IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 18TH FEBRUARY 2010 / 29TH MAGHA 1931 WP(C).No. 4052 of 2010(F) ------------------------- PETITIONER(S): --------------- T.V.BABY, THUKALIL VADAKKAN HOUSE, POIKKATTUSSERY, CHENGAMANADU P.O.,ALUVA. BY ADV. SRI.T.C.SURESH MENON RESPONDENT(S): --------------- 1. THE INDIAN OVERSEAS BANK, REPRESENTED BY ITS GENERAL MANAGER, M.G.ROAD, ERNAKULAM. 2. THE MANAGER INDIAN OVERSEAS BANK ALUVA BRANCH. SRI.P.B.SURESH KUMAR SC I.O.BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/02/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R RAMACHANDRA MENON, J. ------------------------- W.P (C) No.4052 of 2010 -------------------------- Dated this the 18th February, 2010 J U D G M E N T The case of the petitioner is that he had availed a loan from the respondent Bank; but because of some unforeseen circumstances, he could not make the repayments on time. When the petitioner turned to be a defaulter, the respondent declared the account of the petitioner as NPA and proceeded under the SARFEASI Act, which forms the subject matter of challenge in this writ petition. 2. The learned counsel for the petitioner submits that the petitioner might be permitted to clear the 'overdue amount', providing some breathing time and to have the loan account regularised/rescheduled. 3. The learned counsel appearing on behalf of the respondents Bank, on instructions, submits that the averments in the writ petition are not fully correct, in so far as the petitioner was provided with the CC facility to the tune of Rs.3 lakhs and when he became a chronic W.P (C) No.4052 of 2010 2 defaulter necessitating payment of Rs.1.5 lakhs towards the 'overdue amount' itself, considering his request, the Bank rescheduled the loan by extending a 'term loan' to the extent of Rs.1.5 lakhs. Despite the steps as above, the petitioner did not choose to repay the due amount on time and he continued to be a defaulter, under both the loans. 4. It is stated that the total outstanding liability of the petitioner will come around Rs.5.24 lakhs and that the 'overdue amount' itself will come nearly Rs.2.5 lakhs. Unless and until the entire 'overdue amount' is cleared forthwith, the question of rescheduling the loan is not liable to be entertained, submits the learned counsel. ` 5. After hearing both the sides, this Court finds that one more opportunity can be given to the petitioner to have his loan account regularised; particularly in the light of the submissions made by the learned counsel for the Bank, providing a helping hand from the part of the Bank. 6. In the above circumstances, the petitioner is directed to clear the entire 'overdue amount' by way of 'two' equal monthly instalments, the first of which shall be W.P (C) No.4052 of 2010 3 effected on or before 27.02.2010 and the remaining one on or before 31.03.2010. Subject to the above, CC account of the petitioner will stand regularised . It is also made clear that, if any default is committed by the petitioner in satisfying the overdue amount as above, the respondents will be at liberty to proceed with further for realisation of the entire outstanding liability in a lump sum. The Writ Petition is disposed of as above. P.R RAMACHANDRA MENON JUDGE ma W.P (C) No.4052 of 2010 4 W.P (C) No.4052 of 2010 5