IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC FRIDAY, THE 18TH MARCH 2011 / 27TH PHALGUNA 1932 WP(C).No. 8608 of 2011(A) ------------------------- PETITIONER(S): -------------------- K.SUNIL KUMAR, PARVANENDU, NEAR KOPPARATHU HIGH SCHOOL, AMBALAMUKKU, PUTHIYAVILA, MUTHUKULAM. BY ADV. SRI.K.HARILAL SRI.R.GOPAN RESPONDENT(S): ----------------------- 1. THE BRANCH MANAGER, ICICI BANK, PATHANAMTHITTA BRANCH, PATHANAMTHITTA.P.O. 2. PANKAJ AHUJA, AUTHORISED OFFICER & ZONAL DEBT MANAGER, ICICI BANK LTD., 6TH FLOOR, NORTH WING TOWN 2WS#121, FINANCIAL DISTRICT, GACHI BOWLI, HYDERABAD-500 032, ANDRA PRADESH. SRI.K.M.SHERIF, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/03/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ================ W.P.(C) NO. 8608 OF 2011 ===================== Dated this the 18th day of March, 2011 J U D G M E N T Petitioner had availed of a housing loan from the respondent. Default was committed and proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 were initiated. As part thereof, Bank has obtained an order under Section 14 of the Act and petitioner apprehends that he will be dispossessed from the residential premises. It is at that stage the writ petition is filed. 2. Petitioner does not dispute the liability, but only requests that, on payment of the defaulted amounts, respondents may regularise the loan, and on that basis, permit the petitioner to pay the amount due to the Bank. 3. I heard the counsel appearing for the respondents also. According to the respondents, it was only on account of the defaults committed by the petitioner that they had to initiate SARFAESI proceedings against the petitioner. 4. Having heard the counsel on both side and taking note of the fact that that the petitioner is a defaulter, Bank cannot be WPC No. 8608/11 :2 : faulted for the action it has taken. 5. Be that as it may, having regard to the willingness now expressed by the petitioner to pay the amount in default and also taking note of the submissions made by counsel appearing for the respondents, I dispose of this writ petition with the following directions:- (1)That the petitioner shall pay the amount in default within one month from today. (2)Subject to the payment as above, further proceedings against the petitioner and the secured assets will stand stayed. (3)Once the petitioner pays the defaulted amount along with regular instalments, the Bank will regularise the loan of the petitioner and on that basis, petitioner will be permitted to discharge the balance liability in instalments as agreed to between the parties. (4)It is clarified that, in case the petitioner commits default in paying the amount as above, Bank will be free to continue the proceedings already initiated against the petitioner. ANTONY DOMINIC, JUDGE Rp