IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 5TH APRIL 2010 / 15TH CHAITHRA 1932 WP(C).No. 11088 of 2010(I) --------------------------------------- PETITIONER(S): ------------------------ MR.PHILIP SCARIA, AGED 53, S/O.SCARIA,CHERUKARAKUNNEL VEEDU, KANCHIYAR P.O.,KATTAPPANA. BY ADV. SRI.S.SACHITHANANDA PAI RESPONDENT(S): --------------------------- 1. THE IDUKKI DISTRICT CO-OPERATIVE BANK LTD,IDUKKI, IDUKKI COLONY P.O.,685 602. 2. THE AUTHORISED OFFICER, THE IDUKKI DISTRICT CO-OPERATIVE BANK LTD, IDUKKI,IDUKKI COLONY P.O.685 602. R1 & R2 BY ADV. SRI. M.M. SAYED MUHAMMED, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05/04/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No. 11088 of 2010-I ---------------------------- Dated this the 5th day of April, 2010. J U D G M E N T The petitioner had availed a 'housing loan' from the respondent Bank in the year 2007; but failed to pay the timely instalments. In the said circumstances, the Bank declared the account as 'NPA' and proceeded with further steps under the relevant provisions of the SARFAESI Act, which made the petitioner to approach this Court challenging the said proceedings. 2. The learned counsel for the Bank submits on instruction that after availing the loan in the year 2007, absolutely no repayment was effected and that no specific reason was offered before the Bank. It is also brought to the notice of this Court that the total outstanding liability under the loan account is nearly Rs.3.71 lakhs; out of which, Rs.1,21,122/- is due in respect of the defaulted instalments. 3. The learned counsel for the petitioner submits that the default was only because of some unforeseen circumstances and that the petitioner is ready and willing to clear the 'overdue' amount W.P(C) No. 11088 of 2010-I 2 immediately and that the petitioner might be permitted to have the loan account regularized, assuring that the EMIs will be remitted without fail. 4. Considering the particular facts and circumstances, the petitioner is directed to satisfy the entire 'overdue' amount by way of 'three' equal monthly instalments; the first of which shall be effected on or before the 30th of April, 2010; to be followed by similar instalments to be effected on or before the 30th of the succeeding months. Subject to the above, all further coercive proceedings pursuant to Ext. P1 shall be kept in abeyance. It is also made clear that, if any default is committed by the petitioner in satisfying the due amount as above, it will open to the Bank, to proceed with appropriate steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of. P.R.RAMACHANDRA MENON JUDGE ab W.P(C) No. 11088 of 2010-I 3