE

1ST RESPONDENT, DATED 1/11/2021.