IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 27TH MAY 2009 / 6TH JYAISHTA 1931 WP(C).No. 14438 of 2009(Y) -------------------------- CMP.1131/2009 of C.J.M.,KOLLAM .................... PETITIONER(S): --------------- D.SASIDHARAN,AGED 52 YEARS, S/O.DAMODARAN,ASWATHY, KOTTIYAM P.O.,KOLLAM DISTRICT. BY ADV. SRI.SANU MATHEW SRI.NOEL JOSEPH RESPONDENT(S): --------------- UNION BANK OF INDIA,REGIONAL OFFICE, STATUE JUNCTION,THIRUVANANTHAPURAM, REP.BY ITS CHIEF MANAGER. BY STANDING COUNSEL Mr. A.S.P. KURUP THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27/05/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) NO. 14438 OF 2009 ----------------------------------- Dated this the 27th day of May, 2009 JUDGMENT The case of the petitioner is that the petitioner, along with his wife, had availed a housing loan of Rs.10,00,000/- from the respondent Bank for the construction of a residential building, simultaneously creating mortgage over the properties by depositing the title deeds. Subsequently, the petitioner and his wife turned to be defaulters, which made the Bank to proceed against them by filing O.A.103/2009 before the Debts Recovery Tribunal as borne by Ext.P1. However, during pendency of the above proceedings, the Bank found it better to resort to the steps provided under the SARFAESI Act and accordingly, after completion of the formalities approached the concerned Chief Judicial Magistrate by filing CMP 1131/2009 invoking the provision under Section 14(1) of the 'Act', for enabling the respondent Bank to take possession of the property. 2. The case of the petitioner is that even during the pendency of the O.A., he had effected a deposit of Rs.Rs.50,000/- and that earnest efforts are being made to clear entire liability; particularly in view of the service benefits stated as to be obtained within six months pursuant to the WPC NO.14438/2009 2 resignation of the petitioner from the service availing the benefit under the VRS. 2. Learned Counsel for the petitioner submits that the petitioner, to prove his bonafides, will effect a further deposit of Rs.50,000/- on or before 30th June, 2009 and will to continue to effect similar payments in the succeeding months as well, till he gets the VRS benefits as stated above and the entire outstanding liability due to the Bank will be cleared within one month from the date of receipt of the VRS benefits. As such, all the coercive steps taken against the petitioner shall be kept in abeyance till 31.12.2009 subject to the condition that the petitioner honours the commitment and undertaking as above. The matter is disposed of accordingly. (P.R.RAMACHANDRA MENON, JUDGE) dnc