IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 6TH APRIL 2010 / 16TH CHAITHRA 1932 WP(C).No. 11834 of 2010(D) ----------------------------------------- PETITIONER(S): ------------------------ SURESHKUMAR S.PILLAI, AGED 40 YEARS, S/O.SHIVANKUTTY NARAYANAN,RISHIKESAM,ROAD MUKKU JUNCTION, NORTH ARYAD P.O.,KOMALAPURAM. BY ADV. SRI.N.K.MOHANLAL RESPONDENT(S): --------------------------- AUTHORISED OFFICER,HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED, HDFC HOUSE,POST BOX NO.1667,RAVIPURAM JUNCTION, M.G.ROAD. KOCHI-682 015. BY ADV. SRI. K.K.CHANDRAN PILLAI, SC, HDFC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/04/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No. 11834 of 2010-D ---------------------------- Dated this the 6th day of April, 2010. J U D G M E N T The petitioner had availed a 'housing loan' of Rs.19.80 lakhs from the respondent Bank in February 2009, for purchasing a residential building with an extent of 11 cents of land, agreeing to satisfy the regular EMIs without fail. After availing the loan, the petitioner could not satisfy the regular monthly instalments. In the said circumstances, the account of the petitioner was declared as 'NPA' and the Bank proceeded with further steps invoking the provisions under the SARFAESI Act; which in turn is subjected to challenge in this Writ Petition. 2. The learned counsel for the petitioner submits that the petitioner is ready and willing to clear the outstanding liability in respect of the 'overdue' amount and the loan account may be permitted to regularised. The learned counsel also submits that the default occurred from the part of the petitioner was only because of some unforeseen circumstances in connection with the loss of employment abroad and that the petitioner has taken earnest efforts W.P(C) No. 11834 of 2010-D 2 to see that the 'over due amount' is cleared and the loan account is regularised. 3. The learned counsel for the Bank submits on instruction, that nearly 11 instalments have been defaulted by the petitioner and that the 'overdue' amount including principal amount as well as interest will come about Rs.3,33,606/-, simultaneously adding that unless and until the said amount is cleared forthwith, the question of regularisation is not liable to be entertained. 4. After considering the persuasive submission made from the part of the petitioner and also the fact that the loan provided by the respondent Bank is in the 'housing sector'; this Court finds it fit and proper to extend one more opportunity to the petitioner to save the house by clearing the 'entire over due amount' and to have the loan account regularised. 5. Accordingly, the petitioner is permitted to clear the entire 'overdue' amount by way of of 'three' equal monthly instalments; the first of which shall be effected on or before the 30th of April, 2010; to be followed by similar instalments to be effected on or before the 30th of the succeeding months. On satisfying the said requirement, the loan account of the petitioner shall stand W.P(C) No. 11834 of 2010-D 3 regularised and the petitioner shall continue to effect regular EMIs without fail. It is made clear that, in case of any failure to pay the 'overdue amount' as above, or if any two consecutive defaults are made in remitting the regular EMIs, the Bank will be free to proceed with further steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of. P.R.RAMACHANDRA MENON JUDGE ab W.P(C) No. 11834 of 2010-D 4