IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 23RD FEBRUARY 2010 / 4TH PHALGUNA 1931 WP(C).No. 10095 of 2009(F) -------------------------- PETITIONER: --------------- ASOKAN.A.,AGED 42 YEARS, S/O.ANANDAN,ANITHALAYAM, KESAVAPURAM,KARUNAGAPPALLY, KOLLAM DISTRICT. BY ADV. SRI.C.S.MANU SRI.S.K.PREMRAJ RESPONDENTS: --------------- 1. HDFC LTD.,HDFC HOUSE, VAZHUTHACAUD,TRIVANDRUM-10, REP.BY ITS AUTHORISED OFFICER. 2. AUTHORISED OFFICER, HDFC LTD.,HDFC HOUSE, VAZHUTHACAUD,TRIVANDRUM-10. 3. S.SABUKUMAR,ADVOCATE, BAR ASSOCIATION,ATTINGAL,KOLLAM DISTRICT. (COMMISSIONER APPOINTED BY THE CHIEF JUDICIAL MAGISTRATE'S COURT,KOLLAM VIDE ORDER DATED 12-1-2009 IN CMP NO.452 OF 2009 ON ITS FILES) BY ADV. MR. K.K. CHANDRAN PILLAI, SC, HDFC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/02/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 10095 OF 2009 ......................................................................... Dated this the 23rd February, 2010 J U D G M E N T The petitioner had availed a housing loan of Rs.1.25 lakhs from the first respondent in the year 2001. But repayment could not be effected in time, which made him a defaulter, under which circumstance, the loan account was declared as 'NPA' and the respondent Bank proceeded with further coercive steps, which is under challenge in this Writ Petition. 2. The learned Counsel for the petitioner submits the petitioner has cleared a substantial portion of the liability by remitting Rs.40,000/- by way of two installments pursuant to the interim order dated 27.03.2009 and that the entire outstanding liability would be cleared provided some breathing time is given in this regard. 3. The learned Counsel for the respondent Bank on instruction submits that a total sum of Rs.1,60,206/- is due from the petitioner to wipe out the entire liability under the W.P.(C) No. 10095 OF 2009 2 housing loan. It is also stated that the overdue amount in respect of the defaulted installments by itself will come to Rs.85,413/- and that since the petitioner as on date is not drawing any salary, there is no merit or bonafides in the submission made from the part of the petitioner that the petitioner will clear the entire loan amount even in a phased manner. 4. However, taking note of the facts and circumstances, the petitioner is permitted to clear the entire outstanding 'overdue' amount by way of 'two' equal monthly installments, the first of which shall be effected on or before 25.03.2010 to be followed by similar installment to be effected on or before 25.04.2010. This will be in addition to the liability of the petitioner to satisfy the regular installments as well. Subject to the above, the loan account of the petitioner will stand regularised. It is further made clear that if the petitioner commits 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 against the petitioner for realisation of W.P.(C) No. 10095 OF 2009 3 the entire amount in a lump sum, pursing the coercive steps, from the stage where it stands now. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk