IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN THURSDAY, THE 12TH FEBRUARY 2009 / 23RD MAGHA 1930 WP(C).No. 3741 of 2009(U) ------------------------- PETITIONER(S): --------------- C.A.NASSAR, AGED 42 YEARS, S/O.ABOOBACKER, NEJUVA MANZIL, MANNANCHERY, ALAPPUZHA. BY ADV. SRI.S.SHANAVAS KHAN RESPONDENT(S): --------------- 1. THE STATE BANK OF TRAVANCORE, ROSE BUILDINGS, MUHAMMA BRANCH, REPRESENTED BY ITS BRANCH MANAGER. 2. THE CHIEF MANAGER (ADVANCES), THE STATE BANK OF TRAVANCORE, ZONAL OFFICE, RAVIPURAM JUNCTION, KOCHI - 36. ADV. SRI.K.S.DILIP FOR R1 & 2 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 12/02/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B RADHAKRISHNAN, J ........................................... WP(C).NO. 3741 OF 2009 ............................................ DATED THIS THE 12 TH DAY OF FEBRUARY, 2009 JUDGMENT The petitioner availed a housing loan. On default in repayment, SARFAESI Act proceedings were initiated. Going by the term of the loan and its purpose, the loan could be considered for regularisation, provided the outstanding defaulted EMIs and accruals thereon and add ons in the nature of securitization charges etc, are paid off to the satisfaction of the bank. 2. Learned counsel for the bank states that as if now the remaining outstandings, after giving credit to all remittances including the payment on the basis of interim order, would be around Rs.2,46,000/-. Now it is for the petitioner to appear before the first respondent and make payments of such amount as may be decided upon by the first respondent, so that the account could be regularised in the current financial year itself, if the petitioner desires to enjoy the facility. The impugned distress action will stand suspended for a period of two weeks to enable the petitioner to discuss with the first respondent and fix the amounts payable and thereafter the distress action will stand deferred to facilitate payment of the remaining amounts within the time frame as may be fixed by first respondent. WP(C) 3741/2009 2 Petitioner will appear before the first respondent on 25th February, 2009. THOTTATHIL B RADHAKRISHNAN, JUDGE lgk/16/2