IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE K.M.JOSEPH FRIDAY, THE 19TH DECEMBER 2008 / 28TH AGRAHAYANA 1930 WP(C).No. 37312 of 2008(P) ----------------------------------------------- PETITIONER(S): ---------------------- JOSEPH IMMANUEL, S/O.P.L.JOSEPH 34/157, PATTUPARAMBIL HOUSE, MELETHARA LANE, PADIVALLAM, KOCHI-682024. BY ADV. SRI.E.D.GEORGE RESPONDENT(S): ------------------------- BRANCH MANAGER, INDIAN OVERSEAS BANK EDAPPALLY BRANCH. ADV. SRI.P.B.SURESH KUMAR, SC,I.O.BANK FOR R1 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/12/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: K. M. JOSEPH, J. -------------------------------------- W.P.C. NO. 37312 OF 2008 P -------------------------------------- Dated this the 19th December, 2008 JUDGMENT Petitioner availed a housing loan. He is pressed with proceedings under the SARFAESI Act. I heard the learned counsel for the petitioner and the learned standing counsel appearing for the respondent Bank. Standing counsel for the Bank submits that the overdue amount as on 31.1.2009 will be Rs.84,650/= and if the petitioner can pay the said amount before 31.1.2009, the Account of the petitioner can be treated as regularised and he need pay only the amounts which fall due thereafter. He further submits that if the petitioner can pay some amount now and clear the entire amount by 31.1.2009, the loan Account can be regularised. Accordingly, the Writ Petition is disposed of as follows: If the petitioner pays Rs.25,000/= (Rupees Twentyfive Thousand) on or before 10.1.2009 and remits the balance amount from out of Rs.84,650/= on or before 31.1.2009, the WPC.37312/08 P 2 respondent Bank will treat the Loan Account as regularised and it is for the petitioner to continue to pay the subsequent instalments which fall due. Recovery proceedings will be kept in abeyance on condition that the petitioner pays Rs.25,000/= (Rupees Twentyfive Thousand) on or before 10.1.2009 and the balance as aforesaid on or before 31.1.2009 and further, it is ordered that on the petitioner paying the said sums, the Loan Account will be treated as regularised and it is for the petitioner to continue to pay the subsequent instalments. Needless to say, if the petitioner does not pay either Rs.25,000/= on or before 10.1.2009 or the balance amount on or before 31.1.2009 as aforesaid or the instalments which fall due thereafter, the respondent Bank will be at liberty to proceed against the petitioner in accordance with law. Sd/= K. M. JOSEPH, JUDGE kbk. // True Copy // PS to Judge