IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 1ST MARCH 2010 / 10TH PHALGUNA 1931 WP(C).No. 6270 of 2010(G) ------------------------- CMP.6100/2009 of C.J.M., ALAPPUZHA .................... PETITIONER(S): ------------------------ SABU T.J., AGED 43 YEARS, S/O.JOSEPH, THUNDATHIL KUZHAKKEKARA, KOZHUVALLUR P.O., CHENGANNUR. BY ADVS. MR.GEORGE MATHEW, MR.DIPU JAMES. RESPONDENT(S): --------------------------- 1. STATE BANK OF TRAVANCORE, REP.BY ITS MANAGING DIRECTOR, HEAD OFFICE, POOJAPURA, THIRUVANANTHAPURAM. 2. STATE BANK OF TRAVANCORE, KOZHUVALLUR BRANCH, KOZHUVALLUR P.O., CHENGANNUR, REPRESENTED BY ITS MANAGER. 3. THE AUTHORISED OFFICER, STATE BANK OF TRAVANCORE, KOZHUVALLUR BRANCH, CHENGANNUR. R1 TO R3 BY ADV. MR. SANTHOSH MATHEW, SC, SBT THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01/03/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No. 6270 of 2010-G ---------------------------- Dated this the 1st day of March, 2010. J U D G M E N T The petitioner had availed a housing loan from the respondent Bank, but it was not chosen to be repaid on time. In the said circumstances, the account of the petitioner was declared as NPA and the Bank proceeded with further steps invoking the provisions under the SARFAESI Act; which in turn is subjected to challenge in this Writ Petition. 2. The learned counsel for the Bank submits on instructions that Section 13(2) notice was issued in July 2008 and the last remittance by the petitioner was in April 2008, which itself shows the course being pursued by the petitioner with regard to the liability. It is also brought to the notice of this Court that, as on 28.2.2010, a total sum of Rs.1.27 lakhs is due to clear the liability under the loan transaction; out of which, a sum of Rs.81,600/- is due in respect of the defaulted instalments. The learned counsel for the petitioner submits that the default was only because of some unforeseen circumstances in connection with the loss of W.P(C) No. 6270 of 2010-G 2 employment and other adverse circumstances and that the petitioner has taken earnest efforts to see that the 'over due amount' is cleared and the loan account is regularised. 3. Considering the persuasive submission made from the part of the petitioner and also the fact that the loan provided by the respondent Bank was a 'housing loan', this Court finds it fit and proper to extend one more opportunity to the petitioner to clear the 'entire over due amount' and to have the loan account regularised. 4. Accordingly, the petitioner is directed to deposit a sum of Rs.40,000/- on or before 31st of this month and the balance overdue amount shall be cleared on or before the 30th of the April, 2010. On satisfying the said requirement, the loan account of the petitioner will stand regularised and the petitioner will be bound to effect regular EMIs without fail. It is made clear that in case of any failure to pay the 'overdue amount' as above or if any two consecutive defaults are made in remitting the regular EMIs, the 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. Sd/- P.R.RAMACHANDRA MENON ab JUDGE