IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM FRIDAY, THE 23RD OCTOBER 2009 / 1ST KARTHIKA 1931 WP(C).No. 30015 of 2009(V) -------------------------- PETITIONER(S): --------------- VINODKUMAR S.P. T.C. 25/1045,PADMAVILASOM CHENGAZHASSERY, THYCAUD PO, THIRUVANANTHAPURAM. BY ADVS. SRI.MANOJ R. NAIR SMT.SINDHU MANOJ RESPONDENT(S): --------------- 1. THE UNION BANK OF INDIA UNION BANK BHAVAN, M.G.ROAD, STATUTE THIRUVANANTHAPURAM REPRESENTED BY ITS CHIEF MANAGER. 2. THE AUTHORISED OFFICER & CHIEF MANAGER UNION BANK BHAVAN, M.G.ROAD, STATUTE THIRUVANANTHAPURAM. BY ADV. SRI. A.S.P. KURUP, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/10/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: shg/ C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 30015 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 23rd day of October, 2009 J U D G M E N T 1. Petitioner is aggrieved by proceedings initiated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) by the respondents against immovable property which is offered as security for availing housing loan from the 1st respondent, to the tune of Rs.4 lakhs. The loan in question was availed during the year 2007 and after payment of some of the monthly installments, the petitioner defaulted regular payments. The respondents have now approached the Chief Judicial Magistrate and an Advocate Commissioner was already appointed to take over possession of the property under Section 14 (1) of the Act. Limited prayer of the petitioner is for a direction for permitting the petitioner to pay off the defaulted installments along with interest if any over due and to W.P.(C)No. 30015 of 2009 -2- further to permit continuation of regular payments in the loan account, as per the original schedule. 2. Heard standing counsel appearing for the respondents, who on the basis of instructions submitted that, the defaulted amount itself will come about Rs.1,13,000/-. Being a loan account in chronic default the Bank is not favouring regularisation. 3. However, on considering facts and circumstances of the case, I am of the opinion that the petitioner can be given one chance to regularise the account by paying the default amount within a reasonable time. 4. Accordingly the writ petition is disposed of directing the petitioner to make payment of the defaulted monthly installments along with over due interest and expenses if any liable, in three (3) equal monthly installments starting from 30.11.2009 and on or before the last day of the succeeding two months. The petitioner shall also make payment of the regular installments due with respect to the month of November, 2009 onwards along W.P.(C)No. 30015 of 2009 -3- with the above said payment. If the amount as directed above is paid without any default the respondents shall keep further proceedings in abeyance and shall permit the petitioner to continue payment of the balance amount as per the original schedule of repayment, from the month of February, 2010 onwards. 5. It is made clear that if any default is committed with respect to regularisation or with respect to payment of any future installments, the respondent will be free to take further coercive steps pursuant to the order already issued by the Chief Judicial Magistrate, and on such event the petitioner will be precluded from raising any further challenge against such proceeding either before this court or before any other forum. C.K. ABDUL REHIM JUDGE shg/