IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 29TH MARCH 2010 / 8TH CHAITHRA 1932 WP(C).No. 10631 of 2010(D) ---------------------------------------- PETITIONER(S): ----------------------- S. MAHEEN, SULEKHA MANZIL, THEMPAMOODU, PULLAMPARA P.O., THIRUVANNATHAPURAM. BY ADV. MR.M.ZIYAD, MR.SANU.S.PANICKER. RESPONDENT(S): -------------------------- THE SENIOR MANAGER, LIC HOUSING FINANCE LTD., LEELA TOWER, KESAVADASAPURAM, THIRUVANANTHAPURAM. BY ADV. MR.R.S. KALKURA, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/03/2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs. P.R. RAMACHANDRA MENON, J. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ W.P.(C).No. 10631 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Dated this the 29th day of March, 2010 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ J U D G M E N T The petitioner is challenging Ext.P1 notice issued by the respondent/financial institution, demanding the petitioner to satisfy a sum of Rs.46,537/- and the coercive steps stated as being pursued by the respondents under the SARFAESI Act. Many a ground has been raised in the Writ Petition, including as to the sustainability of the steps pursued by the respondent, referring to the mandate under Section 31(j) of the SARFAESI Act, contending that the account was not liable to be declared as 'NPA' as on date. 2. The learned counsel for the respondent submits on instruction that, they have not resorted to any steps under the SARFAESI Act so far and that Ext.P1 notice is only in respect of the 'overdue' amount towards the defaulted installments for the period from July 2009 till March 2010. By virtue of Ext.P1, the petitioner is only made aware of the liability, which is to be cleared within the specified date, so as to avoid further adverse circumstances. W.P.(C).No. 10631 of 2010 2 3. The learned counsel for the petitioner submits that, the petitioner is ready and willing to clear the entire 'overdue' amount forthwith and that the petitioner will clear the regular EMIs without fail. 4. In the above circumstances, the petitioner is directed to satisfy the 'overdue' amount as stipulated in Ext.P1, by way of '2' installments; the first of which shall be effected on or before 15th of April 2010 and the next within 2 weeks thereafter. This will be in addition to the liability of the petitioner to remit the regular EMIs as well. It is made clear that, if the 'overdue' amount is not satisfied as above, or if any two consecutive defaults are committed by the petitioner in satisfying the regular EMIs, the respondent financial institution is at liberty, to proceed with further steps to realise the due amount in a lump sum. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON JUDGE nl