IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 10TH FEBRUARY 2010 / 21ST MAGHA 1931 WP(C).No. 3156 of 2010(T) ------------------------------------- PETITIONERS : -------------------- 1. P.J.MATHEW, AGED 48, S/O. JOSEPH, PAMPLANIYIL HOUSE, KANDANADU P.O., THIRUVANKULAM, ERNAKULAM DISTRICT. 2. RANI MATHEW, AGED 42, W/O. P.J.MATHEW, PAMPLANIYIL HOUSE, KANDANADU P.O., THIRUVANKULAM, ERNAKULAM DISTRICT. BY MR.JOSEPH GEORGE RESPONDENTS : ---------------------- 1. THE VIJAYA BANK, REP.BY ITS BRANCH MANAGER, NETTOOR BRANCH, I.N.T.U.C. JUNCTION, NEAR N.H. BYE PASS, NETTOOR, ERNAKULAM DISTRICT. 2. THE AUTHORIZED OFFICER (CHIEF MANAGER), VIJAYA BANK (SECURED CREDITOR), REGIONAL OFFICE, 1ST FLOOR, JOSE ANNEX, JOSE JUNCTION, M.G.ROAD, ERNAKULAM-16. BY GOVERNMENT PLEADER MR.BIJOY CHANDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/02/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: JVT P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No.3156 of 2010-T ---------------------------- Dated this the 10th day of February, 2010. J U D G M E N T The petitioners are before this Court challenging the coercive steps taken by the respondents invoking the machinery under the SARFAESI Act for realisation of the amount stated as due from the petitioners in connection with a 'housing loan' sanctioned by the bank. 2. The learned counsel for the petitioners concedes that the bank was very much considerate to the petitioner and opportunity was given twice, to clear the liability after regularising the loan account. It is stated that the petitioners could make use of the said opportunities, because of some unforeseen circumstances, particularly, since the second petitioner is undergoing serious heart ailments incurring huge expenses and became defaulters again, which made the bank to proceed against him. 3. The learned counsel for the petitioners pleads for maximum leniency to enable the petitioners to clear the entire liability; stating that they have already approached the bank by filing W.P(C) No.3156 of 2010-T 2 representations for extending some relief. The learned counsel for the respondent bank submits on the basis of instructions that, as on date, a sum of about Rs.12 lakhs is due from the petitioners as the outstanding liability with interest and cost. 4. Considering the facts and circumstances including the submissions made from the part of the petitioners and the respondent bank, this Court finds that the respondent bank is justified in submitting that no further regularisation of the loan account is possible. However, the petitioners, in the particular facts and circumstances, could be permitted to clear the entire outstanding liability by way of reasonable instalments. Accordingly, the petitioners are directed to deposit a sum of Rs.1 lakh on or before the 27th of this month. The balance amount shall be cleared by way of 'seven' equal monthly instalments; the first of which shall be effected on or before the 31st of March, 2010, to be followed by similar instalments to be effected on or before the 30th of the succeeding months. Subject to this, the coercive steps if any, stated as being pursued against the petitioners shall be kept in abeyance for the time being. It is made clear that, if any default is committed by the petitioner in satisfying the due amount as above, it will be W.P(C) No.3156 of 2010-T 3 open to the bank, to proceed with appropriate steps for realisation of the entire amount in a lump sum, from the stage where it stands now. The Writ Petition is disposed of. P.R.RAMACHANDRA MENON JUDGE ab