IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 25TH JUNE 2009 / 4TH ASHADHA 1931 WP(C).No. 17364 of 2009(M) ------------------------------------- PETITIONER(S): ---------------------------- K.GOPI,PANTHAPLAVILA VEEDU, VAZHUTHOOR, NEYYATTINKARA P.O. THIRUVANANTHAPURAM - 695121. BY ADVS. MR.S.M.PREM SMT.K.P.SANTHI MR.P.K.NIJOY SMT.C.PRABITHA RESPONDENT(S): -------------------------- STATE BANK OT TRAVANCORE, NEYYATTINKARA BRANCH, THIRUVANANTHAPURAM,REP.BY THE AUTHORISED OFFICER AND CHIEF MANAGER (ADVANCES) BY MR.K.S.DILEEP, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/06/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ........................................................................ W.P.(C) No.17364 OF 2009 ......................................................................... Dated this the 25th June, 2009 J U D G M E N T The petitioner is aggrieved of the coercive steps taken by the respondent bank under the SURFAESI Act. The petitioner has availed a housing loan from the respondent Bank in the year 2004 but repayment could not be effected as scheduled because of some unforeseen circumstances, whereby the petitioner turned to be a chronic defaulter, leading to the declaration of his assets as 'NPA' followed by coercive steps, which is sought to be intercepted in the Writ Petition. 2. The learned counsel for the petitioner submits that the default was never wilful or due to any deliberate negligence and that every earnest effort is being taken to see that the entire defaulted arrears are cleared forthwith and to have the loan account regularised. 3. Heard the learned Counsel appearing for the Bank as W.P.(C) No.17364 OF 2009 2 well, who, on instruction, submits that the defaulted amount as on 30.06.2009 with interest and such other expenses will come to nearly Rs.1.5 lakhs and that the question of regularisation can be considered only on remittance of the said amount. 4. Considering the facts and circumstances the petitioner is directed to clear the defaulted arrears by way of two equal monthly installments, the first of which to the tune of Rs.75,000/- shall be paid on or before 25th July 2009 and the balance amount shall be satisfied on or before 25th August 2009. It is made clear that the remittance of the above amount shall be over and above the liability of the petitioner to remit the regular E.M.Is from July 2009 as well . Subject to the the above the loan account shall stand regularised and if any default is committed by the petitioner in repaying the defaulted arrears as above or if any two consecutive defaults are committed with regard to the remittance of regular E.M.Is, the respondent Bank will at liberty to proceed against the petitioner and his assets pursuing the steps already taken under the SURFASI Act, for realisation of the entire amount in a lump sum. Subject to the above, all coercive W.P.(C) No.17364 OF 2009 3 steps stated as being pursued against the petitioner shall stand deferred. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk