IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 16TH JUNE 2010 / 26TH JYAISTHA 1932 WP(C).No. 13994 of 2010(Y) -------------------------- PETITIONER(S): --------------- PRASAD.P., AGED 43 YEARS,S/O.NARAYANAN NAIR, BUILDING NO.K.P 623 C,KADUNGALLUR VILLAGE, PARUR TALUK, ERNAKULAM DISTRICT. BY ADV. SRI.N.K.MOHANLAL RESPONDENT(S): --------------- 1. AUTHORISED OFFIER, DEWAN HOUSING FINANCE CORORATION LIMITED, PALARIVATTOM. ERNAKULAM. 2. AUTHORISED OFFICER, DEWAN HOUSING FINANCE CORPORATION LIMITED, DHEERAJ ARMA, 6TH FLOOR,ANANT KANEKAR MARG, BANDRA (E)MUMBAI-4000051. BY ADV. SRI.P.PAULOCHAN ANTONY, STANDING COUNSEL FOR R1 &2 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 16/06/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: APPENDIX IN W.P.(C) NO.13994 OF 2010 EXT.P1 TRUE COPY OF NOTICE DT. 26.2.2010 UNDER SECTION 13(2) ACT. EXT.P2 TRUE COPY OF REPLY DT. 5.4.2010 EXT.P3 TRUE COPY OF POSTAL RECEIPT DT. 9.4.2010 //TRUE COPY// P.A. TO JUDGE. P.R. RAMACHANDRA MENON, J. ------------------------------- W.P.(C) No. 13994 of 2010 ------------------------------- Dated this the 16th day of June, 2010 J U D G M E N T The petitioner is challenging the steps taken by the respondents under the SURFAESI Act, for realisation of the amount said as due from the petitioner. 2. The learned standing counsel appearing for the respondents, on instructions, submits that the total amount due is nearly 31 lakhs and that the 'overdue' amount itself in respect of the defaulted installments will come nearly Rs.5,37,929/- plus such other charges, and that unless and until the 'overdue' amount is cleared, the question of regularization is not liable to be entertained. 3. The learned counsel appearing for the petitioner submits that the default was never wilful, but because of some unforeseen circumstances, and the petitioner would clear out the W.P.(C) No.13994 of 2010 2 entire 'overdue' amount, for which some breathing time is sought for. 4. Considering the facts and circumstances, the petitioner is permitted to clear the 'overdue' amount of Rs.5,37,929/-, as mentioned above, by way of 'four' equal monthly instalments; the first of which shall be paid on or before the 30th of June, 2010; to be followed by similar instalments to be effected on or before the 30th of the succeeding months. On clearing the entire overdue amount, the loan account will stand regularised. This will be in addition to the liability of the petitioner to remit the regular EMIs as well. Subject to this, the coercive proceedings stated as being pursued against the petitioner shall be kept in abeyance, for the time being. It is made clear that, if the petitioner commits any default in clearing the 'overdue' amount as above, or if any two consecutive defaults are made with regard to the regular EMIs, the W.P.(C) No.13994 of 2010 3 respondents will be at liberty to proceed with further steps for realization of the entire amount in lump sum. The writ petition is disposed of as above. P.R. RAMACHANDRA MENON JUDGE. nj.