IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 24TH JANUARY 2011 / 4TH MAGHA 1932 WP(C).No. 1066 of 2011(G) ---------------------------------------- PETITIONER(S): ------------------------ 1. MR.BIJU.B,'THUSHARA', PATTATHANAM.P.O, AYATHILCHERRY, VADAKKEVILA VILLAGE, KOLLAM DISTRICT. 2. MRS.SHEEJA.S., 'THUSHARA', PATTATHANAM.P.O, AYATHILCHERRY, VADAKKEVILA VILLAGE, KOLLAM DISTRICT. BY ADVS. SRI.JOY THATTIL ITTOOP, SMT.ADITHYA SHENOY. RESPONDENT(S): --------------------------- THE MANAGER, UNION BANK OF INDIA, REGIONAL OFFICE, UNION BANK BHAVAN, M.G.ROAD, STATUE, THIRUVANANTHAPURAM - 695 001. BY ADV.SRI. A.S.P.KURUP, SC, UBI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 24/01/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss C.K.ABDUL REHIM, J. ------------------------------------------- W.P.(C).No.1066 of 2011 ------------------------------------------- Dated this the 24th day of January, 2011 J U D G M E N T ---------------------- Consequent to default committed in repayment of a housing loan availed by the petitioners from the respondent Bank, coercive steps were initiated against the immovable property, which is the secured asset. Invoking Section 14(1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), the Chief Judicial Magistrate Court had already appointed an Advocate Commissioner to take over possession of the property, who in turn had issued Ext.P3 and P4 notices. 2. According to the petitioner, the loan in question was availed in the year 2005 with a repayment period extending to 200 months and the coercive steps are now being pursued without considering the request made by the petitioner to permit regularisation of the account, on the basis of an offer made to regularise payment of the entire amount in default. 3. Heard; Standing Counsel appearing for the respondent Bank. It is stated that the petitioners have availed a total sum of Rs.4,80,000/- and consequent to the default committed, the loan account was classified as 'NPA' as on W.P.(C).1066/11 -2- 1.6.2010. It is further stated that the amount overdue for payment itself is around Rs.1.72 lakhs. 4. Confronted with the above circumstances learned counsel for the petitioner submitted that the petitioner is ready and willing to make payment of the amount due within a short period and he is seeking permission to regularise the account. The above submission is made subject to the undertaking that petitioners are relinquishing all challenges raised against proceedings and that they are not intending to pursue any statutory remedy. 5. Considering the limited request made, I am of the view that, eventhough entertaining of the writ petition on merits is not proper, indulgence can be shown in permitting the petitioner to regularise the account. 6. Accordingly the writ petition is disposed of directing the respondents to keep in abeyance all further steps for dispossession and sale of the property in question, subject to condition of the petitioners remitting the entire arrears in default (defaulted instalments along with interest and expenses if any due) in 3 (three) equal monthly instalments falling due on or before 15.2.2011 and on or before the 15th day of the succeeding months. 7. It is also directed that petitioner shall make payment W.P.(C).1066/11 -3- of the regular monthly instalments due for the respective months, along with the payments as directed above. 8. If payment of the defaulted amounts is regularised as directed above, the respondents shall permit the petitioners to continue payment of future monthly instalments in accordance with the original schedule of repayment. 9. It is made clear that on the event of default in payment of any one of the instalments as stipulated above or any future monthly instalments, the respondents will be at liberty to proceed with further steps and on such event the petitioner will be precluded from raising any subsequent challenge against such proceedings. C.K.ABDUL REHIM, JUDGE. okb