The court emphasizes repayment of overdue loan amounts and the conditions under which the bank can proceed with recovery actions.

JUDGMENT

(Dated this the 26^th day of February, 2026)

The petitioner had availed financial assistance from the 1st respondent bank on 18.11.2018 to a tune of Rs.13,00,000/-. The period of the loan was for 10 years. The petitioner had mortgaged 1.1 Ares of property comprised in Re.Sy.No.625/29/3/2/1, 625/29/4/2 of Thrikkovilvattom Village, Kollam Taluk, Kollam District and 2.2 Ares of land in Re. Sy. No.625/29/3 of Thrikkovilvattom Village. When there was default in repayment, the bank initiated proceedings under the SARFAESI Act .

2. The learned Standing Counsel appearing for the respondents, on instructions, submits that as on today, the total overdue amount comes to Rs.6,15,121/-.

3. The counsel for the petitioner submits that he has complied with the interim order dated 13.01.2026, by remitting an amount of Rs.2,00,000/- as ordered and now, 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 the overdue amount of Rs.6,15,121/-(Rupees six lakh fifteen thousand one hundred twenty one only) along with any accrued interest, cost and allied charges, in ten equal monthly installments, along with regular installments.

(ii) The first installment is to be paid on or before 26.03.2026, and the remaining installments on or before the 26^th day of every succeeding months.

(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 entitled to proceed for recovery, in accordance with law.

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

Sd/-

BASANT BALAJI, JUDGE