The court provided a structured repayment plan for overdue loan amounts under the SARFAESI Act, asserting the right of the Bank to secure assets upon failure of payment.

JUDGMENT

(Dated this the 31^st day of January, 2025)

The petitioners had availed housing loan of Rs.24,00,000/-

from the respondent bank in the year 2018, 2019 and in 2023, by mortgaging 7.89 Ares of property comprised in Re Survey No. 399/3,Old Sy.4642 of Thazhava Village ,Karunagapally Taluk ,Kollam District. When there was default in the repayment the bank initiated SARFAESI proceedings against the petitioners and issued notice under Section 13(2) of Act.

2. The learned Standing Counsel appearing for the respondents, on instructions, submits that as on today, the total overdue amount in two loans comes to Rs.4,84,377/-(Rupees four lakhs eighty four thousand three hundred seventy seven only).

3. The counsel for the petitioner seeks an indulgence from this court to grant installments to wipe off the overdue amount. The respondent Bank is willing to accept repayment of overdue amount in limited installments. This is recorded.

4. Having heard the counsel appearing for the petitioner as well as the Standing counsel appearing for the respondent bank, I deem it appropriate to dispose of the writ petition with the following directions:

(i) The petitioner shall pay a lump sum amount of Rs.50,000/-(Rupees fifty thousand only) on or before

28.02.2026.

(ii) The petitioner shall pay the balance overdue amount along with any accrued interest, cost and allied charges, in 10 equal monthly installments, along with regular installments.

(iii) The first installment is to be paid on or before 28.03.2026, and the remaining installments on or before the 28^th day of every succeeding months, along with regular installments.

(iv) After making payment of the entire overdue amount along with regular installments, the petitioner shall continue to pay the regular installments till the entire loan liability is discharged.

(v) In case of failure to make payment of any of the installments or the lump sum amount as directed above, the Bank shall be free to take possession of the secured assets, in accordance with law.

(vi) Till such time, all coercive proceedings against the secured assets shall be deferred.

Sd/-

BASANT BALAJI, JUDGE