IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 10TH MARCH 2011 / 19TH PHALGUNA 1932 WP(C).No. 7573 of 2011(V) ------------------------- CMP.11051/2010 of C.J.M.,KOLLAM .................... PETITIONER(S): --------------- 1. SUMINA, 41 YEARS, W/O.NAZARUDEED, NIZAM MANZIL, AYATHIL P.O., KOLLAM DISTRICT. 2. NAZARUDEEN, 44 YEARS, S/O.LATE ABDUL KHADER KUTTY, NIZAM MANZIL, AYATHIL P.O., KOLLAM DISTRICT. 3. A.NIZAMUDEEN, AGED 41 YEARS, S/O.LATE ABDUL KHADER KUTTY, SUNITHA MANZIL, BEACH ROAD, PALITHOTTAM, KOLLAM. BY ADV. SRI.NISHIN GEORGE VIJAYABABU RESPONDENT(S): --------------- 1. THE AUTHORISED OFFICER, UNION BANK OF INDIA, THIRUVANANTHAPURAM. PIN-695001 2. UNION BANK OF INDIA, KOTTAYAM BRANCH, NEELA BRANCH, KOTTIYAM P.O., KOLLAM REPRESENTED BY ITS BRANCH MANAGER. PIN-690128. BY SC SRI. A.S.P KURUP THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/03/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J. ------------------------- W.P (C) No. 7573 of 2011 -------------------------- Dated this the 10th March, 2011 J U D G M E N T First petitioner availed a 'Housing loan' of ` 5 lakhs from the 1st respondent Bank in the year 2004 creating security interest over the property in question. But the repayment could not be effected on time as scheduled, under which circumstances, the account was declared as 'NPA'. and the Bank proceeded with further steps under the relevant provisions of the SARFAESI Act, which is under challenge in this writ petition. 2. The learned standing counsel appearing for the Bank submits on instructions, that the total period of the loan was 174 months and that the petitioners were not regular in effecting the repayment, which made the Bank to proceed with further steps. It is also brought to the notice of this Court that the total amount due under the loan transaction is more than ` 4 lakhs and the 'overdue' in respect of the defaulted instalments itself will come nearly `. 85,000/-. The learned counsel further submits that considering the particular nature of the loan, being a W.P (C) No. 7573 of 2011 2 "Housing loan' if the petitioners are ready to clear the entire 'overdue' amount on or before 31/3/2011, the loan account can be regularised . 3. Considering the facts and circumstances, the petitioners are directed to clear the entire 'overdue' amount on or before 31.3.2011, on which event, the loan account will stand regularised. This, however will be in addition to the liability of the petitioners to clear the regular EMIs as well. It is made clear that if any default is committed by the petitioner in satisfying the 'overdue' amount as above, or if any two consecutive defaults are made with regard to the regular EMIs, the respondent Bank will be at liberty to proceed with appropriate steps for realisation of the entire amount in a lump sum from the stage where it stands now. The writ petition is disposed of as above. P.R.RAMACHANDRA MENON, JUDGE ma