IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 3RD JUNE 2010 / 13TH JYAISTHA 1932 WP(C).No. 16537 of 2010(N) -------------------------- CMP.4730/2009 of C.J.M.,TRIVANDRUM .................... PETITIONER: --------------- SREEKALA.S, W/O.B.JAYACHANDRAN, BHASKARA BHAVAN, MELEKUZHIVILA, CHENTHI, PONGUMMOODU, MEDICAL COLLEGE (P.O), THIRUVANANTHAPURAM. BY ADV. SRI.K.RAJESH KANNAN SRI.N.HARI KUMAR RESPONDENT(S): --------------- STATE BANK OF TRAVANCORE, MAIN BRANCH, THIRUVANANTHAPURAM. BY SRI.R.S.KALKURA - SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/06/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No. 16537 of 2010-N ---------------------------- Dated this the 3rd day of June, 2010. J U D G M E N T The petitioner is the wife of the borrower, who had availed a housing loan from the respondent Bank to the tune of Rs.7 lakhs, creating security interest over the property in question. But because of some unforeseen circumstances, the repayment could not be effected as scheduled, under which circumstances, the Bank proceeded with further steps under the SARFAESI Act, leading to issuance of Ext.P3 order passed by the learned Chief Judicial Magistrate Court, Thiruvananthapuram in C.M.P.No.4730 of 2009, whereby delivery has been ordered to be effected on 7.6.2010, by appointing an Advocate Commissioner in the said petition filed under Section 14 of the Act. 2. The learned counsel for the petitioner submits that, the husband of the petitioner has left to the Gulf in search of a job; that because of the pressure of the circumstances, the petitioner is constrained to approach this Court as instructed by the husband and that the only relief now pressed before this Court is to give an W.P(C) No. 16537 of 2010-N 2 opportunity for clearing the liability on behalf of her husband in respect of the 'overdue' amount and to save the property of the husband. 3. The learned counsel for the Bank submits on instructions that the total outstanding liability will come nearly Rs.4 lakhs, out of which a sum of Rs.2 lakhs was paid on 17.2.2010 and the balance amount ordered to be paid by the learned Magistrate in the proceedings filed by the Bank had to be satisfied on or before 29.4.2010, which was not complied with; thus leading to Ext.P3 order passed on 5.5.2010. The learned counsel also submits that the loan can be regularised only if the entire 'overdue' amount is cleared by the defaulter. 4. Taking note of the particular facts and circumstances and also the assertion and undertaking made by the learned counsel for the petitioner, this Court finds that an opportunity can be given to the petitioner to honour her commitment, as the opposite party in Ext.P3 was the husband of the petitioner, who is now stated as abroad. Taking note of the fact that the loan provided by the Bank in the 'housing sector', this Court permits the petitioner to clear the remaining 'overdue' amount by way of 'three' equal monthly W.P(C) No. 16537 of 2010-N 3 instalments; the first of which shall be effected on or before the 30th of June, 2010; to be followed by similar instalments to be effected on or before the 30th of the succeeding months. This will be over and above the liability of the petitioner to satisfy the regular EMIs. On clearing the 'overdue' amount, the loan account shall stand regularized. Subject to this, all further coercive proceedings shall be kept in abeyance. It is made clear that if there is any failure to pay the 'overdue' amount as above, or if any two consecutive defaults are made in remitting the regular EMIs, the respondents will be free to proceed with further steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of. P.R.RAMACHANDRA MENON JUDGE ab