IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 27TH JANUARY 2010 / 7TH MAGHA 1931 WP(C).No. 28308 of 2009(G) -------------------------- CMP.877/2009 of C.J.M.,TRIVANDRUM .................... PETITIONER(S): --------------- N. NANDAKUMARAN NAIR, AGED 48, S/O NARAYANA PILLAI, PIRAVOOR PANIYARATHALA VEEDU, VAVODE, VAZHICHAL P.O., NEYYATTINKARA TALUK, THIRUVANANTHAPURAM DIST. BY ADV. SRI.R.T.PRADEEP SRI.K.P.RENADIVE RESPONDENT(S): --------------- 1. THE FEDERAL BANK LTD., REGIONAL OFFICE, FEDERAL TOWERS, STATUE, THIRUVANANTHAPURAM. REPRESENTED BY THE AUTHORISED OFFICER/ CHIEF MANAGER, 2. S. SREEKUMARI, AGED 40, D/O. SANTHAKUMARI, PIRAVOOR PANIYARTHALA VEEDU, VAVODE, VAZHICHAL P.O., NEYYATTINKARA TALUK, THIRUVANANTHAPURAM. ADV. SRI.GEORGE VARGHESE (MANACHIRACKEL) FOR R1 SRI.K.J.CHACKOCHAN FOR R1 SRI.P.R.MILTON FOR R1 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 27/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 28308 of 2009 ---------------------------------------- Dated, this the 27th day of January, 2010 J U D G M E N T The petitioner is before this Court challenging the action pursued by the Bank invoking the machinery under the SARFAESI Act, for realisation of the amounts stated as due under a housing loan. 2. The coercive proceedings were intercepted by this Court, subject to the condition that the petitioner satisfied a portion of the 'over due' amount. The learned counsel for the petitioner submits that the condition imposed by this Court while granting the interim order has already been complied. 3. The learned counsel appearing for the respondent Bank submits on instructions that a further sum of Rs.65,000/- is still due towards the 'overdue' amount in respect of the defaulted account and if it is also cleared, the loan account of the petitioner can be regularized, being a 'housing loan'. 4. In the above facts and circumstances, the petitioner is directed to pay a sum of Rs.65,000/- by 'two' equal monthly instalments, the first of which shall be effected on or before the 20th of February, 2010 and the next one on or before the 20th of March, 2010; subject to WP(C) No.28308/2009 2 which, the loan account will stand regualrised. This will be in addition to the liability of the petitioner to clear the regular EMIs as well. It is made clear that, if any default is made by the petitioner in clearing the overdue amount as above or commits two consecutive defaults in remitting the regular EMIs, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire amount in a lump sum, by pursuing such steps, from the stage where it stands now. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON JUDGE dnc