IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 2ND MARCH 2010 / 11TH PHALGUNA 1931 WP(C).No. 2642 of 2010(E) ------------------------- PETITIONER: -------------- K.P.JAMEELA, D/O.SAIDALIKUTTY,AGED 49 YEARS, RESIDING AT KADAMBIL PUZHITHARAMMAL HOUSE, TRIPPANGOD PO,MALAPPURAM DISTRICT. BY ADV. SRI.K.M.JAMALUDHEEN SMT.LATHA PRABHAKARAN RESPONDENTS: ----------------- 1. THE TIRUR URBAN CO-OPERATIVE BANK LTD F.NO.1818, ALATHIYOOR BRANCH MANAGER, ALATHIYOOR MALAPPURAM DISTRICT. 2. THE AUTHORIZED OFFICER CHIEF MANAGER, THE TIRUR URBAN CO-OPERATIVE BANK LTD F.NO.1818, HEAD OFFICE,TIRUR, MALAPPURAM. BY ADV. SRI.DEVAPRASANTH.P.J. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/03/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.Ramachandra Menon, J. ------------------------------------------ W.P.(C) No.2642 of 2010 ------------------------------------------ Dated this the 2nd day of March, 2010 JUDGMENT The petitioner had availed a housing loan of Rs.7 lakhs for renovating her residential house from the first respondent Co-operative Bank after creating security interest over the property. However, it appears that the petitioner was not at all prompt enough to effect repayments in time, under which circumstances there was no other alternative for the respondent Bank but to proceed against the petitioner invoking the machinery under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 which in turn forms the subject matter of challenge in this writ petition. 2. The learned counsel appearing for the respondent Bank submits on instructions that the petitioner was a chronic W.P.(C) No.2642 of 2010 - 2 - defaulter who has effected absolutely no substantial payment to clear the liability. It is also brought to the notice of this Court that a total sum of Rs.7.29 lakhs is required for wiping out the entire liability and that the overdue amount itself will come to Rs.2.39 lakhs in respect of the defaulted instalments and that unless and until the said extent of liability is cleared towards the overdue amount, the question of regularisation is not liable to be entertained, submits the learned counsel for the Bank. Learned counsel for the petitioner submits that the petitioner is prepared to clear the entire overdue amount and some breathing time may be given in this regard. 3. After hearing the submission made on either side, this Court finds that one more opportunity can be given to the petitioner to clear the entire overdue amount and to have the loan regularised. Accordingly, the petitioner is directed to clear the entire overdue amount by two equal monthly instalments; the first of which shall be paid on or before 30th of this month, to be W.P.(C) No.2642 of 2010 - 3 - followed by the next instalment on or before 30th April, 2010. Subject to this, the loan account of the petitioner shall stand regularised. This will be in addition to the liability to clear the regular equated monthly instalments as well. It is made clear that if any default is committed in clearing the overdue amount or if there is two consecutive defaults in paying the regular equated monthly instalments, the respondents will be at liberty to proceed against the petitioner for recovering the entire amount in lumpsum. Writ petition is disposed of accordingly. P.R.Ramachandra Menon, Judge vns