IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC WEDNESDAY, THE 28TH NOVEMBER 2007 / 7TH AGRAHAYANA 1929 WP(C).No. 34311 of 2007(I) -------------------------- PETITIONER: ------------ SUDHARMA @ SUDHA CHANDRAN, W/O. RAMACHANDRAN, HARISREE, THIRUMULLAVARAM P.O., KOLLAM DISTRICT, PIN-691 012. BY ADV. SRI.C.R.SIVAKUMAR SMT.G.VIDYA RESPONDENTS: ------------- 1. THE AUTHORISED OFFICER/ CHIEF MANAGER, THE PUNJAB SIND BANK, ZONAL OFFICE, CHENNAI-2. 2. THE BRANCH MANAGER, THE PUNJAB SIND BANK, MAIN ROAD, KOLLAM. BY ADV. SRI.SAJI MATHEW SRI.DENU JOSEPH THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/11/2007, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Antony Dominic, J. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - W.P.(C) No. 34311 of 2007 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Dated this the 28th day of November, 2007 JUDGMENT Proceedings under the Securitisation Act initiated against the petitioner are challenged in this writ petition. 2. It is submitted that the respondents are going to conduct auction of the property mortgaged by the petitioner on 4-12-2007. The learned counsel for the respondent bank submits that loan of Rs.2.5 lakhs was availed of by the petitioner in the year 2002 and that at present 63 instalments have been defaulted. It is submitted that though the petitioner had promised to regularize the account, nothing has been done till date. The learned standing counsel submits that the only option available to the bank to realize the amount was to take action under the Act. 3. Even though several contentions have been raised by the petitioner, I am not inclined to accept any of them. The petitioner has availed of a loan mortgaging the property. Since default has been committed by the petitioner, the bank is justified in taking steps for realizing the amount. Therefore, on merits, I am satisfied that there is no case for interference. WPC 34311/07 2 4. Despite of this, the bank offers that if the petitioner clear the entire arrears, they are willing to consider regularization of the account of the petitioner. 2. In the circumstances of the case, I think the offer made by the bank is reasonable and the option is that of the petitioner. If he wants to avail of this opportunity, he may clear the arrears before 4-12-2007. If so, the bank will consider the case of the petitioner for regularizing the account and permitting him to pay the amount in instalments. The writ petition is disposed of s above. Antony Dominic, Judge. mn.