IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 29TH JULY 2010 / 7TH SRAVANA 1932 WP(C).No. 16519 of 2010(L) -------------------------------------- PETITIONERS: --------------------- 1. TITUS.Y, S/O.Y.YOHANNAN, OLIKKARA MELATHIL, CHERUMOODU, VELLIMON, KOLLAM. 2. LAILA, W/O.TITUS.Y., OLIKKARA MELATHIL, CHERUMOODU, VELLIMON, KOLLAM. BY ADVS. SRI.ALEX N.MATHEW (KOLLAM), SRI.H.RAMANAN, SRI.JAMES JOSE. RESPONDENTS: ------------------------ 1. ANDHRA BANK, BEACH ROAD, KOLLAM, REP.BY ITS CHIEF MANAGER. 2. AUTHORISED OFFICER, ANDHRA BANK, BEACH ROAD, KOLLAM. BY ADV. SRI. ABRAHAM MATHEW (VETTOOR). THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/07/2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: prv. P. R. RAMACHANDRA MENON, J. =~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~= W.P.(C) No. 16519 of 2010 =~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~= Dated this the 29th day of July, 2010 JUDGMENT Petitioner availed a housing loan of Rs.2.5 lakhs from the first respondent bank on 11-8-2005, creating security interest over the property in question. In spite of the assurance given, the petitioner could not satisfy the regular monthly instalments on time, under such circumstance, the first respondent bank proceeded with steps under the SARFAEST Act, which is under challenge in this writ petition. 2. The learned standing counsel for first respondent bank, on instructions, submits that the total outstanding arrears as on 14-7-2010 is Rs.3,09,335.50 and that the 'overdue' amount in respect of the defaulted instalments is Rs.82,390/-. Unless the petitioner satisfies the 'overdue' amount, the request for regularisation of the loan account is not liable to be entertained, submits the learned counsel. W.P.(C) No. 16519/2010 2 3. The learned counsel for the petitioner submits that the default was never wilful, but because of some unforeseen circumstances and that the entire over due amount will be cleared and prays that the loan amount may be regularized. 4. Considering the rival submissions and particularly the fact that the loan is in the 'housing sector', this Court finds it fit and proper to permit the petitioner to clear the 'over due' amount and to have the account regularised. 5. Accordingly, the petitioner is permitted to clear the 'over due' amount by way of 'three' equal monthly instalments; first of which shall be effected on or before 20th of August, 2010; to be followed by similar instalments to be effected on or before the 20th of the succeeding months. Subject to this, the loan account will stand regularized. This will be in addition to the liability of the petitioner to clear the regular EMIs. It is also made clear that, if any default is committed by the petitioner to pay the 'overdue' amount as above or if any two consecutive defaults are made with regard to payment of the regular EMIs, the respondents will be free W.P.(C) No. 16519/2010 3 to proceed with further steps for realization of the entire amount in a lump sum. Writ petition is disposed of as above. P. R. RAMACHANDRA MENON, JUDGE. mn.