IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 14TH JUNE 2010 / 24TH JYAISTHA 1932 WP(C).No. 15010 of 2010(A) -------------------------- CMP.555/2010 of C.J.M.,TRIVANDRUM .................... PETITIONERS: --------------- 1. ANILKUMAR.C.B,KANARA PUTHEN VEEDU, MATHIRA,CHEKKITTAMUKKU,KADAKKAL (PO), KOTTARAKKARA THALUK, KOLLAM DISTRICT. 2. CHANDRIKA,KANARA PUTHEN VEEDU, MATHIRA,CHEKKITTAMUKKU,KADAKKAL (PO), KOTTARAKKARA THALUK, KOLLAM DISTRICT. BY ADV. MR. GOPAKUMAR R.THALIYAL MR. N.P.PRAJEESH RESPONDENTS: --------------- 1. THE AUTHORISED OFFICER,CHIEF MANAGER, STATE BANK OF TRAVANCORE,REGIION III, ZONAL OFFICE, KSHB BUILDING, SANTHI NAGAR, THIRUVANANTHAPURAM. 2. THE BRANCH MANAGER,STATE BANK OF TRAVANCORE, PANGODE BRANCH, THIRUVANANTHAPURAM. BY MR. R.S. KALKURA, STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14/06/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 15010 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 14th day of June, 2010 JUDGMENT The petitioner has availed a 'housing loan' of about Rs. 4 lakhs from the second respondent Bank, creating security interest over the property in question on 28.3.2007. But the repayment could not be effected as scheduled, under which circumstance, the Bank declared the account as 'NPA' and proceeded with the steps under the SARFAESI Act, for realization of the due amount, including by approaching the Chief Judicial Magistrate's Court, Trivandrum wherein Ext.P1 notice has been issued with regard to the steps for handing over the possession of the premises. The petitioner is aggrieved of the steps being pursued in this regard. 2. The learned counsel for the petitioner submits that, the default was never wilful but because of some unforeseen circumstances and the earnest efforts are being made to wipe off the entire liability at the earliest. 3. The learned standing counsel appearing for the respondents submits that, the total liability as on 31.8.2009 is about Rs.5,12,620/- with further interest and costs, as given in paragraph 3 of Ext.P1. It is also stated that, the petitioners are very much affluent and that they can satisfy the liability within no time. W.P. (C) No. 15010 of 2010 : 2 : 4. However, taking note of the persuasive submission made by the learned counsel for the petitioner and considering the fact that the loan pertains to 'housing sector' and also in view of the submission made by the learned counsel for the petitioner that the petitioner does not intend to press any other grounds, but for some time to clear the entire dues, this Court finds it fit and proper to permit the petitioner to clear the entire outstanding liability in a phased manner. Accordingly the petitioner is directed to clear entire liability, by way of '10' equal monthly installments, the first of which shall be effected on before the 10th of July, 2010, to be followed by similar installments to be effected on before the 10th of the succeeding months. Subject to this, the coercive proceedings stated as being pursued against the petitioner shall be kept in abeyance, for the time being. It is made clear that, if the petitioner commits any default in clearing the liability as above, the respondents will be at liberty to proceed with further steps for realization of the entire amount in lump sum. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd