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. 12328 of 2010(M) -------------------------- PETITIONERS: --------------- 1. T.V.SUBHADRA, W/O.P.K.GOPALAKRISHNAN, "SREE HARI", VALLASSERY PARAMBU, KARAKKAD ROAD, GURUVAYOO, THRISSUR DISTRICT. 2. P.K.GOPALAKRISHNAN, DO. DO. BY ADV. SRI.P.K.SURESH KUMAR SRI.SANTHEEP ANKARATH SRI.K.P.SUDHEER RESPONDENTS: --------------- 1. THE SYNDICATE BANK, REPRESENTED BY ITS CHIEF MANAGER, REGIONAL OFFICE, PIONEER TOWERS, SHANMUGHAM ROAD, ERNAKULAM. 2. THE MANAGER, SYNDICATE BANK, GURUVAYOOR BRANCH, KRISHNANJALI BUILDINGS, OPP.PRIVATE BUS STAND, EAST NADA, GURUVAYOOR- 680 101. BY ADV. MR. R.S. KALKURA, SC. 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. 12328 OF 2010 ......................................................................... Dated this the 9th April , 2010 J U D G M E N T The petitioners are aggrieved of the steps taken by the respondent Bank invoking the machinery under the SARFAESI Act for realisation of the amount stated as due to the respondent Bank, declaring the account as 'NPA'. 2. The learned Counsel for the petitioners submits that the entire 'overdue' amount in respect of the housing loan will be cleared within one month. 3. Heard the learned Standing Counsel for the respondent Bank as well. 4. In the above circumstance, the petitioners are permitted to clear the 'overdue' amount within one month, on which event, the loan account shall stand regulaised and all further coercive proceedings shall be kept in abeyance. It is also made clear that the petitioners shall continue to effect the regular E.M.Is as W.P.(C) No. 12328 OF 2010 2 originally stipulated, besides clearing the arrears as above. It is further made clear that if the petitioners commit any default in remitting the overdue amounts/arrears, as above or in the event of committing two consecutive defaults in respect of the regular E.M.Is payable, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire outstanding liability in a lump sum, pursuing the coercive steps, from the stage where it stands now. The Writ Petition is disposed of. P.R. RAMACHANDRA MENON, JUDGE. lk