IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 13TH JULY 2009 / 22ND ASHADHA 1931 WP(C).No. 18755 of 2009(L) -------------------------- PETITIONERS: --------------- 1. B.SATHEESHKUMAR, S/O.BALAKRISHNA PILLAI, AGED 36 YEARS, SANTHOSH BHAVAN, EDAVATTOM, VELLIMON P.O., KUNDARA, KOLLAM. 2. MANJU SATHEESH, W/O.SATHEESH KUMAR, AGED 27 YEARS, SANTHOSH BHAVAN, EDAVATTOM, VELLIMON P.O., KUNDARA, KOLLAM. BY ADV. MR. K.SIJU RESPONDENTS: --------------- 1. THE AUTHORISED OFFICER, STATE CO-OP. BANK LTD., THIRUVANANTHAPURAM REGIONAL OFFICE, OVER BRIDGE JUNCTION, THIRUVANANTHAPURAM. 2. THE BRANCH MANAGER, STATE CO-OP. BANK LTD., KOLLAM BRANCH, KOLLAM. ADV. MR. NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/07/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 18755 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 13th day of July, 2009 JUDGMENT The petitioners, who are the husband and wife, had availed a mortgage loan facility from the respondent Bank in February, 2006. As per the terms of the loan transaction, the due amount had to be cleared by way of 120 installments, out of which, the petitioners admittedly defaulted 56 installments, which made the respondent Bank to proceed with the coercive steps under the SARFAESI Act. 2. The petitioners have approached this Court stating that, the default occurred not because of any wilful latches or deliberate negligence, but for some unforeseen circumstances and earnest efforts are being made to clear the entire defaulted arrears. 3.. The learned counsel appearing for the respondent Bank, on instructions submits that, a total sum of Rs.64,480/- plus interest and cost is due towards the defaulted EMIs and to consider the request of the petitioners to have the loan account to be regularized, the said amount will have to be cleared first. 4. Considering the facts and circumstances, the petitioners are directed to remit the entire defaulted EMIs with interest and cost within one month, on which event the loan account shall stand regularized. This will be in addition to the liability of the petitioner to remit the regular WP (C) No. 18755 of 2009 : 2 : EMIs payable from July, 2009 onwards. Subject to the above, the coercive proceedings, stated as being pursued against the petitioners, shall stand deferred. It is also made clear that, if any default is committed by the petitioner in clearing the liability towards the EMIs as aforesaid, or if any two consecutive defaults are made in respect of the regular EMIs, the respondent Bank will be at liberty to proceed against the petitioner, for realization of the entire amount in lump sum, from the stage where it stands now. The Writ Petition is disposed of as above. P. R. RAMACHANDRA MENON, JUDGE kmd