IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 24TH JUNE 2010 / 3RD ASHADHA 1932 WP(C).No. 18687 of 2010(I) ------------------------------------- PETITIONER(S): ----------------------- 1. R.S.SANTHOSH KUMAR, S/O.SADASIVAN AGED 37B YEARS, HOUSE OF DIVNE, ALUMUKKU POOVACHAL PO, KATTAKADA, THIRUVANANTHAPURAM. 2. MANJUMOL, W/O.SANTHOSH KUMAR AGED 30 YEARS, HOUSE OF DIVINE,ALUMUKKU POOVACHAL PO, KATTAKADA, THIRUVANANTHAPURAM. BY ADV. SRI.SREEKANTH S.NAIR SRI.N.MANU THAMPI RESPONDENT(S): ------------------------ 1. THE AUTHORISED OFFICER/CHIEF MANAGER UCO BANK, QUILON BRANCH, QUILON. 2. UCO BANK, TRIVANDRUM BRANCH OVERBRIDGE JUNCTION, THIRUVANANTHAPURAM 695 001 REP BY ITS BRANCH MANAGER. BY ADV. SRI.GEORGE K.VARGHESE THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 24/06/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J -------------------------------------------- WP(C) NO. 18687 OF 2010 -------------------------------------------- Dated this the 24th day of June, 2010 JUDGMENT The petitioners had availed two loans from the respondent Bank; one 'agricultural loan' and the other one a 'housing loan' to the tune of Rs.5,00,000/- each, in the year 2006, creating security interest over the property in question. But since the repayments could not be effected on time, both the accounts were declared as 'NPA' and the Bank proceeded with the steps for realisation of the due amount under the SARFAESI Act; which is under challenge in this Writ Petition. 2. The learned counsel appearing for the respondent Bank submits on instructions that, the total outstanding liability under the loans is nearly Rs.13,03,894/-, out of which more than 50% (to an extent of Rs.7,56,051/-) constitutes the 'overdue' amount in respect of the defaulted instalments. The learned counsel further submits that, unless and until the 'overdue' amount is cleared, the question of regularisation is not liable to be entertained. 3. Considering the persuasive submissions made by the learned counsel for the petitioners, this Court finds that one more opportunity can be given to the petitioners, to have the loan account regularised. Accordingly, the petitioners are directed to deposit a sum of Rs.3,00,000/- 2 WP(C) No. 18687/2010 within one month and the balance 'overdue' amount shall be cleared by way of 'three' equal monthly instalments, the first of which shall be effected on or before the 20th of August, 2010, to be followed by similar instalments to be effected on or before the 20th of the succeeding months. Subject to this, the loan account will stand regularised and this will be in addition to the liability of the petitioners to clear the regular EMIs as well. It is made clear that, if any default is committed in satisfaction of the 'overdue' amount or if any two consecutive defaults are made with regard to the regular EMIs, the respondents will be at liberty to proceed with further steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of accordingly. P.R.RAMACHANDRA MENON JUDGE dnc