IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN WEDNESDAY, THE 2ND APRIL 2008 / 13TH CHAITHRA 1930 WP(C).No. 11160 of 2008(C) -------------------------- PETITIONER: ------------------ USHA SURESH, CHETTIATHARAYIL HOUSE, PUNJAVAYAL P.O., MUNDAKAYAM P.O., KOTTAYAM. BY ADV. SRI.P.N.MOHANAN SRI.K.RAJESH SUKUMARAN SRI.V.SUMESH RESPONDENTS: ---------------------- 1. AUTHORIZED OFFICER, KOTTAYAM DISTRICT CO-OPERATIVE BANK, HEAD OFFICE, KOTTAYAM. 2. BRANCH MANAGER, KOTTAYAM DISTRICT CO-OPERATIVE BANK, MUNDAKAYAM BRANCH, KOTTAYAM. BY ADV. SRI.SUNIL CYRIAC,SC,DIST.CO-OP,BANK,KTM THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/04/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Thottathil B. Radhakrishnan, J. ================================== W.P.(C)No.11160 of 2008 ================================== Dated this the 2nd day of April, 2008. JUDGMENT Heard the learned counsel for the petitioner and the learned standing counsel for the respondents. 2. Petitioner availed a housing loan, committed default and is facing proceedings under the SARFAESI Act. Symbolic possession has been taken. The security interest is the residential building. 3. Going by the contract between the parties, repayment period spreads out till August, 2023. It is not as if the petitioner has not been made any remittance at all. Therefore, this is a fit case where the petitioner could be permitted to continue to avail the facility and enjoy it, provided, the WPC11160/2008 -:2:- entire defaulted instalments are paid appropriately with the petitioner continuing to pay the due instalments. 4. In the aforesaid circumstances, this writ petition is ordered as follows: 1) The entire amount due as defaulted instalments as on 31-3-2008, including penal interest shall be permitted to be paid off in six equal monthly instalments, payable on the 25th of every month, commencing from April, 2008 with further accruing interest and penal interest thereon for that period in terms of the contract period. 2) The petitioner shall remit within two months the expenditure incurred by the bank for SARFAESI proceedings as determined by the bank. WPC11160/2008 -:3:- 3) The petitioner shall continue to remit the outstandings due from April, 2008 promptly in accordance with the terms of the contract. 4) On paying the entire amounts due as accrued instalments as on 31-3-2008 and incidentals thereon, the bank will release the symbolic possession taken by it. If any of the instalments in terms of Clauses 1 and 2 of this judgment is defaulted, the benefit of this judgment will stand recalled automatically and the respondents will be at liberty to forthwith proceed with distress action. Thottathil B.Radhakrishnan, Judge. sl. 4-4-2008