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IN THE HIGH COURT OF KERALA AT ERNAKULAM
BASANT BALAJI, J
VIBIN T. V. – Appellant
Versus
THE AUTHORIZED OFFICER, THE KERALA STATE COOPERATIVE BANK LTD. – Respondent
WP(C) NO. 2327 OF 2026
| Table of Content |
|---|
| 1. petitioner defaulted on loan secured by mortgage. (Para 1) |
| 2. respondent bank confirms overdue amount; petitioner seeks instalment plan. (Para 2 , 3) |
| 3. court directs installment repayment plan and postpones coercive actions. (Para 4) |
JUDGMENT
(Dated this the 27th day of February, 2026)
The petitioner had availed a Term loan of Rs. 15,00,000/-
(Rupees Fifteen Lakhs) in the year 2014 from the 2nd respondent Bank which was renewed in 2025. For availing the loan, the petitioner had mortgaged all part and parcel of the land, having an extent of 2.96 Ares comprised in Sy. No. 147/3 in Vailathur Village, Chavakkad Taluk, Thrissur District as security for the above loan transaction. When there was default in the loan account, the bank initiated SARFAESI proceedings against the petitioner.
2. The learned Standing Counsel appearing for the respondents, on instructions, submits that as on today, the total overdue amount comes to Rs.1,43,860/-.
3. The counsel for the petitioner submits that the petitioner had complied with the order dated 22.01.2026 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.1,43,860/- (Rupees one lakh forty three thousand eight hundred sixty only) along with any accrued interest, cost and allied charges, in 6 equal monthly installments, along with regular installments.
(ii) The first installment is to be paid on or before 27.03.2026, and the remaining installments on or before the 27th day of every 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 entitled to proceed for recovery, in accordance with law.
(v) Till such time, all coercive proceedings against the secured assets shall be deferred.
Sd/-
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