IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 25TH JUNE 2009 / 4TH ASHADHA 1931 WP(C).No. 17546 of 2009(K) ---------------------------------------- PETITIONER(S): ------------------------- 1. K.P.SASIDHARAN, SUGIL BHAVAN, KADAMBANAD NORTH P.O., PATHANAMTHITTA. 2. GEETHA SASIDHARAN, SUGIL BHAVAN, KADAMBANAD NORTH P.O., PATHANAMTHITTA. BY ADV. MR.ARUN.B.VARGHESE RESPONDENT(S): ------------------------- 1. STATE BANK OF TRAVANCORE REPRESENTED BY ITS AUTHORIZED OFFICER, REGION IV, ZONAL OFFICE, KOTTAYAM. 2. THE MANAGER, SBT, KADAMBANAD BRANCH, PATHANAMTHITTA DISTRICT. BY ADV. MR.SATHISH NINAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/06/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) NO. 17546 OF 2009 ----------------------------------- Dated this the 25th day of June, 2009 JUDGMENT The petitioner had availed a housing loan from the respondent Bank, which however could not be repaid as scheduled. This made the respondent Bank to proceed with coercive steps under the SARFAESI Act after declaring the asset as NPA. The case of the petitioner is that, the default was never wilful but because of some unforeseen circumstances, which shattered the equilibrium, when the petitioner's son happened to meet with an accident, requiring substantial amounts for providing the necessary treatment. 2. Learned counsel appearing for the respondent Bank submits on instructions that, as on 30.06.2009, a total sum of Rs.2,00,000/- is necessary to consider the case of the petitioner for regularisation of the loan amount. 3. Considering the facts circumstances, the petitioner is directed to remit a sum of Rs.1,00,000/- on or before the 25th of July, 2009 and another sum of Rs.1,00,000/- on or before the 25th of August; on which event, the housing loan account of the petitioner shall be regularised. The WPC NO.17546/2009 2 remittance of the amount as above will be over and above the liability of the petitioner to satisfy the regular EMI in respect of July, August and the succeeding months. It is also made clear that if any default is committed by the petitioner in clearing the defaulted EMIs as above or if any two consecutive defaults are made in remitting the regular EMIs, the respondent Bank will be at liberty to proceed with coercive steps from the stage where it now stands, for the realisation of entire amount in lump sum. The Writ Petition is disposed of as above. P.R.RAMACHANDRA MENON JUDGE dnc