IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 21ST JANUARY 2010 / 1ST MAGHA 1931 WP(C).No. 35562 of 2009(M) -------------------------- PETITIONER(S): --------------- MRS. DILLY CHACKO, W/O.CHACKO.M.C. MALIYAKKAL HOUSE, NADATHARA, THRISSUR. BY ADV. SRI.C.HARIKUMAR SMT.MOLLY KOSHY RESPONDENT: --------------- THE TRICHUR URBAN CO-OPERATIVE BANK LTD. POST BOX NO.86, HEAD OFFICE MISSION QUARTERS, THRISSUR-680001. BY ADV. MR. C.D. DILEEP, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 35562 OF 2009 ......................................................................... Dated this the 21st January, 2010 J U D G M E N T The petitioner is aggrieved of the proceedings taken by the respondent Bank invoking the provisions under the SARFAESI Act in the course of realisation of the amount due from the petitioner under a loan transaction. 2. The learned Counsel for the petitioner submits that the petitioner is ready and willing to clear the overdue amount, provided some breathing time is given and that the respondent may be directed to regularise the loan account. 3. The learned Counsel appearing for the respondent Bank, on instruction, submits that the overdue amount itself will come around 'Three lakhs' and if the petitioner proves his bonafides by effecting substantial payment forthwith, reasonable time can be provided to clear the balance amount and to have the loan account regularised. W.P.(C) No. 35562 OF 2009 2 4. Accordingly, the petitioner is directed to deposit a sum of Rs. One lakh on or before 31st of this month and the balance shall be cleared by way of two equal monthly installments, the first of which shall be cleared on or before 28.02.2010 and the next one on or before 28.03.2010. This will be over and above the liability of the petitioner to clear the regular monthly installments as well. On satisfying the conditions as above, the loan account of the petitioner shall be regularised. It is made clear that if any default is committed in clearing the overdues as above or in the event of committing two consecutive defaults in respect of the regular E.M.Is payable, the respondent will be at liberty to proceed against the petitioner for realisation of the entire amount in a lump sum. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk