IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 16TH DECEMBER 2009 / 25TH AGRAHAYANA 1931 WP(C).No. 36109 of 2009(G) ------------------------------------ PETITIONER(S): --------------------- 1. STEPHEN M.JACOB, S/O. GEEVARGHESE CHACKO, AGED 53 YEARS, PUTHENPURAYIL HOUSE, NEDUMON P.O., ADOOR. 2. ELIZEBETH STEPHAN, AGED 45 YEARS, PUTHENPURAYIL HOUSE, NEDUMON P.O., ADOOR. BY ADV. SRI.KKM.SHERIF SRI.LAL K.JOSEPH SRI.V.R.REKESH RESPONDENT(S): ------------------------ 1. THE AUTHORIZED OFFICER, THE STATE BANK OF TRAVANCORE, ADOOR BRANCH, PATHANAMTHITTA DISTRICT, PIN-691 523. 2. THE STATE BANK OF TRAVANCORE, ADOOR BRANCH, PATHANAMTHITTA DISTRICT, PIN-691 523. STANDING COUNSEL (SBT) MR.SATHISH NINAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16/12/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J. ---------------------------------------- W.P(C). NO. 36109 OF 2009 ---------------------------------- Dated this the 16th day of December, 2009 JUDGMENT The dispute raised in this writ petition pertains to proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI, Act). Petitioner has been issued with notice under Section 13(2) of the Act and it is complained that further coercive steps for disposition is being pursued without serving any notice under Section 13(4). However, in view of the fact that petitioner has not submitted any objection against the notice under Section 13(2) and also in view of the fact that petitioner has got an effective remedy of appeal provided under Section 17(1),I am not inclined to interfere with the matter. 2. Having confronted with the above situation counsel for the petitioner submitted that he is confining the reliefs to the extend of granting permission for regularisation of the loan account by payment of the defaulted amounts, within a reasonable time. W.P(C). NO. 36109 OF 2009 2 3. Learned standing counsel appearing for the respondents submitted on instructions that, the petitioner had availed a housing loan and a personal loan, which are remaining defaulted in payment. It is stated that the petitioner has also availed a computer loan wherein the periods stands over due and he is liable for payment of a total balance of Rs.35,270/- in that account. It is further submitted that the amount outstanding in default pertaining to the housing loan and personnel loan will be around Rs.3,97,469/-. Since the loan account is in continuance default the Bank is not favouring in permitting regularisation. 4. Considering facts and circumstances of the case and also the submissions on both sides, I am of the opinion that sum indulgences can be shown in the matter of permitting the petitioner to regularise the accounts pertaining to the housing loan and personal loan, provided the petitioner remits the balance outstanding in the computer loan account on or before 15.1.2010. 5. Accordingly the petitioner is permitted to make payment of the entire amount outstanding pertaining to the defaulted instalments along with interest and expenses if any liable in the housing loan and the personal loan, in (3) three equal monthly instalments starting from 15.1.2010 onwards and falling due on or before the 15th day of the W.P(C). NO. 36109 OF 2009 3 succeeding months. The petitioner shall also make payment of the regular instalments from January 2009 onwards along with the above such payments. It is further directed that the balance amount outstanding in the computer loan account along with interest shall be cleared payment as directed above. If amounts as directed above is paid without any default the respondent shall permit the petitioner to continue payment of future instalments in the housing loan and in the personal loan, in accordance with the original schedule of repayment. On the event of default in complying with any of the conditions as stipulated above the respondents will be free to proceed with further steps pursuant to the notices already issued, and on such event the petitioner will be precluded from raising any substantive challenge against such proceedings, either before this court or before any other forum. C.K.ABDUL REHIM, JUDGE mns