IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 25TH AUGUST 2009 / 3RD BHADRA 1931 WP(C).No. 24089 of 2009(E) -------------------------- PETITIONER: --------------- JAYASREE P.S., AGED 38 YEARS, W/O. PRABHAKARAN, KURAKULANIYIL HOUSE, MANTHUKA P.O., MANTHUKA MURI, KULANADA VILLAGE, PATHANAMTHITTA DISTRICT. BY ADV. MR. L.RAJ MOHAN MR. SAJJU.S RESPONDENT: --------------- THE STATE BANK OF TRAVANCORE, REPRESENTED BY ITS AUTHORISED OFFICER, CHIEF MANAGER, KULANADA BRANCH, KULANADA, PATHANAMTHITTA DISTRICT. BY ADV. MR. R.S. KALKURA, STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/08/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON 9J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 24089 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 25th day of August, 2009 JUDGMENT The petitioner along with her husband had availed a housing loan of Rs. 2 lakhs from the respondent Bank creating security interest over the property in question. But the petitioner turned to be a defaulter in repaying the due amount, under which circumstance, there was no other alternative for the Bank but to declare the account as 'NPA' and to proceed with appropriate steps under the SARFAESI Act, which in turn is sought to be intercepted in the present Writ Petition. 2. The learned counsel appearing for the Bank submits on instructions that, when the recovery steps were taken by the Bank, the petitioner had appeared before the Bank and had undertaken to remit a sum of Rs. 1 lakh within two days, agreeing to clear the balance amount by way of 'three' equal monthly installments, but it turned to be a hollowpromise. Thereafter, the petitioner rushed to this Court by filing the present Writ Petition. The learned counsel further submits that, a sum of Rs. 53,511/- is due towards the defaulted EMIs, plus further interest and cost. 3. After hearing both the sides, the petitioner is directed to pay a sum of Rs. 60,000/- within one month, on which event, the loan account of the petitioner shall stand regularized. This will be in addition to the WP (C) No. 24089 of 2009 : 2 : liability of the petitioner to effect the regular EMIs as well. It is made clear that, if any default is committed by petitioner in remitting the payment as above, or if any two consecutive defaults are made in remitting the regular EMIs, the respondent Bank will be free to proceed with further steps for realization of the entire amount in a lump sum, from the stage where it stands now. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd