IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN FRIDAY, THE 20TH FEBRUARY 2009 / 1ST PHALGUNA 1930 WP(C).No. 5600 of 2009(T) ---------------------------------------- PETITIONER(S): ------------------------ V.CHANDRAN NAIR , SENIOR ASSISTANT (F.S) AIRPORT AUTHORITY OF INDIA THIRUVANANTHAPURAM. BY ADV. SMT.I.SHEELA DEVI RESPONDENT(S): -------------------------- 1. AUTHORISED OFFICER UNION BANK OF INDIA, THIRUVANANTHAPURAM. 2. THE ASSISTANT GENERAL MANAGER, UNION BANK OF INDIA, UNION BANK BHAVAN, P.B.NO.307, M.G.ROAD, STATUE,THIRUVANANTHAPURAM- PIN 695 001. R1 & R2 BY ADV. MR. A.S.P.KURUP, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20/02/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss THOTTATHIL B. RADHAKRISHNAN, J. = = = = = = = = = = = = = = = = = = = = = = = = W.P.(C).No.5600 of 2009-T = = = = = = = = = = = = = = = = = = = = = = = = Dated this the 20th day of February, 2009. JUDGMENT The petitioner availed a housing loan. He defaulted in repayment of the EMIs. This resulted in securitization proceedings. Being a loan in the housing sector, the bank has always the appropriate approach to permit regularization. This is a welcome sign. The petitioner has given up all other contentions in challenge to the impugned proceedings and has also stated before me through his learned counsel that he gives up the right to move the DRT under Section 17 of the SARFAESI Act. If the petitioner pays the defaulted equated monthly instalments with accruals added thereon in two instalments payable on or before 28-2-2009 and 28-3-2009 and continues to pay the EMIs in terms of the transaction between the parties, the bank will WP(C)5600/2009 -: 2 :- regularize the transaction and let the petitioner enjoy the facility of loan. If there is default in paying any of the instalments as aforesaid and future instalments, the benefits of this judgment will stand recalled automatically and the writ petition will stand dismissed enabling the bank to forthwith proceed with further distress action without fresh notice to the petitioner. THOTTATHIL B. RADHAKRISHNAN, JUDGE. Sha/240209