IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM TUESDAY, THE 15TH DECEMBER 2009 / 24TH AGRAHAYANA 1931 WP(C).No. 35744 of 2009(K) --------------------------------------- PETITIONER(S): ------------------------ PURUSHAN M.S, AGED 49 ,S/O.SANKARAN MUNDUPARAMBIL, THRICHATTUKULAM PO PANAVALLY, CHERTHALA TALUK, ALAPPUZHA DT BY ADV. MR.K.K.MOIDEEN RESPONDENT(S): ------------------------------ STATE BANK OF TRAVANCORE REPRESENTED BY THE MANAGER POOCHAKKAL BRANCH, CHERTHALA. BY ADV. MR.SATHISH NINAN, SC, SBT THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/12/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 35744 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 15th day of December, 2009 J U D G M E N T 1. Challenge in this writ petition is against proceedings initiated under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), consequent to default committed by the petitioner in repayment of a housing loan availed form the respondent Bank. The loan in question was availed in the year 2003, to the tune of Rs.1,50,000/-. The petitioner committed default in payment of the monthly installments and recovery from the petitioner's salary is being continued as evidenced from Ext.P2. Now coercive steps for taking over possession of the secured asset is being persued on issuing Ext.P1 notice. 2. Eventhough various grounds are raised against the proceedings, the petitioner confines his prayer to the extent of permitting regularization of the loan account, by W.P.(C)No. 35744 of 2009 -2- paying the defaulted amounts along with interest and expenses if any liable. Learned standing counsel appearing for respondent submitted that an amount of about Rs.90,000/- is due towards defaulted arrears. Since the loan account is in chronic default the respondent is not favoring in permitting any extended period for wiping off the liability. 3. Having considered facts and circumstances of the case, I am of the opinion that the petitioner can be permitted to regularize the account within a reasonable time on payment of the defaulted amounts in installments. 4. Accordingly the petitioner is directed to make payment of the entire amounts due pertaining to the defaulted installments along with interest/penal interest and expenses if any liable, in four (4) equal monthly installments starting from 15.01.2010 and on or before the 15th day of the succeeding months. If arrears in the loan account is cleared payment as directed above, the respondent shall permit the petitioner to continue payment of future W.P.(C)No. 35744 of 2009 -3- installments in accordance with the original schedule of repayment. 5. It is made clear that on the event of failure to pay any of the installments as stipulated as above, the Bank will be free to proceed with further steps pursuant to the notices already issued, and on any such event the petitioner will be precluded from raising any subsequent challenge against such proceedings either before this court or before any other forum. C.K. ABDUL REHIM JUDGE shg/