Kerala High Court
Abdul Latheef vs Indian Overseas Bank on 23 March, 2026
2026:KER:25124
WP(C) NO. 11167 OF 2026
1
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE P. V. BALAKRISHNAN
MONDAY, THE 23RD DAY OF MARCH 2026 / 2ND CHAITHRA, 1948
WP(C) NO. 11167 OF 2026
PETITIONER/S:
ABDUL LATHEEF,
AGED 48 YEARS
S/O KUNHI SOOPPY, MANATHANATH, PURAMERI, ARUR, VADAKARA,
KOZHIKODE DISTRICT, PIN - 673507
BY ADVS.
SHRI.VINAYAK G MENON
SRI.ARUN CHAND
SHRI.BHARAT VIJAY P.
SHRI.ALVIN JOSEPH
RESPONDENT/S:
1 INDIAN OVERSEAS BANK,
REPRESENTED BY ITS AUTHORISED OFFICER, HAVING ITS BRANCH
OFFICE AT VADAKARA, SHAHJAHAN TOWER, NARAYANA NAGAR,
VADAKARA, KOZHIKODE DISTRICT, PIN - 673101
2 AUTHORISED OFFICER,
INDIAN OVERSEAS BANK, HAVING ITS BRANCH OFFICE AT
VADAKARA, SHAHJAHAN TOWER, NARAYANA NAGAR, VADAKARA,
KOZHIKODE DISTRICT, PIN - 673101
OTHER PRESENT:
SRI. SUNIL SHANKER, SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
23.03.2026, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
2026:KER:25124
WP(C) NO. 11167 OF 2026
2
JUDGMENT
It is aggrieved by the coercive action 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 respondents submitted that the bank has no objections in permitting the petitioner to clear the entire outstanding amount, by way of installments since, the same is only beneficial to the bank. He also submitted that the total outstanding amount as on 03.03.2026 is Rs.13,79,000/- (Rupees thirteen lakhs seventy nine thousand only).
4. Hence, considering the submissions made 2026:KER:25124 WP(C) NO. 11167 OF 2026 3 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 clear the entire outstanding amount of Rs.13,79,000/- (Rupees thirteen lakhs seventy nine thousand only), along with any accrued interest, costs and charges on the following conditions.
(i) The petitioner shall remit a sum of Rs.5,00,000/-(Rupees five lakhs only) within two weeks from today, to the bank;
(ii) Thereafter, the petitioner shall remit the balance amount along with any accrued interest, costs and charges in two monthly installments commencing from May, 2026 and such payments shall be made on or before 25th of each month;
(iii) If the petitioner complies with the afore conditions, no coercive steps shall be taken by the respondents and in the event of default of any one condition, the respondents can continue with the coercive steps already taken as per 2026:KER:25124 WP(C) NO. 11167 OF 2026 4 law.
This writ petition is disposed of as above.
Sd/-
P. V. BALAKRISHNAN JUDGE scl 2026:KER:25124 WP(C) NO. 11167 OF 2026 5 APPENDIX OF WP(C) NO. 11167 OF 2026 PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE REPRESENTATION DATED 13/03/2026 SUBMITTED BY THE PETITIONER BEFORE THE 1ST RESPONDENT Exhibit P2 THE TRUE COPY OF THE SALE NOTICE DATED 05/03/2026 ISSUED BY THE 1ST RESPONDENT