IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 2ND JULY 2010 / 11TH ASHADHA 1932 WP(C).No. 13958 of 2010(T) -------------------------- PETITIONER: --------------- SHAJI ISMALE, S/O. ISMAEL, AGED 34 YEARS, ILLIKAL HOUSE, ELAMDESHAM.P.O, THODUPUZHA, IDUKKI DISTRICT. BY ADV. MR. SHAIJAN JOSEPH RESPONDENTS: --------------- 1. BRANCH MANAGER, VELLIMATTOM BRANCH, FEDERAL BANK LIMITED, VELLIAMATTOM, THODUPUZHA. 2. ASST. GENERAL MANAGER, REGIONAL OFFICE, FEDERAL BANK LTD., KOTTAYAM. 3. FEDERAL BANK LTD. REP. BY CHIEF GENERAL MANAGER, FEDERAL BANK, ALUVA. ADV. MR. MOHAN JACOB GEORGE MS. P.V.PARVATHI MS. REENA THOMAS MR. L.RAM MOHAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/07/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 13958 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 2nd day of July, 2010 JUDGMENT The petitioner availed a housing loan from the respondent Bank in April, 1999, creating security interest over the property in question. But, the repayments could not be effected on time, which made the respondent to proceed with the steps under the SARFAESI Act, after declaring the account as 'NPA', besides obtaining a decree in favour of the Bank, by filing O.S. 59/2006 before the Sub Court, Thodupuzha, as born by Ext. P1. 2. The learned counsel for the petitioner submits that, during the course of proceedings as above, the matter was sought to be settled and a compromise was arrived at, but the same was not duly honoured by the Bank, which hence is sought to be pressed before this Court. 3. The learned standing counsel appearing for the Bank submits, on instructions, that considering the facts and circumstances, the matter was agreed to be settled for a total sum of Rs. 1.20 lakhs as a 'one time measure' and the petitioner had to clear the liability on or before 20.6.2009, which however was not satisfied from the part of the petitioner. The learned counsel for the petitioner submits that, the petitioner had already effected a payment of Rs. 50,000/- and the balance will only be Rs.70,000/-. It is also contended that the Writ W.P. (C) No. 13958 of 2010 : 2 : Petition was filed in April, 2010 and since the last date for clearing the entire loan was on 20.6.2010, the petitioner may be given one more opportunity to clear the due amount, giving some breathing time, along with belated interest if any, in respect of the due amount. 4. After hearing both the sides, this Court finds it fit and proper to permit the petitioner to clear the balance with 'belated interest'. Accordingly, the petitioner is directed to clear the balance amount of Rs. 70,000/- under the 'OTS' along with belated interest, within two months from the date of receipt of a copy of this judgment. It is also made clear that, the petitioner shall satisfy the belated interest in respect of the said amount at the 'PLR' of the Bank and if any default is committed, the respondent Bank will be at liberty to proceed with further steps, for realization of the entire amount, as per the decree. The Writ Petition is disposed of . P. R. RAMACHANDRA MENON, JUDGE kmd