IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 18TH AUGUST 2010 / 27TH SRAVANA 1932 WP(C).No. 16381 of 2010(W) --------------------------------------- CMP.3608/2009 of C.J.M.,TRIVANDRUM .................... PETITIONER(S): ----------------------- NOORJAHAN, D/O. HANEEFA BEEVI, AGED 48 YEARS, RASANA, PAPPAD, KOCHANI.P.O., THIRUVANANTHAPURAM. BY ADVS. SRI.P.J.ANILKUMAR SRI.U.K.DEVIDAS RESPONDENT(S): ------------------------- 1. STATE OF KERALA, REPRESENTED BY PUBLIC PROSECUTOR, HIGH COURT OF KERALA, ERNAKULAM 2. ORIENTAL BANK OF COMMERCE, M.G.ROAD,THIRUVANANTHAPURAM, REPRESENTED BY ITS CHIF MANAGER. R1 BY GOVT. PLEADER SRI.BIJOY CHANDRAN R2 ADVS. SRI.P.BALAKRISHNAN (E), SRI.N.SASI. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/08/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss P.R.RAMACHANDRA MENON, J -------------------------------------------- WP(C) NO. 16381 OF 2010 -------------------------------------------- Dated this the 18th day of August, 2010 JUDGMENT The petitioner had availed a loan of Rs.2.5 lakhs from the 2nd respondent Bank creating security interest over the property in question, for construction of a house in the property. But the repayment could not be effected on time as scheduled, which made her a defaulter and the Bank proceeded with steps under the SARFAESI Act, which is under challenge in this Writ Petition. 2. When the matter came up for consideration before this Court on 28.05.2010, coercive proceedings were intercepted on condition that the petitioner deposited a sum of Rs.30,000/- within one week, which is stated as complied with. The learned counsel appearing for the Bank submits on instructions, that a balance sum of Rs.1,86,900/- is still 'overdue' with interest and unless and until the petitioner clears the entire 'overdue' amount, the loan account of the petitioner is not liable to be regularized. 3. After hearing both the sides, this Court finds it fit and proper to permit the petitioner to clear the 'overdue' amount and to have the loan account regularized; particularly since the facility extended by the Bank is in the housing sector. The petitioner is permitted to clear the 'overdue' 2 WP(C) No. 16381/2010 amount by way of ‘four’ equal monthly instalments, the first of which shall be effected on or before the 10th of September, 2010, to be followed by similar instalments to be effected on or before the 10th of the succeeding months. Subject to this, the loan account shall stand regularized. This will be in addition to the liability of the petitioner to clear the regular EMIs as well. It is made clear that, if any default is committed by the petitioner with regard to the payment of the 'overdue' amount or if any two consecutive defaults are made in respect of the regular EMIs, the respondent will be at liberty to proceed with further steps for realization of the entire amount in a lump sum. The Writ Petition is disposed of accordingly. P.R.RAMACHANDRA MENON JUDGE dnc