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2026 Supreme(Online)(Ker) 22621
IN THE HIGH COURT OF KERALA AT ERNAKULAM
P. V. BALAKRISHNAN, J
ASHARAF PANIKKAVEETIL – Appellant
Versus
CANARA BANK CHAVAKKAD BRANCH – Respondent
WP(C) NO. 47979 OF 2025
For the Appellants/Petitioners: SMT.RASMI NAIR T.
For the Respondents: SRI. M. GOPIKRISHNAN NAMBIAR, SC, SMT.PARVATHY MENON, SC
The court recognized the petitioner's right to repay outstanding debts in installments, subject to adherence to agreed conditions.
Headnote:The petitioner filed a writ petition under the SARFAESI Act against coercive measures by the respondents due to an outstanding amount of Rs.31,24,267. The court noted the petitioner's request to repay in installments and allowed it under certain conditions. The respondents agreed to this arrangement. The outcome obligates the petitioner to fulfill financial commitments while safeguarding against further coercive actions if terms are met.
| Table of Content |
|---|
| 1. petitioner seeks relief from coercive measures. (Para 1 , 2) |
| 2. court allows repayment in installments. (Para 3 , 5) |
| 3. conditions set for repayment and avoidance of coercive actions. (Para 4) |
JUDGMENT
Dated this the 27th day of March, 2026 It is aggrieved by the coercive steps taken by the respondents under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the ‘SARFAESI Act’ for short), this writ petition has been preferred by the petitioner.
2. Heard the learned counsel for the petitioner and the learned Standing Counsel for the respondents.
3. The learned counsel for the petitioner submits that an opportunity may be given to the petitioner to clear the outstanding amount in installments.
4. The learned counsel for the respondents submitted that, in three loan accounts, the total outstanding amount, as on date, is Rs.31,24,267/- (Rupees Thirty One Lakhs Twenty Four Thousand Two Hundred and Sixty Seven only) and the bank has no objections in permitting the petitioner to clear the entire outstanding amount with interest, by way of installments since, the same is only beneficial to it.
5. Hence, considering the submissions made by the learned counsel for the respondents and the facts and circumstances of this case, I am of the view that the petitioner can be granted an opportunity to repay the entire outstanding amount of Rs.31,24,267/- (Rupees Thirty One Lakhs Twenty Four Thousand Two Hundred and Sixty Seven only) along with any accrued interest, costs and charges in installments, subject to terms.
Accordingly, this writ petition is allowed as follows:
(i) The petitioner shall remit a sum of Rs.5,00,000/-
(Rupees Five Lakhs only) on or before 10th April, 2026 to the bank;
(ii) Thereafter, the petitioner shall remit the balance outstanding amount along with any accrued interest, costs and charges in twelve equal monthly installments starting from May, 2026 and the installments shall be paid on or before
15th of every month;
(iii) In case the petitioner complies with the above condition, the respondents shall not take any coercive steps against the petitioner; and (iv) In case the petitioner fails to comply with any of the condition as stated afore, the respondents will be at liberty to continue with the coercive steps already taken against the petitioner.
