IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 3RD JUNE 2010 / 13TH JYAISTHA 1932 WP(C).No. 14435 of 2010(D) -------------------------- PETITIONER: --------------- ABDUL AZEEZ, AGED 63 YEARS, S/O. MAITHEEN KUNJU, S.S.COTTEGE, CHUNDA, CHERUKULAM P.O., ANCHAL, PATHANAPURAM TALUK, KOLLAM DISTRICT. BY ADV. SRI.K.V.ANIL KUMAR RESPONDENT(S): --------------- 1. THE AUTHORIZED OFFICER, INDUSLAND BANK LIMITED, SHALOM TOWERS, 34/138D, BYE-PASS NORTH END, EDAPPALLY, KOCHI. 2. THE BRANCH MANAGER, INDUSLAND BANK LIMITED, VARINJAM TOWERS, RESIDENCY ROAD, NEAR SHAW INTERNATIONAL HOTEL, KOLLAM. ADV. SRI.K.RAJESH (AROOR) FOR R1 & 2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/06/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No.14435 of 2010-D ---------------------------- Dated this the 3rd day of June, 2010. J U D G M E N T The petitioner had availed a vehicle loan of Rs.8,20,000/- on 4.3.2008 from the second respondent Bank for purchasing a tipper lorry, agreeing to pay the entire loan amount in 36 equal monthly instalments at the rate of Rs.23,000/-. But the re-payment could not be effected on time, which made the petitioner defaulter and the respondent Bank proceeded with further 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 petitioner has taken earnest efforts to clear the dues without delay. 3. The learned counsel for the Bank submits that the 'overdue' amount in respect of defaulted instalments will come Rs.1,06,617/- and that the loan account can be regularised, if the said amount is satisfied by the petitioner immediately. W.P(C) No.14435 of 2010-D 2 4. In the above circumstances, the petitioner is directed to clear the 'overdue' amount by way of 'two' equal monthly instalments; the first of which shall be effected on or before the 30th of this month and the next one shall be effected on or before the 30th of July, 2010. The petitioner shall continue to effect regular EMIs without fail. Subject to this, the recovery proceedings stated as being pursued against the petitioner shall be kept in abeyance for the time being. It is made clear that, in case of any failure to pay the 'overdue amount' as above, or if any two consecutive defaults are made in remitting the regular EMIs, the Bank will be free to proceed with further steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of. P.R.RAMACHANDRA MENON JUDGE ab