IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P.

THURSDAY, THE 13^TH DAY OF FEBRUARY 2025 / 24TH MAGHA, 1946 WP(C) NO. 5124 OF 2025 PETITIONER/S:

1 JAYACHANDRAN E.R., AGED 42 YEARS S/O. RAVI E.M., EDAPPARAMBIL, PERUVA P.O., KOTTAYAM DISTRICT, PIN - 686610

2 MAYA JAYACHANDRAN, AGED 40 YEARS W/O. JAYACHANDRAN E.R., EDAPPARAMBIL, PERUVA P.O., KOTTAYAM DISTRICT, PIN - 686610 BY ADVS.

RAYJITH MARK RAJLAL R.

RESPONDENT/S:

1 THE KERALA STATE CO-OPERATIVE BANK LTD., (FORMERLY THE KOTTAYAM DISTRICT CO-OPERATIVE BANK LTD.), KOTTAYAM REGIONAL OFFICE, P.B. NO. 140, CENTRAL JUNCTION, KOTTAYAM DISTRICT, KERALA REPRESENTED BY ITS MANAGER, PIN - 686001

2 THE AUTHORIZED OFFICER, THE KERALA STATE CO-OPERATIVE BANK LTD. (FORMERLY THE KOTTAYAM DISTRICT CO-OPERATIVE BANK LTD.), KOTTAYAM REGIONAL OFFICE, P.B. NO. 140, CENTRAL JUNCTION, KOTTAYAM, KOTTAYAM DISTRICT, KERALA, PIN - 686001 BY ADVS.

ATHUL SHAJI GAUTHAM H.(K/000905/2024)

ANJALY T.A(K/1694/2020)

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13.02.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

JUDGMENT

The petitioners are husband and wife. They have availed several credit facilities from the respondent bank. The first petitioner has availed a housing loan and a term loan, while the 2^nd petitioner has availed two terms loans. They have approached this Court challenging proceedings under the SARFAESI Act which have been initiated by the respondent bank for recovery of the amounts due from the petitioners.

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 accounts.

3. It was submitted on behalf of the respondent bank that the petitioner committed default in repayment of a consumption loan and the total overdue amount as on 13.02.2025 is Rs.5,78,900/- (Rupees five lakh seventy eight thousand nine hundred only). 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 accounts.

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 total overdue amount in 12 equal monthly installments, the first of which shall be paid on or before 10.03.2025 and the subsequent installments shall be paid on the 10^th day of every succeeding months and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan accounts regularised.

5. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.5,78,900/- (Rupees five lakh seventy eight thousand nine hundred only) along with any accrued interest, costs and charges from the petitioners and regularise the loan accounts of the petitioners in the following manner:

i. The petitioner shall pay a sum of Rs.5,78,900/- (Rupees five lakh seventy eight thousand nine hundred only) in 12 equal monthly installments;

ii. The first instalment shall be paid on or before 10.03.2025 and the subsequent instalments shall be paid on or before the 10^th day of every succeeding month;

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 the 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/-

GOPINATH P.

JUDGE Nsd APPENDIX OF WP(C) 5124/2025 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE DEMAND NOTICE DATED

21.08.2024 ISSUED BY THE RESPONDENT TO THE PETITIONERS RECALLING LOAN AMOUNT TO THE TUNE OF ₹ 25,61,446 Exhibit P2 TRUE COPY OF THE DEMAND NOTICE DATED

21.08.2024 IS