IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN FRIDAY, THE 21ST NOVEMBER 2008 / 30TH KARTHIKA 1930 WP(C).No. 34243 of 2008(B) -------------------------------------- PETITIONERS: ------------------- 1. HARIKUMAR.R.,'ARAMAM'KRA-30, KPA-VIII/219/05, KP LANE, PEROORKADA, THIRUVANANTHAPURAM-695005 2. SINDHU S., W/O.HARIKUMAR.R., 'ARAMAM' KRA-30, KPA-VIII/219/05,KP LANE, PEROORKADA, THIRUVANANTHAPURAM - 695005 BY ADV. SRI.V.PHILIP MATHEW RESPONDENT(S): ------------------------- 1. CENTRAL BANK OF INDIA, TRIVANDRUM MAIN BRANCH, M.G.ROAD, THIRUVANANTHAPURAM, REPRESENTED BY ITS CHIEF MANAGER. 2. AUTHORISED OFFICER, CENTRAL BANK OF INDIA, TRIVANDRUM MAIN BRANCH, THIRUVANANTHAPURAM. BY STNADING COUNSEL ADV.SRI.V.V.SIDHARATHAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/11/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B. RADHAKRISHNAN, J. ------------------------------------------------------ W.P.(C) NO.34243 OF 2008 (B) ------------------------------------------------------ Dated this the 21st day of November, 2008 J U D G M E N T The petitioners availed a housing loan in November, 2006 with repayment period of 180 months. Within these two years, they paid only Rs.1,25,000/- as against the amount that ought to have been paid on the basis of EMI, fixed at Rs.13,100/-. On default, the account was classified as NPA and proceedings were initiated under the SARFAESI Act. In fact, the only request of the petitioners, couple employed in A.G.'s office, is that they may be given an opportunity to wipe off the entire outstandings and sustain the transaction, it being a housing loan. Having heard the learned counsel for the parties and taking into consideration that the entire outstandings and the amounts towards the securitisation proceedings etc., it is ordered directing that if the petitioners remit an amount of Rs.1,25,000/- on or before 10th December, 2008 and a further amount of Rs.1,50,000/- on or before 10th January, 2009 and continues to remit at the rate of Rs.13,100/- per month, payable on or before the last working day of every month, commencing from January 2009, the bank will regularise the transaction. If there is default in remitting any of the installments as afore-directed, the benefit of this judgment will stand recalled and this writ petition shall stand dismissed automatically, enabling the respondents to forthwith proceed with further distress action. THOTTATHIL B. RADHAKRISHNAN, JUDGE skr/22/11