IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 26TH AUGUST 2009 / 4TH BHADRA 1931 WP(C).No. 24540 of 2009(J) -------------------------- CRMP.5827/2009 of CHIEF JUDL.MAGISTRATE, ERNAKULAM .................... PETITIONER: --------------- K.M.BALAKRISHNAN, S/O.MADHAVAN, KALAYIL HOUSE, KULAYETTIKKARA P.O., KANJIRAMATTOM, ERNAKULAM DISTRICT. BY ADV. SRI.P.V.BABY ADV. SRI.A.N.SANTHOSH RESPONDENTS: --------------- 1. THE SOUTH INDIAN BANK LTD., REGIONAL OFFICE, P.B.NO.2702, DHARMODAYAM BUILDING, 2ND FLOOR, SHANMUGHAM ROAD, MARINE DRIVE, ERNAKULAM - 682 031. 2. SANIL KUMAR, ADVOCATE COMMISSIONER, KHADEEJA BUILDING, IST FLOOR, MATHAI MANJOORAN ROAD, ERNAKULAM, KOCHI-18. BY ADV. MR. GEORGE VARGHESE, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 26/08/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ........................................................................ W.P.(C) No. 24540 OF 2009 ......................................................................... Dated this the 26th August, 2009 J U D G M E N T The petitioner had availed a housing loan from the respondent Bank in December, 2006, creating security interest over the property in question. But repayment could not be effected, as scheduled, under which circumstances, there was no other alternative remedy for the respondent Bank, but to resort to coercive steps, invoking the provisions under the SARFAESI Act, leading to issuance of Exts.P2 and P3 notices, whereby the petitioner has been let known that physical possession of the property will be taken over by the Advocate Commissioner appointed by the Chief Judicial Magistrate's Court, Ernakulam on 29.08.2009. 2. Heard the learned Standing Counsel for the respondent Bank as well, who submits, on instruction, that the petitioner was never prompt in effecting repayments on time and that as on date a sum of Rs.1,42,898/- is due towards the defaulted E.M.Is itself. W.P.(C) No. 24540 OF 2009 2 3. Considering the facts and circumstances, the petitioner is directed to clear the entire defaulted E.M.Is by way of two equal monthly installments, the first of which shall be paid on or before the 15th of September, 2009 and the next one, on or before the 15th of October, 2009. On satisfying the said requirements, as above, the loan account of the petitioner shall stand regularised. This will be in addition to the liability of the petitioner to effect regular E.M.Is as well. It is also made clear that if any default is committed by the petitioner in effecting the repayments of the defaulted E.M.Is, as above or if two consecutive defaults are committed in respect of the regular E.M.Is, the respondent Bank will be at liberty to proceed against the petitioner with further steps from the stage where it stands now, for realisation of the entire amount in a lump sum. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk