IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 11TH JUNE 2009 / 21ST JYAISHTA 1931 WP(C).No. 16119 of 2009(H) -------------------------- CRMP.580/2009 of C.J.M.,KOLLAM .................... PETITIONER(S): ------------------------- SULBIKKAR, S/O. ABOOBACKER, DREAM LAND, EZHIPPURAM, PARIPPILLY POST, KOLLAM. BY ADVS. SMT.T.D.RAJALAKSHMI, MR.R.SREEHARI RESPONDENT(S): --------------------------- 1. STATE BANK OF TRAVANCORE, PARIPALLY BRANCH, PARIPALLY POST, KOLLAM REPRESENTED BY ITS BRANCH MANAGER. 2. THE AUTHORISED OFFICER (CHIEF MANAGER) REGION IV, ZONAL OFFICE, STATE BANK OF TRAVANCORE, THIRUVANANTHAPURAM. 3. MR. G. SUBHADEVAN, ADVOCATE COMMISSIONER, (CRL M P NO. 580/2009), CHIEF JUDICIAL MAGISTRATE COURT, KOLLAM. R1 & R2 BY ADV. MR. K.S. DILIP, SC BY GOVERNMENT PLEADER MR. BIJOY CHANDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/06/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss P.R. RAMACHANDRA MENON, J. ........................................................................ W.P.(C) No. 16119 OF 2009 ......................................................................... Dated this the 11th June, 2009 J U D G M E N T The petitioner is before this Court challenging the steps taken by the first and second respondents-Bank under the SARFAESI Act, when the petitioner turned to be a chronic defaulter. The case of the petitioner is that the housing loan to the tune of Rs.6.70,000/- availed by the petitioner could not be repaid in the manner as specified, because of some unforeseen circumstances. The learned counsel appearing on behalf of the petitioner submits that the petitioner is ready and willing to effect payment of the entire defaulted amount in respect of the E.M.Is, so as to have the loan regularised. 2. The learned counsel appearing for the Bank submits that as on date, a sum of 'Rs. Two lakhs + Interest and such other expenses' is due towards the defaulted E.M.Is and that the Bank is ready and willing to regularise the loan, provided the petitioner satisfies the due amount forthwith. 3. After hearing both the sides, the petitioner is directed W.P.(C) No. 16119 OF 2009 2 to remit a sum of Rs. One lakh on or before the 30th of this month and another sum of Rs. One lakh on or before the 15th of July 2009. On such an event, the Bank shall regularise the loan account and the petitioner will be bound to effect periodical installments in discharge of the loan account, as originally stipulated. In view of the above directions, all further coercive proceedings being pursued against the petitioner would stand deferred. It is also made clear that if any default is committed by the petitioner in clearing the defaulted E.M.Is., as specified above or if any two consecutive default with respect to the two regular E.M.Is is resulted, the Bank will be at liberty to proceed against the petitioner from the stage, where it stands now as on date for realisation of the outstanding liability in a lump sum. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk