IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM TUESDAY, THE 1ST DECEMBER 2009 / 10TH AGRAHAYANA 1931 WP(C).No. 33389 of 2009(P) -------------------------- PETITIONER(S): --------------- PRABEESH B.K. BHAGAVATHY KANDY, PAYYANAKKAL ,KALLAI PO,CALICUT BY ADV. SRI.C.PRABIN BENNY RESPONDENT(S): --------------- AUTHORISED OFFICER & CHIEF MANAGER, BANK OF INDIA, CALICUT BRANCH, 8/103, SILK STREET, CALICUT. BY ADV. SRI. DEVAN RAMACHANDRAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01/12/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: shg/ C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 33389 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 1st day of December, 2009 J U D G M E N T 1. Petitioner is approaching this court aggrieved by the coercive steps initiated by the respondent, under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Consequent to default committed in repayment of housing loan availed by the petitioner from the respondent, the proceedings were initiated and the petitioner was served with Ext.P1 notice under Section 13 (4) of the Act r/w Rule 8 (1) of the Security Interest (Enforcement) Rules, 2002. Eventhough various grounds are raised challenging the proceedings, learned counsel appearing for the petitioner sought indulgence of this court only in permitting regularization of the loan account by paying the defaulted installments along with interest and expenses if any liable. W.P.(C)No. 33389 of 2009 -2- 2. Heard, standing counsel appearing for the respondent, who on the basis of instructions submitted that, the loan in question was availed in the year 2007 with a repayment period of 240 months. It is submitted that as on today, about 28 installments are in default. Since the loan account is in chronic default the respondent is not favoring in permitting regularisation. 3. Having considered rival submission and facts and circumstances of the case, I am of the opinion that some indulgence can be shown in permitting the petitioner to regularise the loan account, since there is considerable period left back for repayment in the loan account. 4. Accordingly the writ petition is disposed of directing the petitioner to make payment of the entire amounts pertaining to the defaulted installments along with over due interest and expenses if any liable, in three (3) equal monthly installments falling due on or before 31.12.2009 and on or before the last day of the two (2) succeeding months. The petitioner shall also make payment W.P.(C)No. 33389 of 2009 -3- of the regular installments due from December 2009 onwards, along with the above said payments. If the defaulted arrears are cleared payment as directed above, the respondent shall permit the petitioner to continue repayments of future installments as per the original schedule. 5. It is made clear that on the event of failure to pay any of the installments as stipulated above, the respondent will be free to proceed with further steps pursuant to the notices already issued and on such event the petitioner will be precluded from raising any further challenge against such proceedings either before this court or before any other forum. C.K. ABDUL REHIM JUDGE shg/