IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 23RD MARCH 2010 / 2ND CHAITHRA 1932 WP(C).No. 8820 of 2010(B) ------------------------- CMP.260/2010 of C.J.M.,KOLLAM .................... PETITIONERS: --------------- 1. BABU.C.,S/O.CHELLAIAH, JALAJA MANDIRAM,MUNDAKKAL, KOLLAM-691001. 2. SMT.VASANTHA.K. W/O.BABU C.,JALAJA MANDIRAM, MUNDAKKAL, KOLLAM-691001. BY ADV. SRI.ANCHAL C.VIJAYAN RESPONDENT: --------------- STATE BANK OF INDIA, RASMECCC, 2ND FLOOR RAVI'S ARCADE, KOLLAM-691013. BY ADV. MR. K.K. CHANDRANPILLAI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/03/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 8820 OF 2010 ......................................................................... Dated this the 23rd March, 2010 J U D G M E N T The petitioner had availed a housing loan from the respondent Bank in the year 2004, but repayment could not be effected on time. In the said circumstances the Bank proceeded with further steps, declaring the account of the petitioner as 'NPA' intending to cause the property to be sold under the SARFAESI Act. 2. The learned Counsel for the petitioner submits that the petitioner does not intend to challenge the steps taken by the respondent Bank by approaching the DRT or propose to press the various contentions raised in the Writ Petition. The only relief sought for is to permit the petitioner to wipe out the entire liability by way of reasonable installments providing some breathing time. It is also submitted by the learned Counsel that, out of the liability of more than Rs. Six lakhs, after declaraton of W.P.(C) No. 8820 OF 2010 2 the account as NPA , the petitioner has effected payment of a sum of Rs. Three lakhs and only the balance sum is liable to be paid, for which time is sought for. 3. The learned Counsel for the respondent Bank submits that the outstanding liability, after giving credit to the amount already paid by the petitioner, is nearly Rs. 3.8 lakhs If the petitioner proves his bonafides by effecting a substantial poriton of the liability forthwith, the respondent Bank is ready and willing to give some time to wipe out the entire liability. The learned Counsel also submits that since the repayment period is over, the question of regularisation, even though it was in the housing sector, is not liable to be entertained. 4. Considering the facts and circumstances, the petitioner is directed to deposit a sum of Rs.One lakh, on or before 15.04.2010 and the balance shall be satsifed by way of 'five' equal monthly installments, the first of which shall be cleared on or before 15.05.2010 to be followed by similar installments to be effected on or before the 15th of the succeeding months. Subject to the above, recovery proceedings stated as being pursued W.P.(C) No. 8820 OF 2010 3 against the petitioner shall be kept in abeyance. If any default is committed by the petitioner in effecting the installments as above, the bank will be at liberty to proceed with the further steps for realisation of the entire amount in a lump sum, from the stage where it stands now. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk