IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 22ND FEBRUARY 2010 / 3RD PHALGUNA 1931 WP(C).No. 1544 of 2010(P) ------------------------- PETITIONER(S): --------------- C.C.BABU RAJ, CHANDRA VILAS, KAKKANADU P.O., THRIKKAKARA, KOCHI-30. BY ADV. SRI.GIKKU JACOB RESPONDENT(S): --------------- AUTHORIZED OFFICER, ICICI BANK, COCHIN BRANCH, M.G.ROAD, ERNAKULAM. ADV. SRI.KKM.SHERIF FOR R1 SRI.LAL K.JOSEPH FOR R1 SRI.A.A.ZIYAD RAHMAN FOR R1 SRI.P.MURALEEDHARAN (THURAVOOR) FOR R1 SRI.V.R.REKESH FOR R1 GOVERNMENT PLEADER SRI.BIJOY CHANDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/02/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 1544 of 2010 ----------------------------------- Dated, this the 22nd day of February, 2010 J U D G M E N T The petitioner has approached this Court challenging the steps taken by the Bank invoking the machinery under the SARFAESI Act in respect of the amount stated as due from the petitioner under the loan transaction. 2. The learned counsel for the respondent Bank submits on instructions that as on date, a sum of Rs.1,28,454/- is due towards the 'overdue amount' in respect of the defaulted instalments and unless and until the petitioner clears the said liability, the question of regularization of loan account is not liable to be entertained. 3. The learned counsel for the petitioner submits that the petitioner is ready and willing to clear the said liability and that some breathing time might be given in this regard. 4. Considering the facts and circumstances, the petitioner is directed to clear the 'overdue amount' by way of ‘four’ equal monthly instalments, the first of which shall be effected on or before the 15th of March, 2010, to be followed by similar instalments to be effected on or before the 15th of the succeeding months. This will be in addition to the WP(C) No.1544/2010 2 liability of the petitioner to satisfy the regular EMIs as well. It is made clear that if any default is committed by the petitioner in clearing the overdue amount or if any two consecutive defaults are made with regard to the regular EMIs, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON JUDGE dnc