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

FRIDAY, THE 2^ND DAY OF SEPTEMBER 2022 / 11TH BHADRA, 1944 WP(C) NO. 28744 OF 2022 PETITIONERS:

1 ANIL P.N.

AGED 51 YEARS, S/O.NARAYANAN ASSARIPARAMBIL HOUSE, VAZHOOR VILLAGE, VAZHOOR P.O., CHANGANACHERRY, KOTTAYAM DISTRICT, PIN – 686 504.

2 AJI ANIL AGED 48 YEARS, W/O.ANIL ASSARIPARAMBIL HOUSE, VAZHOOR VILLAGE, VAZHOOR P.O., CHANGANACHERRY, KOTTAYAM DISTRICT, PIN – 686 504.

BY ADVS.

LIJI.J.VADAKEDOM TOM E. JACOB REXY ELIZABETH THOMAS RESPONDENTS:

1 THE AUTHORIZED OFFICER KERALA STATE CO-OPERATIVE BANK LTD., REGIONAL OFFICE- KOTTAYAM, P.B. NO. 140, CENTRAL JUNCTION, KOTTAYAM, PIN – 686 001.

2 THE KERALA STATE CO-OPERATIVE BANK LTD., REGIONAL OFFICE- KOTTAYAM,P.B. NO. 140, CENTRAL JUNCTION, KOTTAYAM, PIN – 686 001 REPRESENTED BY ITS AUTHORISED OFFICER

3 THE BRANCH MANAGER KERALA STATE CO-OPERATIVE BANK LTD, CHAMAMPATHAL BRANCH, CHAMAMPATHAL P.O., MANIMALA, KOTTAYAM, PIN – 686 517.

BY ADV SRI.GILBERT GEORGE CORREYA, SC, KERALA STATE CO-OPERATIVE BANK LTD.

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON

02.09.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

J U D G M E N T

Petitioners have availed three loans from the respondent Bank. They have approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act), for recovery of the amounts due from them in respect of the aforesaid three loans..

2. During the course of hearing, petitioners have confined the relief to an opportunity for repaying the overdue amount in installments and to obtain regularization of the loan accounts.

3. It was submitted on behalf of the respondent bank that the petitioners committed default in repayment and the total overdue amount in respect of three loans is Rs.25,01,155/- (Rupees Twenty Five Lakhs One Thousand One Hundred and Fifty Five 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 installments and regularize the loan accounts.

4. I have heard Adv.Liji.J.Vadakedom, learned counsel for the petitioners as well as Adv.Gilbert George Correya, 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 petitioners can be granted an opportunity to repay the overdue amount in installments. The overdue amount in respect of housing loan is Rs.10,79,889/- (Rupees Ten Lakhs Seventy Nine Thousand Eight Hundred and Eighty Nine Only). The overdue amount in respect of one ordinary loan is Rs.10,72,187/- (Rupees Ten Lakhs Seventy Two Thousand One Hundred and Eighty Seven Only) and overdue in respect of the other ordinary loan is Rs.3,49,079/- (Rupees Three Lakhs Forty Nine Thousand and Seventy Nine Only).

6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.25,01,155/- (Rupees Twenty Five Lakhs One Thousand One Hundred and Fifty Five Only) along with bank charges from the petitioners and regularize the loan accounts of the petitioners on the following conditions:

(i) The total overdue amount of Rs.25,01,155/-(Rupees Twenty Five Lakhs One Thousand One Hundred and Fifty Five Only) together with any accrued interest and costs shall be repaid in 20 equated monthly installments.

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

30-09-2022. The subsequent installments shall be paid on or before the last working day of the succeeding months.

(iii) Petitioners shall continue to pay the regular EMI’s along with the installments as directed above.

(iv) In the event of default of any one installment, the respondent bank shall be entitled to proceed in accordance with law.

(v) In order to enable the petitioners to repay the entire