IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 26TH NOVEMBER 2009 / 5TH AGRAHAYANA 1931 WP(C).No. 33909 of 2009(G) -------------------------- PETITIONER(S): --------------- PUSHPA VIJAYAN NAIR, PRACHIMALAYI, KADAMANAKULAM, KOLLOOPPARA, PATHANAMTHITTA DISTRICT. BY ADV. SRI.ARUN.B.VARGHESE RESPONDENT(S): --------------- 1. STATE BANK OF TRAVANCORE, REPRESENTED BY ITS AUTHORIZED OFFICER (CHIEF MANAGER, ADVANCES), REGION V, ZONAL OFFICE, KOTTAYAM-686 002. 2. THE BRANCH MANAGER, STATE BANK OF TRAVANCORE, VENNIKULAM BRANCH, THIRUVALLA. BY STANDING COUNSEL SRI. SATHISH NINAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 26/11/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: shg/ C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 33909 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 26th day of November, 2009 J U D G M E N T 1. Eventhough various grounds are raised against the proceedings initiated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), the petitioner is limiting her prayer only to the extent of permitting regularisation of the loan account, by paying the defaulted installments along with over due interest and expenses if any liable, within a reasonable period. 2. Learned standing counsel appearing for the respondent Bank submitted that the petitioner had defaulted payment of monthly installments for the last several months and therefore the loan account has already been categorized as NPA. It is admitted that the total term of repayment is 15 years and the loan was availed only during the year 2007. However, the Bank is not favouring W.P.(C)No. 33909 of 2009 -2- in permitting regularisation in view of the default committed. 3. Having considered facts and circumstances of the case and contentions on both sides, I am of the opinion that a chance can be given to the petitioner to regularise the account and to continue with repayment in future as per the original schedule. 4. Accordingly the writ petition is disposed of directing the petitioner to make payment of the amounts pertaining to the defaulted installments along with over due interest and expenses if any liable, in three (3) equal monthly installments falling due on or before 15.12.2009 and on or before the 15th day of two (2) succeeding months. The petitioner shall also make payment of the regular installments due from December 2009 onwards along with the above said payments. If the entire defaulted arrears is cleared payment as directed above, the respondents shall permit the petitioner to continue future payments as per the original schedule of repayment. W.P.(C)No. 33909 of 2009 -3- 5. It is made clear that on the event of failure to pay any of the installments as stipulated as above, the Bank will be free to proceed with further steps pursuant to the notices already issued, and on any such event the petitioner will be precluded from raising any subsequent challenge against such proceedings either before this court or before any other forum. C.K. ABDUL REHIM JUDGE shg/