IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 27TH MAY 2010 / 6TH JYAISHTA 1932 WP(C).No. 13621 of 2009(W) -------------------------- PETITIONERS: --------------- 1. N.NATHAN, S/O.NATARAJAN, AGED 36 YEARS, RESIDING AT AYINIKKAL, NEAR PAVANGAD CHURCH, P.O.KUTTANELLOOR, THRISSUR. 2. N.THENMOZHI, W/O.N.NATHAN, THENIYIL HOUSE, MADHAVAPURAM LANE, CHIYYARAM P.O., THRISSUR, RESIDING AT AYINIKKAL, NEAR PAVANGAD CHURCH, P.O.KUTTANELLOOR, THRISSUR. BY ADV. MR. K.M.JAMALUDHEEN MS. LATHA PRABHAKARAN RESPONDENTS: --------------- 1. ANDHRA BANK, THRISSUR M.G.ROAD BRANCH, THRISSUR-680 001, REPRESENTED BY ITS BRANCH MANAGER. 2. THE AUTHORIZED OFFICER/CHIEF MANAGER, ANDHRA BANK, THRISSUR M.G.ROAD BRANCH, THRISSUR-680 001. ADV. MR. ABRAHAM MATHEW (VETTOOR) THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 27/05/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 13621 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 27th day of May, 2010 JUDGMENT The petitioners who are husband and wife had availed a housing loan of Rs. 3.53 lakhs from the respondent in the year 2004. But the repayment was not effected as scheduled, under which circumstances, the Bank declared the account as 'NPA' and proceeded with further steps, which is under challenge in this Writ Petition. 2. The learned counsel for the petitioners submits that, the condition imposed by this Court while intercepting the coercive steps has already been satisfied; despite which, steps are being taken by the Bank by filing a petition for police assistance before the concerned Chief Judicial Magistrate, for taking over the possession of the property in question. 3. Heard the learned counsel appearing for the respondent Bank, who submits that, the prayer of the petitioner for regularization is not liable be entertained, as per the terms of the Circulars issued by the Bank and also as per the terms agreed. It is stated that the petitioners have also failed to effect the properly correctly with regard to two other loans availed. 4. Taking note of the facts and circumstances, particularly the persuasive submission made by the learned counsel for the petitioners, W.P. (C) No. 13621 of 2009 : 2 : the petitioners are permitted to clear the 'outstanding amount' by way of '8' equal monthly installments; the first of which shall be paid on or before the 15th June, 2010; to be followed by similar installments to be effected on or before the 15th of the succeeding months. Subject to this, the coercive proceedings stated as being pursued against petitioner shall be kept in abeyance for the time being. It is made clear that if the petitioner commits any default in effecting the installments, as aforesaid, the respondents will be at liberty to proceed with further steps for realization of the entire amount in lump sum, from the stage where it stands now. It is also made clear that, this will not stand in the way of the petitioners from approaching the Bank seeking to extend some or other concession/allowances, if any. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd