IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 1ST OCTOBER 2009 / 9TH ASWINA 1931 WP(C).No. 26369 of 2009(M) -------------------------- PETITIONER(S): --------------- BABURAJ C.C.,S/O. CHANDRASEKHARAN, CHANDRAVILAS, NEAR T.V. STATION, KAKKANAD P.O., ERNAKULAM-682 030. BY ADV. SRI.P.BANI RESPONDENT(S): --------------- 1. HDFC BANK LTD., S.L. PLAZA, PLARIVATTOM, COCHIN-25, REP. BY CHIEF MANAGER. 2. HDFC BANK LTD., HDFC BANK HOUSE, SENAPATHI BAPAT MARG, LOWER PATEL (WEST), MUMBAI -13. ADV. SRI.T.RAJESH FOR R1 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 01/10/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).26369/09 APPENDIX PETITIONER'S EXHIBITS:- EXT.P1:- COPY OF THE BALANCE STATEMENT ISSUED BY R1 BANK EXT.P1(A):- COPY OF THE FINALLY PAID RECEIPT ISSUED BY R1 BANK EXT.P2:- COPY OF THE MEDICAL CERTIFICATE ISSUED BY DR.ALEX JACOB DT.6.7.09 EXT.P2(A):- COPY OF THE DISCHARGE CERTIFICATE ISSUED BY DR.ALEX JACOB DT.6.7.09 EXT.P3:- COPY OF THE DEMAND NOTICE DT.19.6.09 ISSUED BY R1 EXT.P4:- COPY OF THE REQUEST LETTER DT.25.8.09 RESPONDENT'S EXHIBITS:- NIL okb //True Copy// P.A. to Judge C.K.ABDUL REHIM, J. ------------------------------ W.P.(C).No.26369 OF 2009 ------------------------------ Dated this the 1st day of October, 2009 J U D G M E N T ---------------------- 1. Petitioner had availed a housing loan from the 1st respondent Bank for purchase of a residential building. The loan is secured through mortgage of immovable property in which the residential building is situated. After payment of some of the installments repayment in the loan account has become irregular and it fell into huge arrears. Consequently Bank had initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (SARFAESI Act) against the secured assets. The Bank had approached the Chief Judicial Magistrate Court and an Advocate Commissioner was appointed to take over possession of the immovable property which is the secured assets. It is submitted by the petitioner that he had approached the Bank with Ext.P4 request for permitting him to regularise the loan account on payment of the defaulted installments. But without permitting payment of the defaulted amount and regularisation of the account, the Bank is now proceeding with coercive steps, is the submission. W.P.(C).26369/09-M 2 2. Heard standing counsel appearing for respondents 1 and 2. It s submitted that the amount covered by the defaulted installments, inclusive of October, 2009 is about Rs.2,45,000/-. Regularisation of the loan account is possible only if the petitioner remits the entire amount in default, is the submission. On the other hand the learned counsel for the petitioner submits that he is ready and willing to pay off the above said arrears in installments within a reasonable time along with regular installments due for such period. 3. Having considered rival contentions and facts and circumstances of the case I feel that this is a fit case where the petitioner can be permitted to regularise the defaulted installments and continue repayment in the loan account as per the original schedule. 4. Therefore the writ petition is disposed of directing the petitioner to make payment of the amount pertaining to the installments defaulted upto September 2009 along with overdue interest and expenses incurred if any liable, in 6 (six) equal monthly installments starting from 31.10.2009 onwards and on or before the last day of the succeeding months. The petitioner shall also make payment of the regular monthly installments due from October 2009 on or before the respective due dates. The Bank will keep in abeyance all further coercive steps till the W.P.(C).26369/09-M 3 account is regularised in terms of the above directions. If the defaulted installments are cleared as above the Bank will permit the petitioner to continue repayment of the balance amount as per the original schedule. 5. It is made clear that on the event of failure in paying any of the installments as stipulated above, the respondent Bank will be at liberty to take further steps pursuant to the order now issued by the Chief Judicial Magistrate Court. It is also made clear that the benefit granted under this judgment is subject to the condition that the petitioner is precluded from raising any further challenge against the proceedings before this court or before any other forum. C.K.ABDUL REHIM, JUDGE. okb