IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC WEDNESDAY, THE 20TH FEBRUARY 2008 / 1ST PHALGUNA 1929 WP(C).No. 5924 of 2008(E) ------------------------- PETITIONER: ------------ J.S.SAJUKUMAR,S/O.JANARDHANAN, MUKALOTTU VEEDU,KOOVALASSERY P.O., MARANALLOOR VILLAGE, NEYYATTINKARA TALUK. BY ADV. SRI.R.GOPAN RESPONDENTS: ------------- THE MANAGER,UNION BANK OF INDIA, STATUE BRANCH,THIRUVANANTHAPURAM. BY STANDING COUNSEL SRI A.S.P. KURUP THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ------------------------------------ W.P.(C) 5924 of 2008 ------------------------------------- Dated: February 20, 2008 JUDGMENT The petitioner had availed of a housing loan from the respondent bank. Default was committed and as a consequence thereof, proceedings were initiated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. It is stated that the tenders are due for opening tomorrow at 11 a.m. Petitioner offers that he will clear the entire amount in default within two weeks. 2. Now that the petitioner wants to save the property from a distress sale, I feel that an opportunity should be afforded to the petitioner. 3. Accordingly I direct that subject to payment of the entire amount in default within two weeks from today, the bank will defer opening of the tenders it has received for two weeks. In case the petitioner pays the amount as above, the bank will permit the petitioner to pay the instalments as originally agreed, regularising the loan account. WP(C) 5924/08 Page numbers 4. Needless to say that if default is committed either in remitting the amount as above or in future instalments, the bank will be free to continue the action it has already taken without notice. Writ petition is disposed of as above. ANTONY DOMINIC, JUDGE mt/-