IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN MONDAY, THE 2ND FEBRUARY 2009 / 13TH MAGHA 1930 WP(C).No. 38140 of 2008(M) -------------------------- PETITIONER(S): --------------- V.BHASKARAN , AGED 59 YEARS S/O.VELUTHAKUNJU, PUNTHALAKUNNIL HOUSE ERATHIKULAKADA , KULAKADA PO, KOLLAM DISTRICT. BY ADV. SRI.BIMAL K.NATH SRI.S.JAMAL SRI.E.M.SUNIL KUMAR RESPONDENT(S): --------------- 1. THE CHIEF MANAGER, STATE BANK OF TRAVANCORE, REGION IV,ZONAL OFFICE KOTTAYAM. 2. THE MANAGER, STATE BANK OF TRAVANCORE, ENATHU BRANCH, KOLLAM DISTRICT. ADD.3. THANKAMMA T., W/O.V.BHASKARAN, PUNTHALAKUNNIL HOUSE, ERATHUKULAKADA, KULAKADA P.O., KOLLAM DISTRICT. (ADDL.R3 IMPLEADED VIDE ORDER DATED 2.2.09 ON I.A.NO.1136/09) R1, R2 BY SRI.M.PATHROSE MATTHAI, SENIOR ADVOCATE SRI.SAJI VARGHESE THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/02/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.38140 OF 2008 ------------------------------------------- Dated this the 2nd day of February, 2009 JUDGMENT 1. The petitioner availed a housing loan with a repayment period of 10 years and with E.M.I. fixed at Rs.3,000/-. Repayment was to start in February, 2004. That means, by now, five years have gone through. If the petitioner was regular in repayment, he would have remitted an amount of Rs.1,80,000/- by now. However, he has remitted only an amount of Rs.50,000/-, leaving thus a balance of Rs.1,30,000/- even without adding on any interest, penalty etc. on the defaulted EMIs. The petitioner states that the third respondent, his wife, was sick due to Rheumatoid Arthritis and marriage of their daughter was also solemnised. The petitioner gives up his rights to challenge the proceedings before the Debts Recovery Tribunal and confines the submission to a request that he may be given an opportunity to regularise the transaction. W.P(C).38140/08 Page numbers 2. Having considered the total amount that may be due by now and the fact that securitisation proceedings have been initiated up to the stage of Section 14 of the SARFAESI Act, it is directed that if the petitioner deposits an amount of Rs.75,000/- on or before the last working day of February, 2009 and an amount of Rs.70,000/- on or before the last working day of March, 2009 and continues to remit the equated monthly instalments from March, 2009, the bank will consider regularising the transaction. It is clarified that on deposits as aforesaid, the impugned proceedings will remain suspended and will not be dropped so that the bank can proceed if the petitioner defaults payment of any of the instalments as aforesaid or repayment of EMIs on regularisation. The writ petition is ordered accordingly. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge. kkb.