IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 20TH AUGUST 2010 / 29TH SRAVANA 1932 WP(C).No. 26046 of 2010(E) ----------------------------------------- PETITIONER(S): ------------------------- N.S.CHELLAMMA, AGED 62 YEARS, W/O.LATE RAGHAVAN, GAJARANYAM, PATHIYOORKALA, KEERIKKAD P.O., ALAPPUZHA DISTRICT. BY ADV. SMT.S.L.SYLAJA RESPONDENT(S): -------------------------- 1. ALAPPUZHA DISTRICT CO-OPERATIVE BANK LTD., ALAPPUZHA, REPRESENTED BY ITS GENERAL MANAGER, PIN-688 012. 2. THE BRANCH MANAGER, ALAPPUZHA DISTRICT CO-OPERATIVE BANK LTD., RAMAPURAM, PIN-686 591. 3. THE AUTHORIZED OFFICER, ALAPPUZHA DISTRICT CO-OPERATIVE BANK LTD., ALAPPUZHA, PIN-688 012. R1 TO R3 BY ADV. SRI. P.K.VIJAYAMOHANAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20/08/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss P.R.RAMACHANDRA MENON, J -------------------------------------------- WP(C) NO. 26046 OF 2010 -------------------------------------------- Dated this the 20th day of August, 2010 JUDGMENT The petitioner had availed a loan of Rs.2 lakhs from the respondent Bank, creating security interest over the property in question. But the repayment was not effected on time as scheduled, which made the petitioner a defaulter; under which circumstance, the Bank proceeded with steps under the SARFAESI Act, which forms the subject matter of challenge in this Writ Petition. 2. The learned counsel for the petitioner submits that, the default was never wilful but because of some unforeseen circumstances and that earnest efforts are being made by the petitioner to clear the outstanding liability seeking for one more chance to have the loan account regularized. The learned counsel for the Bank submits that as on date, Rs.35,700/- is due in respect of the defaulted instalments and if the petitioner clears the same without much delay, though by way of some reasonable instalments, the Bank is ready and willing to have the loan account regularized. 3. In the above circumstances, the petitioner is directed to clear the 'overdue' amount by way of ‘four’ equal monthly instalments, the first of which shall be effected on or before the 20th September, 2010, to be followed by similar instalments to be effected on or before the 20th of the 2 WP(C) No. 26046/2010 succeeding months. Subject to this, the loan account of the petitioner will stand regularized. This will be in addition to the liability of the petitioner to clear the regular EMIs without fail. It is made clear that, if any default is committed by the petitioner in satisfying the 'overdue' amount or if any two consecutive defaults are made with regard to the regular EMIs, the respondents will be at liberty to proceed with further steps for realization 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