IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 24TH MAY 2010 / 3RD JYAISHTA 1932 WP(C).No. 15769 of 2010(U) -------------------------- PETITIONER: --------------- RAKHI, W/O.K.VIJU, KRISHNA BIHAR CHERUVAIKKAL, SREEKARYAM.P.O., THIRUVANANTHAPURAM. BY ADV. MR.M.SREEKUMAR RESPONDENTS: --------------- 1. STATE BANK OF INDIA, REPRESENTED BY CHIEF GENERAL MANAGER, THIRUVANANTHAPURAM. 2. CHIEF MANAGER, (AUTHORISED OFFICER) STATE BANK OF INDIA, REGIONAL BUSINESS OFFICE, KOLLAM. BY ADV. MR. N. RAJAGOPALAN NAIR, STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 24/05/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 15769 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 24th day of May, 2010 JUDGMENT The petitioner had availed a housing loan of Rs. 5 lakhs in the year 2005, creating security interest over the property in question. But repayment was not made in time, under which circumstances, the Bank proceeded with further steps, invoking the relevant provisions under the SARFAESI Act, which forms the subject matter of challenge in this Writ Petition. 2. The case of the petitioner is that, he happened to be a defaulter, not because of any wilful or deliberate negligence, but due to some unforeseen circumstances and that earnest efforts are being made to wipe off the entire liability at the earliest. 3. The learned counsel for the respondent Bank, on instructions, submits that, the total 'over due amount' to be cleared by the petitioner is Rs. 71,000/- and until entire over due amount is cleared, the question of regularization does not arise. 4. Considering the facts and circumstances, the petitioner is directed to clear the entire 'over due amount' within one month, on which event the loan account of the petitioner will stand regularized. This will be in addition to the liability of the petitioner to remit regular EMIs. Subject to this, the coercive proceedings stated as being W.P. (C) No. 15769 of 2010 : 2 : pursued against the petitioner shall be kept in abeyance. It is also made clear that, if petitioner commits any default in clearing the overdue amount or two consecutive defaults are made with regard to the regular EMIs, the respondent Bank will be at liberty to pursue further steps for realization of the entire amount in lump sum, from the stage where it stands now. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd W.P. (C) No. 15769 of 2010 : 3 :