IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 30TH MARCH 2010 / 9TH CHAITHRA 1932 WP(C).No. 7376 of 2010(V) ------------------------- PETITIONERs: --------------- 1. A.ISMAIL, S/O.AHAMMED, AGED 53 YEARS, RESIDING AT KUNNILPUTHEN VEEDU, COMBAYAR P.O., THANNIMOODU, IDUKKI DISTRICT. 2. NASEEMA BEEVI, W/O.ISMAIL, AGED 45 YEARS, RESIDING AT KUNNILPUTHEN VEEDU, COMBAYAR P.O., THANNIMOODU, IDUKKI DISTRICT. BY ADV. SRI.J.R.PREM NAVAZ SMT.SARITHA DAVID CHUNKATH RESPONDENT: --------------- THE IDUKKI DISTRICT CO-OP. BANK LTD. NO.4334, HEAD OFFICE, IDUKKI, IDUKKI COLONY P.O., PIN-685 602. BY ADV. MR. P.C. SASIDHARAN, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/03/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 7376 OF 2010 ......................................................................... Dated this the 30th March, 2010 J U D G M E N T The petitioners are before this Court challenging the steps taken by the respondent Bank, invoking the machinery under the SARFAESI Act. The prayer of the petitioners is for issuance of a writ of mandamus directing the respondents to regularise the loan account permitting the petitioners to clear the overdue amount and to satisfy the regular E.M.Is, assuring that the same will be satisfied without fail. 2. The learned Counsel appearing for the respondent Board submits,on instruction, that as on date, a total sum of Rs,81,131/- is due towards overdue amount and that unless and until the said amount is cleared, the request for regularisation of the loan account cannot be entertained . 3. After hearing both the sides, this Court finds that one more opportunity can be given to the petitioners to clear the overdue amount . Accordingly, the petitioners are W.P.(C) No. 7376 OF 2010 2 directed to remit the said amount by way of two equal monthly installments, the first of which shall be cleared on or before 15.04.2010 and the next one, on or before 15.05.2010. It is also made clear that the petitioners shall continue to effect the regular E.M.Is as originally stipulated, besides clearing the arrears as above. Subject to this, the loan will stand regularised and all coercive proceedings shall be kept in abeyance for the time being. It is further made clear that, if the petitioners commit any default in remitting the overdue amounts/arrears as above or in the event of committing two consecutive defaults in respect of the regular E.M.Is payable, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire outstanding liability in a lump sum, pursuing the coercive steps, from the stage where it stands now. The Writ Petition is disposed of. P.R. RAMACHANDRA MENON, JUDGE. lk