IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 23RD JULY 2009 / 1ST SRAVANA 1931 WP(C).No. 19692 of 2009(F) -------------------------- PETITIONER: --------------- SMT.KAVITHA GIREESH, W/O.GIREESH, AGED 30, ANJALI, ARA-258/-EDAGRAMAM, KARUMANA PO, THIRUVANANTHAPURAM. BY ADV. SRI.R.BINDU (SASTHAMANGALAM) ADV. SRI.R.JAYAKRISHNAN RESPONDENTS: --------------- 1. THE STATE BANK OF INDIA, THAMPANOOR BRANCH, TRIVANDRUM- REPRESENTED BY ITS BRANCH MANAGER. 2. THE AUTHORISED OFFICER, STATE BANK OF INDIA, STRESSED ASSETS RESOLUTION CENTRE, LHO-ANNEXURE (WING 1)-1ST FLOOR, CHILD WELFARE COMPLEX, LMS COMPOUND, THIRUVANANTHAPURAM. BY ADV. MR. P.V. SURENDRANATH, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/07/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ........................................................................ W.P.(C) No. 19692 OF 2009 ......................................................................... Dated this the 23rd July, 2009 J U D G M E N T The petitioner has approached this Court challenging the proceedings taken by the respondent Bank invoking the provisions under the SARFAESI Act, when the petitioner turned to be a defaulter in respect of the loan transaction availed from the Bank in the year 2006 creating equitable mortgage over the property in question. 2. On the basis of the contents in the counter affidavit filed today, the learned Counsel for the respondent Bank submits that as on date a sum of Rs. 2,02,137/- (approximately) is due and for regularisation of the loan account, the said amount has to be deposited on or before the 31st of this month. 3. The learned Counsel appearing for the petitioner submits that the petitioner is very much ready and willing to pay the defaulted monthly installments, but the only request is to grant some breathing time, especially in view of the fact that the petitioner gave birth to a premature baby quite recently. 4. Considering the facts and circumstances, this Court finds W.P.(C) No. 19692 OF 2009 2 that the prayer made from the part of the petitioner is reasonable and in the said circumstances, the petitioner is hereby directed to remit initially a sum of Rs.One lakh on or before 30.07.2009 and the balance amount shall be paid within one month thereafter. On satisfying the requirement as above, the loan account will be regularised. It is made clear that the above course will be in addition to the liability of the petitioner to effect regular monthly installments. It is also made clear that if any default is committed by the petitioner in clearing the liability towards the defaulted arrears, as above, or if any two consecutive defaults in remitting the regular monthly installments, the respondent Bank will be at liberty to proceed with further streps against the petitioner for realisation of the entire amount in a lump sum. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk