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IN THE HIGH COURT OF KERALA AT ERNAKULAM
BASANT BALAJI, J
SHELMY SAMUEL – Appellant
Versus
BANK OF BARODA – Respondent
WP(C) NO. 47171 OF 2025
| Table of Content |
|---|
| 1. petitioner defaulted on loans leading to npa classification. (Para 1 , 2) |
| 2. petitioner seeks installment repayment for overdue amount. (Para 3) |
| 3. court grants structured payment plan with conditions. (Para 4) |
JUDGMENT
(Dated this the 19th day of February, 2026)
The petitioner availed two housing loans in the year 2018 from the respondent Bank, totaling Rs.23,59,000/-, repayable over a period of 15 years, by mortgaging 2.74 Ares of land with a residential building in Mattoor Village, Aluva Taluk, Ernakulam District. On default in repayment, the loan account was classified as NPA and the respondent initiated proceedings under the SARFAESI Act , issuing a possession notice dated 03.12.2025 taking symbolic possession of the secured asset.
2. The learned Standing Counsel appearing for the respondents, on instructions, submits that as on today, the total overdue amount comes to Rs.2,89,500/- (Rupees Two Lakh Eighty Nine Thousand Five Hundred Only).
3. The counsel for the petitioner seeks an indulgence from this court to grant eighteen installments to wipe off the overdue amount. The respondent Bank objects the same.
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 the overdue amount of Rs.2,89,500/- (Rupees Two Lakh Eighty Nine Thousand Five Hundred Only) along with any accrued interest, cost and allied charges, in fifteen equal monthly installments, along with regular installments.
(ii) The first installment is to be paid on or before 19.03.2026, and the remaining installments on or before the 19th day of each succeeding months, along with regular installments.
(iii) 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.
(iv) In case of failure to make payment of the installments as directed above, the Bank shall be free to take possession of the secured assets, in accordance with law.
(v) Till such time, all coercive proceedings against the secured assets shall be deferred.
Sd/-
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