IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 6TH JANUARY 2010 / 16TH POUSHA 1931 WP(C).No. 37866 of 2009(C) --------------------------------------- PETITIONER(S): ------------------------- 1. ZEENATH,W/O.AZEEZ,KHADEEJA MANZIL, P.O. CHALAD, KANNUR, KANNUR DT. 2. A.K.ABDUL AZEEZ, S/O. AHAMED HAJI, KHADEEJA MANZIL, CHALAD, KANNUR, KANNUR DISTRICT. BY ADV. MR.A.MOHAMED MUSTAQUE RESPONDENT(S): ------------------------- 1. THE KERALA STATE CO-OPERATIVE BANK LTD., REGIONAL OFFICE, KOZHIKODE, COLOMBO COMPLEX, M.M.ALI ROAD, KOZHIKODE, REPRESENTED BY REGUIBAK NABAGER. 2. THE KERALA STATE CO-OPERATIVE BANK LTD., KANNUR BRANCH, SOUTH BAZAR,KANNUR REPRESENTED BY ITS MANAGER. R1 & R2 BY ADV. MR.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss P.R.RAMACHANDRA MENON, J ----------------------------- W.P(C) No.37866 of 2009 -C ------------------------------ Dated this the 6th day of January, 2010. J U D G M E N T Coercive steps taken by the respondent bank for realisation of the outstanding amount under the loan transaction with the petitioner are sought to be intercepted in this writ petition. 2. The learned counsel for the respondent bank, on instructions, submits that the petitioner was not at all eager to satisfy the due instalments on time, despite the assurance and undertaking given in this regard and in the said circumstances, there was no other alternative for the bank, but to proceed with the steps as stated above. The learned counsel further submits that the arrears towards defaulted instalments exceed Rs.6,15,000/-, while the total amount outstanding under the loan transaction will be around Rs.13,64,000/-. 3. The learned counsel for the petitioner submits that the entire outstanding amount towards the defaulted instalments together with interest and cost will be cleared before 31.3.2010 and that the petitioner may be permitted to continue to effect the instalments after regularizing the loan. The learned counsel for the W.P(C) No.37866 of 2009 -C 2 respondent bank submits that the petitioner will have to prove his bonafides, to consider the said request. Considering the facts and circumstances, the petitioner is directed to deposit the sum of Rs.2,00,000/- within two weeks from today, another Rs.2,00,000/- on or before 25th of February 2010 and the entire outstanding arrears towards the defaulted instalments including interest and cost on or before 31.3.2010. This will be in addition to the liability of the petitioner to satisfy the regular monthly instalemnts. Subject to the above, the recovery proceedings being pursued against the petitioner shall be kept in abeyance. On satisfying the amount as above, the loan will stand regularized and the petitioner will be bound to continue to effect the regular instalments as scheduled. If any default is committed by the petitioner in clearing the outstanding amount towards the defaulted arrears as above, or if any two consecutive defaults are made in paying the regular EMIs, the bank will be at liberty to proceed against the petitioner for realisation of the entire amount in a lump sum, from the stage where it stands now. The Writ Petition is disposed of accordingly. Sd/- ab P.R.RAMACHANDRA MENON, JUDGE //True Copy// PA to Judge