IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 3RD MARCH 2010 / 12TH PHALGUNA 1931 WP(C).No. 6243 OF 2010(E) ------------------------- PETITIONERS: --------------- 1. ANTO P.K., AGED 40, S/O.KOCHAPPU, PULIKKOTIL HOUSE, KOZHUKULLY P.O., THRISSUR DISTRICT. 2. SHINI ANTO, W/O.ANTO P.K., PULIKKOTIL HOUSE, KOZHUKULLY P.O., THRISSUR DISTRICT. BY ADV. SRI.G.SREEKUMAR (CHELUR) SMT.PREETHY KARUNAKARAN SRI.K.RAVI (PARIYARATH) RESPONDENTS: --------------- 1. THE CANARA BANK LTD., THRISSUR BRANCH, WEST PALACE ROAD, THRISSUR DISTRICT REP.BY ITS BRANCH MANAGER, THRISSUR P.O., THRISSUR. 2. THE AUTHORISED OFFICER, CHIEF MANAGER, CANARA BANK, THRISSUR BRANCH, WEST PALACE ROAD, THRISSUR DISTRICT, THRISSUR P.O., THRISSUR. BY ADV. SHRI V.B. HARINARAYANAN, SC, CANARA BANK. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/03/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 6243 OF 2010 ......................................................................... Dated this the 3rd March, 2010 J U D G M E N T The petitioner is aggrieved of the coercive steps taken by the respondent Bank under the SARFAESI Act, which is sought to be intercepted in this Writ Petition. 2. The case of the petitioner is that the default was never because of any wilful lapses or deliberate negligence but because of some unforeseen circumstances, simultaneously adding that the petitioner has taken earnest arrangements to satisfy the entire overdue amount and to get the loan account regularized particularly in view of the fact that the loan was availed for construction of a residential building. 3. Heard the learned Standing Counsel for the respondent Bank who submits that the overdue amount itself would come around Rs. Three lakhs and unless and until the said liability is cleared, the question of regularization of the loan account is not W.P.(C) No. 6243 OF 2010 2 liable to be entertained. 4. Considering the facts and circumstances, this Court finds it fit and proper to permit the petitioner to wipe out the 'overdue' amount by way of reasonable installments, particularly in view of the fact that the loan extended was under the 'housing sector'. 5. In the above facts, the petitioner is directed to remit a sum of Rs.One lakh on or before 25.03.2010. The balance 'overdue' amount shall be cleared by way of 'four' equal monthly installments, the first of which shall be effected on or before 30.04.2010, to be followed by similar installments to be effected on or before the 30th of the succeeding months. It is also made clear that the petitioner shall continue to effect the regular E.M.Is as originally stipulated, besides clearing the arrears as above. The loan will stand regularised accordingly and all coercive proceedings shall be kept in abeyance. It is further made clear that if the petitioner commits any default in remitting the arrears or in the event of committing two consecutive defaults in respect of the regular E.M.Is payable, the respondent Bank will W.P.(C) No. 6243 OF 2010 3 be at liberty to proceed against the petitioner and his assets for realisation of the entire outstanding liability in a lump sum, pursuing the coercive steps, from the stage where it stands now. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk