IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 27TH JULY 2009 / 5TH SRAVANA 1931 WP(C).No. 20393 of 2009(T) -------------------------- CMP.1040/2009 of C.J.M.,TRIVANDRUM .................... PETITIONER: --------------- MURALEEDHARAN NAIR.G, M.P.HOUSE, VELLOORKONAM, KOOVALASSERY PO, THIRUVANANTHAPURAM DIST. BY ADV. MR. G.SUDHEER MS. M.JAYASREE RESPONDENTS: --------------- STATE BANK OF TRAVANCORE REP.BY ITS AUTHORIZED OFFICER/MANAGER, OORUTTAMBALAM BRANCH, NEYYATTINKARA. BY MR. R.S. KALKURA, STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27/07/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 20393 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 27th day of July, 2009 JUDGMENT The grievance of the petitioner is that, the respondent Bank is not at all justified in proceeding with the coercive steps, invoking the power under the SARFAESI Act, particularly when the petitioner appraised the actual position leading to the circumstances, when the petitioner could not honour the commitment in repaying the due amount on time, simultaneously expressing the willingness to clear the entire defaulted arrears at the earliest. 2. The learned counsel appearing for the respondent Bank submits that, the petitioner was not at all eager to discharge the liability cast upon him in effecting the monthly installments and that as on date a sum of about Rs.1.25 lakhs is due towards the defaulted EMIs with further interest and cost. The learned counsel further submits that, the request for regularisation of the loan cannot be considered unless and until the petitioner satisfies the entire defaulted amount as above. 3. Considering the particular facts and circumstances, the petitioner is directed to pay the entire defaulted EMIs with interest and cost, out of which Rs.50,000/- shall be paid within two weeks and the balance shall be cleared within one month thereafter. On satisfying the requirements as above, the housing loan account of the petitioner shall WP (C) No. 20393 of 2009 : 2 : stand regularized and the petitioner will be bound to effect the regular monthly installment as and when the same falls due. Subject to the above, the steps stated as being pursued under the SARFAESI Act, shall be kept in abeyance, for the time being. It is made clear that, if the petitioner fails to remit the installments as above towards the defaulted EMIs or if any two consecutive defaults are made with regard to the payment of regular EMIs, the respondent Bank will be at liberty to proceed with further steps for realization of the entire amount in a lump sum. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd