IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN THURSDAY, THE 29TH JANUARY 2009 / 9TH MAGHA 1930 WP(C).No. 2767 of 2009(D) ------------------------------------- PETITIONERS: --------------------- 1. T.SUNILKUMAR, S/O.UNICHUNDAN, THUVAKADAN HOUSE, P.O.PAYYANAD, AMBALAPADI, MALAPPURAM DISTRICT. 2. KANNATH CHITHRA, W/O.SUNILKUMAR, THUVAKADAN HOUSE, P.O.PAYYANAD, AMBALAPADI, MALAPPURAM DISTRICT. BY ADVS. MR.E.S.M.KABEER, MR.ABDUL MAJEED.N. RESPONDENTS: ----------------------- 1. THE MANAGER, STATE BANK OF TRAVANCORE, MALAPPURAM, (ASSOCIATE OF THE STATE BANK OF INDIA) MALAPPURAM CIVIL STATION BRANCH. 2. THE DEPUTY TAHSILDAR, REVENUE RECOVERY, ERNAD TALUK, MANJERI. 3. THE VILLAGE OFFICER, PAYYANAD VILLAGE, PAYYANAD. R3 BY ADV. MR. R.S. KALKURA, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/01/2009,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: prv. THOTTATHIL B. RADHAKRISHNAN, J. = = = = = = = = = = = = = = = = = = = = = = = = W.P.(C).No.2767 of 2009-D = = = = = = = = = = = = = = = = = = = = = = = = Dated this the 29th day of January, 2009. JUDGMENT Petitioners availed a housing loan and defaulted in repayment of the equated monthly instalments regularly. This has led to the impugned proceedings. The petitioners give up all their right to challenge the impugned proceedings before the DRT under Section 17 of the SARFAESI Act and confine the submissions to a request for an opportunity to regularize the transaction. Recording this submission, on the basis of the instructions that the learned counsel for the bank has, this writ petition is ordered directing that if the petitioners deposit an amount of Rs.1,25,000/- by depositing Rs.60,000/- on or before 15-2-2009 and Rs.65,000/- on or before 20- 3-2009 and continue to deposit the EMIs at the agreed rate from February, 2009, the impugned WP(C)2767/09 -: 2 :- distress action will stand deferred and the bank will regularize the transaction after giving due credits to the accrued interest, principal arrears etc. and also securitisation charges as may be due, however taking into consideration any request that the petitioners may make to slash the penal components of such impositions. If there is default in depositing any of the instalments as aforesaid, the benefits of this judgment will stand recalled and the writ petition will stand dismissed automatically enabling the bank to forthwith proceed with further distress action without fresh notice to the petitioner. THOTTATHIL B. RADHAKRISHNAN, JUDGE. Sha/300109