IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC TUESDAY, THE 19TH FEBRUARY 2008 / 30TH MAGHA 1929 WP(C).No. 5818 of 2008(P) ------------------------- PETITIONER: ------------ MR.VINOD KUMAR M.T., 'USHUS', UPSLRA - 75, AMBALATHARA, THIRUVANANTHAPURAM. BY ADV. SRI.BECHU KURIAN THOMAS RESPONDENTS: ------------- 1. UNION BANK OF INDIA, 239, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI REPRESENTED BY REGIONAL MANAGER, THIRUVANANTHAPURAM. 2. THE MANAGER, UNION BANK OF INDIA, TRIVANDRUM MAIN BRANCH, M.G.ROAD, THIRUVANANTHAPURAM. 3. THE AUTHORIZED OFFICER (UNDER SARFESI ACT), UNION BANK OF INDIA, THIRUVANANTHAPURAM. 4. RESERVE BANK OF INDIA, NEW DELHI. BY SC FOR BANK, SRI. A.S.P. KURUP THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. -------------------------- W.P.(C)No.5818 OF 2008 ----------------------------- DATED THIS THE 19TH DAY OF FEBRUARY, 2008 J U D G M E N T Petitioner who had availed a housing loan from the 2nd respondent, had committed default in repayment. The bank thereupon initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and the property is scheduled to be sold on 11.3.2008. At this stage, this writ petition has been filed challenging the steps initiated by the bank. The learned counsel for the bank, entering on appearance on notice, submits that if the petitioner clears the arrears including the other charges, the bank will restore the loan facility to the petitioner. This offer made by the bank is accepted by the petitioner, but he only requests for a reasonable time to make payment of the amounts that are defaulted. 2. Having regard to the submission made by both sides, this writ petition will stand disposed of with the following directions. 1) That the amount that is now remaining outstanding will be remitted by the petitioner within one month from today. W.P.(C)No. 5818/08 2 2) Subject to payment as above, proceedings initiated against the petitioner will stand deferred. 3) Once payment is made as above, the bank will permit the petitioner to continue the loan arrangement in so far as future instalments are concerned. Needless to say, if any default is committed by the petitioner in paying the amount due, the bank will be free to continue the action already initiated. ANTONY DOMINIC, JUDGE. dsn