IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 24TH FEBRUARY 2010 / 5TH PHALGUNA 1931 WP(C).No. 6024 of 2010(C) ----------------------------------- PETITIONER: ------------------- NITHA SURENDRAN W/O. M.S.SURENDRAN, MANGATTU HOUSE, KUREEKKAD PO, PIN 682 305. BY ADV. SRI.M.G.DEVIPRASADAN RESPONDENTS: ---------------------- 1. DISTRICT COLLECTOR, ERNAKULAM REP. BY GOVERNMENT PLEADER, HIGH COURT OF KERALA ERNAKULAM. 2. VILLAGE OFFICER KUREEKKAD, KANAYANNUR TALUK. 3. THE AUTHORIZED OFFICER REGIONAL OFFICE, SOUTH INDIAN BANK LTD, MARINE DRIVE, ERNAKULAM R1 & R2 BY GOVERNMENT PLEADER SRI.BIJOY CHANDRAN R3 BY STANDING COUNSEL SRI.GEORGE VARGHESE THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 24/02/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.Ramachandra Menon, J. ------------------------------------------ W.P.(C) No.6024 of 2010 ------------------------------------------ Dated this the 24th day of February, 2010 JUDGMENT The petitioner is before this Court challenging the steps taken by the respondents invoking the provisions contained in the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, when the petitioner turned to be a defaulter in respect of the housing loan availed by her to the tune of Rs.10 lakhs. 2. The learned Standing Counsel appearing for the Bank submits on instructions that because of the continued default with regard to the payment of regular monthly instalments there is an overdue amount of Rs.2,00,074/- which is liable to be satisfied by her. It is also brought to the notice of this Court that if the petitioner clears the entire overdue amount before this financial year, the Bank is ready and willing to have the loan account regularised. It is also brought to the notice of this Court that Ext.P3 representation dated 15.2.2010 stated as filed by the petitioner is yet to come to the hands W.P.(C) No.6024 of 2010 - 2 - of the third respondent, more so when the writ petition itself has been filed hardly one week thereafter. 3. After hearing the learned counsel on both sides, this Court directs the petitioner to clear the entire overdue amount of Rs.2,00,074/- on or before 31.3.2010 subject to the condition that a sum of Rupees one lakh shall be paid within ten days from today. On satisfying the liability as above, the loan account of the petitioner will stand regularised and this will be in addition to the burden of the petitioner to clear the regular Equated Monthly Instalments (EMIs) as well. It is made clear that if any default is committed by the petitioner in satisfying the overdue amount or if any two consecutive defaults are made in paying the regular EMIs, the respondent Bank will be at liberty to proceed against the petitioner for recovery of the entire amount in lump. Writ petition is disposed of accordingly. P.R.Ramachandra Menon, Judge vns