IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 21ST JULY 2010 / 30TH ASHADHA 1932 WP(C).No. 13733 of 2010(N) ---------------------------------------- PETITIONER(S): ----------------------- MADHAVAN PILLAI, S/O.NARAYANA PILLAI, AGED 65 YEARS, BHARGAVAM, KUZHIYAM SOUTH, CHANDANATHOPPE, KOLLAM. BY ADV. SRI.K.S.MANU (PUNUKKONNOOR), SRI.P.SREEKUMAR. RESPONDENT(S): -------------------------- UNION BANK OF INDIA, REP. BY THE AUTHORISED OFFICER, ASSISTANT GENERAL MANAGER, M.G.ROAD STATUE, THIRUVANANTHAPURAM. BY ADV. MR.A.S.P. KURUP, SC. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 21/07/2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C) NO. 13733/2010-N APPENDIX PETITIONER'S EXHIBITS: EXT.P1: COPY OF THE NOTICE ISSUED TO THE PETITIONER. EXT.P2: COPY OF THE NOTICE DATED 16/10/2008. RESPONDENT'S EXHIBITS: NIL //TRUE COPY// P.S. TO JUDGE rs. P.R.RAMACHANDRA MENON, J -------------------------------------------- WP(C) NO. 13733 OF 2010 -------------------------------------------- Dated this the 21st day of July, 2010 JUDGMENT The petitioner availed a housing loan of Rs.3.5 lakhs from the respondent Bank agreeing to satisfy the liability within a period of 8 years by way of regular EMIs. Since the repayment was not effected on time as scheduled, there was no other alternative for the Bank to declare the account as 'NPA' and proceed with further steps under SARFAESI Act, which is under challenge in this Writ Petition. 2. The learned counsel for the petitioner submits that the petitioner is a retired Army officer and that the default was never wilful, but because of some frustrating pecuniary circumstances. It is also stated that the petitioner is prepared to clear the entire outstanding liability by way of 'ten' equal monthly instalments, for which the intervention of this Court is sought for. The learned counsel for the Bank submits on instructions that total outstanding amount is Rs.2,26,593/- plus further interest from 01.10.2008. It is also stated that the loan period is to come to an end on 03.10.2010; with a further grace period of two months, which will be over by December, 2010. 3. The learned counsel for the petitioner submits that the petitioner doesn't intend to press any further grounds in the Writ Petition, nor does he intend to avail the statutory remedy by approaching the DRT and that the 2 WP(C) No. 13733/2010 limited relief pressed before this Court is only to permit the petitioner to clear the entire loan amount by way of reasonable instalments. 4. Taking note of the limited relief now pressed before this Court and also considering the fact that it was a 'housing loan' and above all, that the petitioner was a 'Soldier', this Court finds it fit and proper to permit the petitioner to clear the entire liability in a phased manner. Accordingly, the petitioner is directed to clear the outstanding liability by way of 'ten' equal monthly instalments, to be effected at the rate of 30,000/- per month, the first of which shall be effected on or before the 30th of August, 2010, to be followed by similar instalments to be effected on or before the 30th of the succeeding months. The remittance in respect of last instalment will only be the requisite amount to top up figure to wipe off the liability. The coercive proceedings stated as being pursued against the petitioner shall be kept in abeyance for the time being. It is also made clear that, if any default is committed by the petitioner in satisfying the liability as above, the respondents will be at liberty to proceed with further steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of accordingly. P.R.RAMACHANDRA MENON JUDGE dnc