IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 9TH APRIL 2010 / 19TH CHAITHRA 1932 WP(C).No. 12434 of 2010(D) -------------------------- PETITIONERS: --------------- 1. P.DIVAKARAN, S/O. KUMARAN, AGED 69, DARSHAN, PALLIKKUNNU, KANNUR. 2. P.P.SUSHEELA, W/O. DIVAKARAN, AGED 61, DARSHAN, PALLIKKUNNU, KANNUR. BY ADV. SRI.MANU ROY RESPONDENTS: --------------- 1. THE CHAIRMAN, THE KERALA STATE CO-OPERATIVE BANK LTD., COBANK TOWERS, VIKAS BHAVAN P.O., THIRUVANANTHAPURAM. 2. THE REGIONAL MANAGER, THE KERALA STATE CO-OPERATIVE BANK LTD., COLOMBO COMPLEX, M.M.ALI ROAD, KOZHIKODE-673 002. BY GOVT. PLEADER SRI. BEJOY CHANDRAN ADV. SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK FOR R1-2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09/04/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J. --------------------------- W.P(C). No. 12434 OF 2010 -------------------------- Dated this the 9th day of April, 2010 J U D G M E N T Petitioners are before this Court aggrieved by the coercive steps taken by the respondent Bank invoking the machinery under the SARFAESI Act, against the properties belonging to the petitioners, over which security interest was created while availing two different loans; which are being put to sale, as revealed from Ext.P3. Learned counsel appearing for the petitioners submits that the default was never wilful and the petitioners are taking earnest efforts to clear the 'overdue' amount and to have the loan account regularised. Learned counsel appearing for the Bank submits, on instructions, that though the outstanding is nearly Rs.21 lakhs, the Bank is ready and willing to have the loan accounts regularised, provided the petitioners satisfy Rs.7 lakhs in respect of the 'first loan' and another sum of Rs.5 lakhs in respect of the 'second loan' on or before 30th April, 2010, which are necessary to clear the 'overdue' amount. 2. After hearing both sides, this Court finds that the petitioners can be permitted to satisfy the entire 'overdue' amount so as to avail the benefit of regularisation. Taking a meaningful and W.P.(C).No.12434/2010 2 pragmatic approach, this Court permits the petitioners to clear the entire overdue amounts by way of three equal monthly instalments; the first of which shall be effected on or before 30th April, 2010; to be followed by similar instalments to be effected on or before the 30th of the succeeding months. Subject to this, the loan accounts of the petitioners shall stand regularised. This will be in addition to the liability of the petitioners to clear the regular EMIs. It is also made clear that, if any default is made in clearing the 'overdue' amount as above or if any 'two' consecutive defaults are made in remitting the regular EMIs, the respondent Bank will be free to proceed with further steps for realisation of the entire amount in a lump sum. The writ petition is disposed of as above. P.R.RAMACHANDRA MENON, (JUDGE ) vps W.P.(C).No.12434/2010 3 W.P.(C).No.12434/2010 4