IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 18TH JUNE 2009 / 28TH JYAISHTA 1931 WP(C).No. 15880 of 2009(D) ---------------------------------------- PETITIONER(S): ------------------------ MADHUSOODANAN PILLAI K.G., KUNCHU VEEDU, AZHAKIKONAM, VATTAVILA PO, NEYYATTINKARA TALUK, THIRUVANANTHAPURAM DISTRICT. BY ADV. MR.BIJU BALAKRISHNAN RESPONDENT(S): --------------------------- 1. THE CENTRAL BANK OF INDIA MAIN BRANCH , THIRUVANANTHAPURAM REPRESENTED BY ITS MANAGER. 2. THE AUTHORIZED OFFICER CENTRAL BANK OF INDIA, MAIN BRANCH M.G.ROAD, THIRUVANANTHAPURAM. R1 & R2 BY ADV. MR. DEVAN RAMANCHANDRAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/06/2009,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss P.R. RAMACHANDRA MENON, J. ........................................................................ W.P.(C) No. 15880 OF 2009 ......................................................................... Dated this the 18th June, 2009 J U D G M E N T The coercive proceedings taken by the respondent Bank invoking the relevant provisions under the SARFAESI Act is sought to be intercepted by filing this Writ Petition. It is stated in the Writ Petition that the default occurred only because of certain unforeseen frustrating pecuniary circumstances and not because of any wilful latches or deliberate negligence. The learned Counsel for the petitioner submits that the petitioner has already remitted a sum of Rs. 70,000/- towards the defaulted E.M.Is. 3. The learned Counsel appearing for the respondent-Bank submits that even after giving credit to the said amount stated as remitted, a further sum of Rs. 47,000/- + interest and such other incidental charges is due towards the defaulted E.M.Is as on date. 4. Considering the facts and circumstances, the petitioner W.P.(C) No. 15880 OF 2009 2 is hereby directed to remit a further sum of Rs.60,000/- on or before the 30th of this month and shall effect payment of the expenses along with deficit, if any, within 10 days from the date of intimation to be given by the Bank. On such an event, the Bank shall regularise the loan account of the petitioner and the petitioner shall continue to effect the E.M.I regularly. It is made clear that if any default is committed by the petitioner in respect of the defaulted arrears as above or if any two consecutive default in respect of regular E.M.Is, is resulted, the respondent Bank will be at liberty to pursue the coercive steps from the stage where it stands now, for realisation of the entire outstanding liability in a lump sum. Subject to the above, no coercive steps shall be taken against the petitioner pursuant to Ext.P1. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk