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. 114 of 2010(L) ---------------------------------- PETITIONER(S): ----------------------- MOHANAKUMAR.M, KRISHNAKRIPA, MUNDALA.P.O, VELLANAD, THIRUVANANTHAPURAM. BY ADV. SRI.B.S.SWATHY KUMAR SMT.P.A.ANITHA RESPONDENT(S): ------------------------ 1. THE FEDERAL BANK LTD., NEDUMANGAD BRANCH, THIRUVANANTHAPURAM, REPRESENTED BY ITS MANAGER. 2. THE AUTHORISED OFFICER, THE FEDERAL BANK LTD., NEDUMANGAD BRANCH, THIRUVANANTHAPURAM. BY GOVERNMENT PLEADER MR.BIJOY CHANDRAN ADV. SRI.GEORGE VARGHESE (MANACHIRACKEL) FOR R1-2 SRI.P.R.MILTON FOR R1-2 SRI.K.J.CHACKOCHAN FOR R1-2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/02/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No. 114 of 2010-L ---------------------------- Dated this the 10th day of February, 2010. J U D G M E N T The petitioner is challenging the steps taken by the respondent invoking the power under the SARFAESI Act on many a grounds. When the matter came up for admission before this Court on 5.1.2010, the coercive steps were intercepted on condition that the petitioner deposited a sum of Rs.1 lakh within three weeks. 2. The learned counsel for the respondent bank submits that after giving credit to the sum of Rs.1 lakh already deposited by the petitioner, a balance sum of Rs.34,851/- is still left out as 'over due' amount in respect of the defaulted instalments and unless and until the petitioner clears the said amount, the respondent will not in a position to regularise the loan account. 3. After considering the facts and circumstances, the petitioner is directed to clear the 'overdue' amount of Rs.34,851/- on or before the 27th of this month. Subject to the above, the loan account will stand regularised and the petitioner will be bound to effect the regular EMIs without fail. It is made clear that in case of W.P(C) No. 114 of 2010-L 2 any failure to pay the 'overdue' amount as above, or if any two consecutive defaults are made in remitting the regular EMIs, the respondent Bank will be free to proceed with further steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of as above. Sd/- P.R.RAMACHANDRA MENON JUDGE //True Copy// P.A to Judge ab