IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC WEDNESDAY, THE 27TH FEBRUARY 2008 / 8TH PHALGUNA 1929 WP(C).No. 6820 of 2008(J) ------------------------- PETITIONER: ------------ 1. ANIL KUMAR, AGED 36 YEARS S/O.GOPALAKRISHNAN "GOPU NIVAS" ,MANAYIL KULANGARA THIRUMULLAVAROM P.O.,KOLLAM. 2. MRS. BINDU, AGED 35 YEARS W/O.ANILKUMAR, "GOPU NIVAS" ,MANAYIL KULANGARA THIRUMULLAVAROM P.O.,KOLLAM. BY ADV. SRI.P.V.GEORGE(PUTHIYIDAM) RESPONDENTS: ------------- 1. UCO BANK,REPRESENTED BY BRANCH MANAGER CYRILS TOWER, STATION ROAD, NEAR COLLECTORATE KOTTAYAM. 2. AUTHORISED OFFICER UNDER SARFAESI ACT,REGIONAL OFFICE,UCO BANK THIRUVANANTHAPURAM. BY SC SHRI. GEORGE K. VARGHESE THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. = = = = = = = = = = = = = = = = W.P.(C) No. 6820 OF 2008 J = = = = = = = = = = = = = = = = Dated this the 27th February, 2008 J U D G M E N T In this writ petition, petitioners submit that they had availed of a housing loan from the respondents. Even according to the petitioners, about Rs.86,000/- is already in default and the bank has initiated proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. It is also submitted that the properties were put up for sale on 29.2.2008. Counsel for the petitioners offers that the petitioners are willing to pay off the entire amount in default before 29.2.2008 and that the balance amount due will also be paid in 12 equal monthly instalments. 2. I heard the Standing Counsel for the bank also. 3. Having regard to the submissions made by both sides I dispose of this writ petition with the following directions: 1) That before 11 0' clock on 29.2.2008 the petitioner shall W.P.(C) No. 6820 OF 2008 -2- deposit the entire amount now in default, subject to remittance as above, further action against the petitioners will stand deferred. The balance amount due from the petitioners will be permitted to be paid in 12 equal monthly instalments the first of which will be payable in the first week of April, 2008 and the subsequent instalments will be payable in the 1st week of every succeeding month. It is clarified that if any of the conditions are defaulted the bank will be free to continue the action that is already initiated. If the first payment is made on 29.2.2008 within two weeks thereafter, the bank will furnish the petitioners a statement of their dues. ANTONY DOMINIC JUDGE jan/-