IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 20TH AUGUST 2010 / 29TH SRAVANA 1932 WP(C).No. 26773 of 2010(V) -------------------------- PETITIONER: --------------- ELDO.S.I, S/O.IYPE, SRAMBI KUDIYIL, P.O.MUKKUDAM, KAMBLIKANDAM, IDUKKI-685 563. BY ADV. MS. DHANYA P.ASHOKAN RESPONDENTS: --------------- 1. THE HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED, HDFC HOUSE, P.O.BOX 1667, RAVIPURAM JUNCTION, M.G.ROAD, KOCHI-682 015. 2. THE AUTHORIZED OFFICER, HDFC LTD., RAMON HOUSE, H.T.P.PAREKH MARG, 169, BACKBAY RECLAMATION, CHURCH GATE, MUMBAI-400 020. BY MR. SAJUSH PAUL, STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20/08/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P (C) No. 26773 OF 2010 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 20th day of August, 2010 JUDGMENT The petitioner availed a loan of Rs. 1 lakh from the respondent Bank in the year, 2004 creating security interest over the property in question. But the repayments could not be effected on time, as scheduled, which made the respondent to declare the account of the petitioner as 'NPA' and proceeded with further steps under the SARFAESI Act, which in turn is under challenge in this Writ Petition. 2. The learned counsel for the petitioner submits that, the default was never wilful but because of some unforeseen circumstances and that every earnest effort is being made to clear the entire overdue amount, for which some breathing time is sought for to have the loan account regularized. 3. The learned counsel appearing for the respondent Bank, on instructions, submits that, the petitioner has defaulted 14 EMIs. Unless and until the defaulted EMIs with interest and collection charges are cleared, the request for regularisation is out of question. 4. Considering the facts and circumstances, the petitioner is permitted to clear the 'overdue', by way of 5 equal monthly installments; the first of which shall be paid on or before the 30th of September, 2010; W.P. (C) No. 26773 of 2010 2 followed by similar installments to be effected on or before the 30th of the succeeding months; on which event, the loan account will stand regularized. This will be in addition to the liability of the petitioner to remit the regular EMIs as well. Subject to this, the coercive proceedings stated as being pursued against the petitioner shall be kept in abeyance, for the time being. It is made clear that, if the petitioner commits any default in clearing the overdue amount as above, or if any two consecutive defaults are made with regard to the regular EMIs, the respondents will be at liberty to proceed with further steps for realization of the entire amount in lump sum. The Writ Petition is disposed of. P. R. RAMACHANDRA MENON, JUDGE kmd