IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN TUESDAY, THE 1ST JULY 2008 / 10TH ASHADHA 1930 WP(C).No. 19807 of 2008(G) -------------------------- PETITIONER: ------------------ P.SURENDRAN, S/O.PADMANABHAN, SURABHILA (HOUSE), KOTTARAKONAM, RUSSELPURAM P.O, THIRUVANANTHAPURAM. BY ADV. SRI.GOPAKUMAR R.THALIYAL SRI.N.P.PRAJEESH RESPONDENTS: ---------------------- 1. GENERAL MANAGER, THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK LTD, HEAD OFFICE, FORT, THIRUVANANTHAPURAM. 2. AUTHORISED OFFICER, THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK LTD, HEAD OFFICE, FORT, THIRUVANANTHAPURAM. 3. SENIOR MANAGER, THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK LTD, BALARAMAPURAM BRANCH, BALARAMAPURAM, THIRUVANANTHAPURAM. 4. JOINT REGISTRAR OF CO-OPERATIVE SOCIETIES, JOINT REGISTRAR'S OFFICE, THIRUVANANTHAPURAM. 5. STATE OF KERALA, REP.BY THE PRINCIPAL SECRETARY, DEPARTMENT OF CO-OPERATION, GOVT.SECRETARIAT, THIRUVANANTHAPURAM DISTRICT. R1 TO R3 BY ADVS.M/S.V.G.ARUN & T.R.HARIKUMAR. R4 & R5 BY SR.G.P.SMT.ANU SIVARAMAN. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Thottathil B. Radhakrishnan, J. ================================== W.P.(C)No.19807 of 2008 ================================== Dated this the 1st day of July, 2008. JUDGMENT Petitioner, through learned counsel, gives up Ground-D in the writ petition. This is recorded. Learned counsel Sri.V.G.Arun takes notices for respondents 1 to 3. Learned senior Government Pleader appears for respondents 4 and 5. 2. Petitioner availed a housing loan. He defaulted in repaying the instalments. That led to issuance of Ext.P3 calling upon him to deposit Rs.5,67,264/- on or before 28-3-2008. He did not do that. The bank initiated action under the SARFAESI Act. Symbolic possession has been taken. The aforesaid would show that there is no jurisdictional error or legal infirmity in the impugned proceedings. WPC19807/2008 -:2:- 3. Be that as it may, learned counsel for the petitioner submits that had the housing loan been permitted to continue, the spread out of the instalments extended till 2024 and the petitioner may be permitted to have an opportunity to regularize the transaction by repaying the existing arrears and rescheduling the transaction accordingly, in terms of the decision that the bank may take. Having regard to the aforesaid, it is directed that if the petitioner deposits the entire outstandings due as on 30-6-2008 by treating the account as a running account in three equal monthly instalments, payable on or before 22-7-2008, 26-8- 2008 and 26-9-2008 and also remits the monthly instalments due under the loan transaction for the months of July, August and September, 2008, he shall be permitted to continue with the transaction by making further remittance in obedience to the terms of the contract from the month of October. Any doubt regarding the working out of the total WPC19807/2008 -:3:- outstandings will be decided upon by the appropriate officer among respondents 1 to 3 and the petitioner shall act accordingly. It is clarified that the time frame fixed above shall be treated as peremptory and any default in paying the instalments as afore-directed will result in the judgment standing recalled automatically leaving respondents 1 to 3 with liberty to further proceed with the impugned distress action. Writ petition is ordered accordingly. Thottathil B.Radhakrishnan, Judge. sl/1.7.08