IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 23RD JUNE 2010 / 2ND ASHADHA 1932 WP(C).No. 18147 of 2010(P) -------------------------------------- PETITIONER: ------------------- P.M.MOHAMMED AYOOB, AGED ABOUT 33 YEARS, S/O.P.K.MOHAMMED, PALLICKAL HOUSE, RPC P.O, VANDANPATHAL, ERUMELY NORTH VILLAGE, MUNDAKAYAM 626 513, KANJIRAPPALLY TALUK. BY ADV. SRI.RAJIT. RESPONDENTS: ------------------------ 1. SALE OFFICER/AUTHORISED OFFICER, UNION BANK OF INDIA, MUNDAKAYAM BRANCH, KOTTAYAM DISTRICT. 2. UNION BANK OF INDIA, MUNDAKAYAM BRANCH, KOTTAYAM DISTRICT, REPRESENTED BY ITS MANAGER. R1 & R2 BY SRI. A.S.P. KURUP, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/06/2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: prv. P.R.RAMACHANDRA MENON, J. ------------------------------------- W.P.(C) No. 18147 OF 2010 ------------------------------------- Dated this the 23rd day of June, 2010 J U D G M E N T ~~~~~~~~~~~ The petitioner availed a 'housing loan' of Rs.6,00,000/- from the 2nd respondent Bank on 2.3.2003 which was liable to be repaid by way of 120 instalments. There occurred some default, under which circumstance, the Bank declared the account as 'NPA' and proceeded against the secured assets invoking the remedy under SARFAESI Act, which is under challenge in this Writ Petition. 2. The learned counsel appearing for the respondent Bank submits on instruction that the action pursued by the bank is perfectly in conformity with the relevant provisions of law and is not assailable under any circumstances. The learned counsel further submits that the petitioner is a chronic defaulter, in so far as, the outstanding amount under the defaulted instalments itself constitutes a sum of Rs.1,88,927/- as on date with further costs/expenses. Unless and until the petitioner proves his bonafides by clearing the entire 'overdue' amount, the account W.P.(C) No.18147/2010 2 is not liable to be regularised, submits the learned counsel. 3. The learned counsel for the petitioner submits that, the default was never because of any deliberate negligence, but because of some unforeseen circumstances, adding that the petitioner is taking every earnest effort to see that the 'overdue' amount is cleared within the shortest possible time and seeks for some indulgence to provide some breathing time in this regard. 4. Considering the facts and circumstances, the petitioner is directed to clear the entire 'overdue' by way of '3' equal monthly instalments; the first of which shall be effected on or before the 10th of July 2010, to be followed by similar instalments to be effected on or before the 10th of the succeeding months; on which event, the loan account shall stand regularised. This will be in addition to the liability of the petitioner to clear the regular EMIs as well. It is made clear that if any default is made with regard to the satisfaction of the 'overdue' amount as above, or if any two consecutive defaults are made with regard to the regular EMIs, the respondents will be at W.P.(C) No.18147/2010 3 liberty to proceed with further steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of as above. (P.R.RAMACHANDRA MENON, JUDGE) ps