IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 10TH MARCH 2010 / 19TH PHALGUNA 1931 WP(C).No. 5324 of 2010(M) ------------------------- PETITIONERS: --------------- 1. REMA.E,W/O.GOPINATHA KURUP.V, SWAMY NIVAS,KARUVANNUR THARA,KODUVAYUR.PO, PALAKKAD-678 501. 2. GOPINATHA KURUP.V, S/O.GOPALANKUTTY NAIR, -DO- -DO- BY ADV. SRI.SAJAN VARGHEESE K. SRI.LIJU. M.P RESPONDENTS: --------------- 1. BANK OF INDIA,ZONAL OFFICE,KERALA ZONE, KALOOR TOWERS,KALOOR-KADAVANTHARA ROAD, KOCHI-17.REP.BY THE MANAGER. 2. BANK OF INDIA, 8/103,SILK STREET, CALICUT-673 032.REP.BY THE MANAGER. 3. THE CHIEF MANAGER & AUTHORISED OFFICER, BANK OF INDIA,ZONAL OFFICE,KERALA ZONE, KALOOR TOWERS,KALOOR-KADAVANTHARA ROAD, KOCHI-17. BY ADV. SRI.DEVAN RAMACHANDRAN ADV. SRI.K.M.ANEESH ADV. SRI.K.SANTHOSH KUMAR (KALIYANAM) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/03/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 5324 OF 2010 ......................................................................... Dated this the 10th March, 2010 J U D G M E N T The petitioners are wife and husband respectively, who had availed a housing loan from the respondent Bank, creating security interest over the property in question. It is the admitted case of the petitioners that because of some unforeseen circumstances, the petitioners could not satisfy the due amount, under which circumstance, the respondent Bank proceeded with coercive steps against the petitioners invoking the machinery under the SARFAESI Act, declaring the account of the petitioners as 'NPA' followed by consequential steps , which in turn forms the subject matter of challenge. 2. The learned Counsel for the respondent Bank on instruction submits that as on 28.02.2010, a total sum of Rs. 13 lakhs is due so as to clear the entire amount towards loan transaction by the petitioners. 3. However taking note of the specific circumstances that it W.P.(C) No. 5324 OF 2010 2 was a housing loan which stands unrebutted and also the persuasive submission made by the learned Counsel for the petitioners, assuring that one more opportunity might be given to the petitioners to clear the overdue amount to have the loan account regularised, also assuring that the petitioners would ensure that future E.M.Is would be satisfied without fail, this Court finds it fit and proper that one more opportunity can be granted to the petitioners. Accordingly, the housing loan availed by the petitioners shall stand regularised and all coercive proceedings shall stand stayed on condition that the petitioners clear the entire overdue amount by way of two equal monthly installments, the first of which shall be paid on or before 30.03.2010 and the next one on or before 30.04.2010. This will be in addition to the liability of the petitioners to effect the regular E.M.Is as originally stipulated, besides clearing the arrears as above. It is further made clear that if the petitioners commit any default in remitting the arrears or in the event of committing two consecutive defaults in respect of the regular E.M.Is payable, the respondent Bank will be at liberty to proceed W.P.(C) No. 5324 OF 2010 3 against the petitioners and their assets for realisation of the entire outstanding liability in a lump sum, pursuing the coercive steps, from the stage where it stands now. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk