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

TH THURSDAY, THE 13 DAY OF FEBRUARY 2025 / 24TH MAGHA, 1946 WP(C) NO. 5213 OF 2025 PETITIONER/S:

SHIHAB AM,S/O MUHAMMED, AGED 44 YEARS GF14/325A, STADIUM ROAD, VENKULAM WARD NO 14, TIRURANGADI, MALAPPURAM, PIN - 676519 BY ADV A.MUHAMMED MUSTHAFA RESPONDENT/S:

1 THE AUTHORISED OFFICER, ADHAR HOUSING FINANCE LIMITED, THRISSUR BRANCH, ROOM NO. G-19, THRISSUR CORPORATION NO. X/37/51, ADAM BAZAR BUILDINGS, CHEMBUKAVU VILLAGE, THRISSUR TALUK, PIN - 680005

2 THE ADHAR HOUSING FINANCE LIMITED, REPRESENTED BY ITS AUTHORISED OFFICER, THRISSUR BRANCH, ROOM NO. G-19, THRISSUR CORPORATION NO.

X/37/51, ADAM BAZAR BUILDINGS, CHEMBUKAVU VILLAGE, THRISSUR TALUK, PIN - 680005 BY ADVS. A.SURESH RASSAL JANARDHANAN A.(K/000960/2018)

THAREEQ ANVER K.(K/000942/2018)

GOVIND G. NAIR(K/001627/2018)

SHINTO MATHEW ABRAHAM(K/977/2018)

NEVIL ZACHARIA MATHEW(K/1526/2018)

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

JUDGMENT

The petitioner has 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 petitioner.

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. The learned counsel for the respondent bank submits that the physical possession of the secured asset has already been taken in the month of November and the sale of the property is scheduled to be held on 28.02.2025. It is submitted that the overdue amount as on today (13.02.2025) is Rs.5,76,737/- (Rupees five lakh seventy six thousand seven hundred and thirty seven only).

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 on condition that the petitioner shall pay a sum of Rs.2,50,000/- (Rupees two lakh fifty thousand only) on or before 27.02.2025 and the balance amount shall be paid in six equal monthly instalments, the first of which shall be paid on or before 31.03.2025 and the subsequent instalments shall be paid on the last working day of every succeeding months and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised. On payment of a total amount of Rs.2,50,000/- towards the overdue amount, the possession of the secured asset shall be restored to the petitioner. If the petitioner complies with all the conditions, any sale proposed on 28.02.2025 shall either be adjourned by notification or if conducted, shall not be confirmed.

5. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.5,76,737/- (Rupees five lakh seventy six thousand seven hundred and thirty seven only) along with any accrued interest, costs and charges from the petitioners and regularise the loan account of the petitioners in the following manner:

i. The petitioner shall pay a sum of Rs.2,50,000/- (Rupees two lakh fifty thousand only) on or before 27.02.2025; The balance overdue amount along with any accrued interest, costs and charges shall be repaid in six equal monthly instalments;

ii. The first instalment shall be paid on or before 05.03.2025 and the subsequent instalments shall be paid on or before the last working day of every succeeding months;

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 the law;

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

On payment of a total amount of Rs.2,50,000/- towards the overdue amount, the possession of the secured a